Dogecoin DOGE/USD fell sharply on Thursday evening, even though Bitcoin and Ethereum traded in the green, with the global cryptocurrency market cap rising 0.8% to $1 trillion as of 9:05 p.m. EDT.
| Piece of money | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.4% | -0.3% | $20,284.22 |
| Ethereum ETH/USD | 0.5% | 1.1% | $1,539.25 |
| Dogecoin DOGE/USD | -9.15% | 62.9% | $0.12 |
| Cryptocurrency | % change over 24 hours (+/-) | Price |
|---|---|---|
| B OK (OK) | +22.3% | $19.8 |
| Phantom (FTM) | 17.4% | $0.30 |
| Polygon (MATIC) | +11% | $0.99 |
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The two largest coins remained resilient even as the Nasdaq closed 1.7% on Thursday and the S&P 500 fell 1.1%.
US stock futures were trading slightly in the red at the time of writing as investors anticipated October’s nonfarm payrolls report. The Wall Street consensus expects job creation to be 220,000, compared to 263,000 the previous month.
Thursday, The bank of england raised the bank rate from 2.25% to 3% – its biggest increase since 1989 – after the United States Federal Reservethe decision to raise rates by 75 basis points.
“European central banks are nearing the end of their tightening cycles. The BOE made a dovish hike as it made it clear that it shouldn’t raise rates too much,” he said. Edouard Moyasenior market analyst at OANDA.
“The outlook for the BOE was the opposite of what we got from the Fed. The BOE said we could see a two-year recession if the market follows the market curve. The BOE believes that the markets are a little aggressive in pricing their tariff trajectory. »
On Bitcoin, Moya said, “Stocks are down significantly after the Fed, but Bitcoin continues to hover above the $20,000 level. Bitcoin could eventually break here, but this resilience that is on display should show markets how confident long-term hodlers remain.
Michael van de Poppe said his strategy for Bitcoin remains the same. He is looking for a sweep of the $20,000 mark for long buys and ideally at the $19,700-$19,900 level.
“Otherwise I would look for the $20.4000 reversal for longs,” the trader said on Twitter.
The strategy remains the same #Bitcoins.
Looking for a $20,000 sweep for long buys; ideally $19.7-19.9,000.
Otherwise, I would look for the $20.4000 reversal for long buys. pic.twitter.com/ZCxIqG9P2Q
— Michael van de Poppe (@CryptoMichNL) November 3, 2022
Justin Bennett pointed to Dogecoin’s hourly chart and said it looked “interesting”. He warned in a tweet: “Summit comes into play ahead of Friday’s NFPs so be careful.
Here’s the only thing I’ll say about $DOGE…
I would feel a lot better about this as a bullish continuation pattern if we didn’t have that swing high on October 29th.
I’m not saying it’s bearish. This is simply not an A+ bullish formation.
Assumptions can be dangerous. pic.twitter.com/OBQylOA6xM
— Justin Bennett (@JustinBennettFX) November 3, 2022
In the Twitter thread, the trader said he would feel “much better” about the bullish continuation pattern if “we didn’t have that swing high on October 29th.”
Bennett clarified that he wasn’t saying anything bearish, but it “just isn’t a bullish A+ formation.”
glass knot said Bitcoin Seller Exhaustion recorded its lowest value since November 2018. The cryptocurrency analytics firm pointed out that the metric reaches such levels when volatility is low but realized losses on the chain are high.
“6 out of 7 similar levels in the past preceded upward volatility,” Glassnode said.
The #Bitcoins the constant exhaustion of sellers recorded the lowest value since November 2018.
This metric reaches such levels when the volatility is low, but the losses realized on the chain are high.
6 out of 7 similar levels in the past preceded upward volatilityhttps://t.co/RZf0bn2UQB pic.twitter.com/YFta3DTrkV
— glass node (@glassnode) November 3, 2022
Meanwhile, Polygon (MATIC) recorded the highest $100,000 whale trade amount since February.
“A peak in mid-October [Polygon] holdings of 10m+ [MATIC] whales may have foreshadowed this,” business news platform Santiment said on Twitter.
do you believe in $MATIC? Today marked the highest amount of whale trades over $100,000 since February for the 11th ranked market cap #crypto asset. A peak in mid-October #Polygon holdings of 10m+ $MATIC the whales may have foreshadowed this. https://t.co/LDWRvaJzPT pic.twitter.com/akJhLTXahq
— Santiment (@santimentfeed) November 3, 2022
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