Crypto

Cryptos today: Bitcoin sustains high and altcoins advance with Solana jumping 9% on US holiday day

After rising yesterday in recovery to a fall to a two-year low, at less than $ 15,500, Bitcoin (BTC) sustains gains this Thursday (24) and is traded in stability in the last 24 hours, at $ 16,598, on the Thanksgiving holiday in the United States.

Smaller cryptocurrencies advanced more strongly, with Solana (SOL) and Curve (CRV) pulling the high in altcoins, with gains of 9% to 10% in the last 24 hours. Ethereum (ETH), the second most valuable cryptocurrency on the market, advanced 3% to $1,202. On the downside are Radix (XRD) and the Ethereum clone, ETHW, with retreats of 6.8% and 2.5%, respectively.

The mostly positive performance of cryptos today comes on the heels of yet another bullish session on Wall Street, after investors reacted to new signals from the Federal Reserve (Fed), the US central bank, that it should decide on a smaller increase in the rate of interest at the next meeting of the Open Market Committee (FOMC), in December. The expectation is that the increment is 0.5 percentage points, less than the 0.75 points applied in the last four adjustments.

High interest rates, it is worth remembering, increase the attractiveness of government bonds, which directly impacts investor appetite for allocations to riskier assets. With the possibility of a reduced increase, the Fed makes the market envision the chance of a drop in the yield curve on the horizon, encouraging investors to position themselves in stocks and, to some extent, also in cryptoassets.

The rise in cryptos, however, is still discreet due to the level of uncertainty in the sector due to a possible ripple effect after the bankruptcy of the FTX brokerage, which until two weeks ago was one of the largest in the world. It is estimated that the company has liabilities in the order of US$ 10 billion, with around 1 million creditors.

In recent days, it has been speculated that the Genesis brokerage, focused on the institutional public, is next on the list. The company is still looking to raise capital of at least $500 million without which, sources say, it could go bankrupt.

Bitcoin is also dealing with an unexpected move seen yesterday afternoon, when a wallet that had not transacted in over five years transferred the equivalent of $165 million worth of BTC to unknown addresses. Movements like this are seen as a potential desire by the asset’s controller to liquidate it on exchanges, which could generate new pressure on the price.

Watch: Trader loses BRL 1 million with FTX bankruptcy

According to trader Vinícius Terranova, the crypto market has low liquidity that favors sudden movements with little capital involved. On the other hand, he points out that Bitcoin has again offered price support above the downtrend line drawn since April, which is considered positive. On the other hand, he explains “every short-term rise remains a trap” for those who trade in the market.

Katie Stockton, founder and manager of the strategy and research group Fairlead Strategies, assesses that Bitcoin’s rise yesterday occurred amid “signs” of “short-term negative exhaustion”, which could prevent bigger falls for the next few weeks.

“Those are measurable for us, not just a feeling,” Stockton said. “These are some indicators we use on the technical front and on the daily and weekly charts of Bitcoin. We have countertrend signs that suggest we will see stabilization, not a big relief rally, but stabilization for a few more weeks.”

“We can be close to the bottom of equity markets, both crypto and global equities,” points out Tasso Lago, manager of private cryptocurrency funds and founder of Financial Move. “In the short term, it will continue to fall, but we are at the end of the correction, which may take a few more months. It is an excellent moment to continue contributing with a view to the long term”.

Check out the performance of the main cryptocurrencies at 7 am:

Cryptocurrency Price Variation in the last 24 hours
Bitcoin (BTC) US$ 16,598.87 +0.20%
Ethereum (ETH) US$ 1,202.88 +3.00%
Binance Coin (BNB) $297.11 +0.50%
XRP (XRP) US$ 0.380138 +0.80%
Dogecoin (DOGE) US$ 0.082111 +0.60%

Cryptocurrencies with the biggest increases in the last 24 hours:

Cryptocurrency Price Variation in the last 24 hours
Curve DAO (CRV) US$ 0.695506 +10.40%
Solana (SUN) $14.30 +9.10%
GMX (GMX) $45.77 +8.90%
Ethereum Classic (ETC) $20.52 +6.90%
The Graph (GRT) US$ 0.061237 +6.70%

Cryptocurrencies with the biggest drops in the last 24 hours:

Cryptocurrency Price Variation in the last 24 hours
Radix (XRD) US$ 0.03662442 -6.80%
Ethereum PoW (ETHW) $3.38 -2.50%
Chile (CHZ) US$ 0.180592 -2.50%
Osmosis (OSMO) $1.02 -2.50%
The Open Network (TON) $1.71 -1.60%

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 15.24 +1.60%
Hashdex BTCN (BITH11) BRL 20.63 +0.48%
Hashdex Ethereum (ETHE11) BRL 19.03 +6.91%
Hashdex DeFi (DEFI11) BRL 17.23 +1.35%
Hashdex Smart Contract Platform FI (WEB311) BRL 11.96 +4.00%
Hasdex Crypto Metaverse (META11) BRL 34.68 +10.09%
QR Bitcoin (QBTC11) BRL 5.49 +2.42%
QR Ether (QETH11) BRL 4.27 -0.46%
QR DeFi (QDFI11) BRL 3.11 +3.32%
Crypto20 EMPCI (CRPT11) BRL 4.69 -0.21%
I invest NFTSCI (NFTS11) BRL 17.76 +3.19%
Invest BLOKCI (BLOK11) BRL 77.00 +4.01%

See the main news of the crypto market this Thursday (24):

Binance Wants $1 Billion Crypto Rescue Fund

Binance is targeting $1 billion or more for a recovery fund aimed at rescuing distressed crypto projects, CEO Changpeng “CZ” Zhao said in an interview with Bloomberg on Thursday.

“If this is not enough, we can allocate more,” CZ said, according to the news agency.

CZ has been a key figure in the industry in recent months, cementing his position as an industry leader following the fall of FTX and its CEO, Sam Bankman-Fried.

Earlier this month, he raised concerns about FTX on Twitter and abandoned a plan to acquire the exchange, compounding the crisis surrounding the company’s bankruptcy two days later.

Consensys claims to collect user data

ConsenSys, the world’s largest software developer for Ethereum, said on Thursday that it collects user data related to its MetaMask crypto wallet service.

The revelation comes days after decentralized cryptocurrency exchange Uniswap made a similar update to its privacy policy.

ConsenSys said that it collects some data related to user identification such as contact details, profile information and other data from the creator of the wallet.

Managers Reduce Long US Crypto Positions

A report from the US derivatives exchange Chicago Mercantile Exchange (CME) shows a reduction in the number of open long positions in cryptos, with 559 contracts less last week.

It is the second consecutive week of decline in the number of contracts with an optimistic bias, after a reduction of 132 contracts in the previous report.

Asset managers now account for 31% of open long positions on the CME, down from 43.4% a week earlier. The reduction points to less optimism among managers.

Leveraged funds, on the other hand, increased positions betting on the rise of crypto assets, with 1,367 additional contracts. Last week, the CME had already recorded an increase of 1,694 contracts.

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