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Leading cryptocurrencies failed to break out on Tuesday as investors curtailed risk appetite ahead of the release of the Federal Reserve’s September meeting minutes.
Crypto Market Rally Stalls
Bitcoinconsolidated between $85,000 and $86,000, while Ethereum meandered between the high $2,600s and early $2,700s. The market has cooled after rallying sharply on Sunday.
Cryptocurrency-related stocks inched lower, withCoinbase Global Inc.(NASDAQ:COIN) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing down 1.32% and 2.20%, respectively.
In the past 24 hours, 59,852 traders were liquidated, totaling $142.50 million in liquidations across long and short bets, accordingto Coinglass data.
Bitcoin’s open interest rose 0.42% over the last 24 hours. The majority of top trading accounts on Binance—the top 20% of users with the highest margin balance— remained long on BTC.
Despite the relative stagnation, “Greed” sentiment prevailed in the market, accordingto the Crypto Fear & Greed Index.
Stocks Close at Record Highs
The stock market extended its gains on Tuesday. The Dow Jones Industrial Averagerallied 253.38 points, or 0.49%, to end at 51,521.28.The S&P 500 advanced 0.58% for a record close of 7,818.93, while the Nasdaq Composite rose 0.45% to also close at an all-time high of 27,599.79.
Traders are looking to Wednesday’s release of the Federal Reserve’s September meeting minutes for clues on the direction of interest rate policy.
The CME Group’s FedWatch tool projections show markets pricing in a 20.5% likelihood of the Fed hiking interest rates after its October meeting, down from 50.9% a week before.
Bitcoin Poised toward $100,000?
Ali Martinez, a widely followed cryptocurrency analyst and trader, said that Bitcoin is building a significant support zone at $83,300–$84,600, with $86,700 as the breakout point.
“If buyers defend support and clear the top of the range, $100,000 could come back into focus,” Martinez added.
On-chain analytics firm Santiment highlighted Bitcoin recording its largest single-day exodus from exchanges in seven months. The exchange supply has now fallen to roughly 6.50% of the total BTC supply.
“Outflows alone guarantee nothing, but falling exchange supply strengthens the bullish setup,” Santiment stated. “The timing is encouraging with Bitcoin still holding near $85,000.”
Photo Courtesy: Marc Bruxelle on .com
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