Major currencies traded mixed late Thursday with the market cap down 0.20% over the past 24 hours to $1.10 trillion as of 8:30 PM EST.
What happened: Apex cryptocurrency Bitcoin BTC/USD traded below $25,000 as investors continued to assess the ongoing Fed monetary policy dialogue and examine jobs data.
Ethereum price ETH/USD is up around 1% but is trading below $1,700. Dogecoin DOGE/USD was trading at $0.084, down 0.90% in the past 24 hours.
US stocks rose on Thursday as investors supported a rate hike by the Federal Reserve despite choppy trade. The S&P 500 rose 0.53% to end the day at 4,012.32, breaking a four-day losing streak. The Nasdaq Composite Index rose 0.72%, ending the session at 11,590.40.
The US Labor Department said initial jobless claims for the week ending Feb. 18 fell by 3,000 to 192,000, less than the consensus estimate of 200,000. This strong jobs data has been a concern for the Fed as it considers the probability of inflation to target levels of 2% from 6.4%.
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BREAKING NEWS : Ark Invest Kathy Wood has added 213,000 shares of Coinbase COIN worth approximately $13 million to her ARK Innovation (ARKK) and Next Generation (ARKW) exchange-traded funds.
On Thursday, Coinbase launched Base, a two-layer network built using the OP Optimism stack. The core testnet has already been launched by cryptocurrency.
Spotify is making its first step into the world of Web3 with a new pilot project with Featured Playlists. With this latest software, holders of non-transferable tokens can now pool their wallets and enjoy their favorite music from around the world.
The analyst notes that “Bitcoin has been hovering around $24,000 as Wall Street reversed expectations of a Fed rate hike. “The next few months will be crucial in learning how the rest of the world thinks about cryptocurrencies,” says Edward Moya, senior analyst at OANA, in a note read by Benzinga. .
The International Monetary Fund issued a statement on the elements of an effective cryptocurrency policy. “This 1,131-word article didn’t bring any major surprises, but it did describe what they focused on; protecting fiat currencies, high volatility in capital flows, joint supervision and monitoring across regions, and safeguarding financial stability,” Moya said.
“Bitcoin seems to be range bound at the moment, and that can only change if we see risk aversion on Wall Street spiraling out of control,” he said.
Cryptocurrency analyst Mikael van de Poppe said that bitcoin is dropping to the bottom of the $23,300 resistance area. There has been a significant bounce from this area, which indicates that more consolidation may be needed before reaching the $30,000 level.
Santiment data shows that the number of bitcoins held by the big players (the addresses of sharks and whales) remains stable in the $23,000-$25,000 range. However, the data also shows that in addition to the 10-100 and 100-1000 ranges, the number of bitcoin addresses with balances between 1,000 and 10,000 has increased over the past three months.
Analyst Caelo said that the BTC chart is ready for the next phase “sooner than you think.”
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