Bitcoin and Ethereum rose Wednesday evening as the global cryptocurrency market cap increased 2.95% to $974.2 billion at 8.11 p.m. EDT. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC/USD 2.45% -3.8% $19,296.02 Ethereum ETH/USD 4.5% 4.9% $1,630.51 Dogecoin DOGE/USD 3.7% -0.6% $0.06 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price Helium (HNT) +57.02% $5.33 EOS (EOS) +19.3% $1.66 Curve DAO Token (CRV) +12.4% ??$1.17
See Also: How To Get Free Crypto
Why It Matters: Cryptocurrencies were buoyant after risk assets staged a rally on Wednesday. The S&P 500 and Nasdaq spiked 1.8% and 2.1%, respectively, intraday.
However, stock futures were flat at the time of writing as investors await the latest jobless claims data due Thursday.
The dollar index, a measure of the greenbacks strength against a basket of six currencies, traded 0.08% lower at 109.75.
Cryptocurrency trader Justin Bennett said that the dollar index is breaking down from a rising wedge on its chart.
The $DXY is breaking down from this rising wedge.
109.30 is the next big test. But as long as we have dollar weakness, expect relief for #stocks and #crypto. https://t.co/16tFi6KRQg pic.twitter.com/lMKGDd7Ig3 Justin Bennett (@JustinBennettFX) September 7, 2022
109.30 is the next big test. But as long as we have dollar weakness, expect relief for [stocks] and [crypto], Bennett said on Twitter.
Michal van de Poppe said that a beautiful retest is underway on the total market capitalization on the 200-Week moving average.
If you'd ask me, then a beautiful retest is being made on the total market capitalization on the 200-Week MA.
That implies a significant buying opportunity for you on the #crypto markets as $DXY is getting towards a climax too.
Going as planned, so far. pic.twitter.com/OGyZcEobIl Michal van de Poppe (@CryptoMichNL) September 7, 2022
That implies a significant buying opportunity for you on the [crypto] markets as [the dollar index]is getting towards a climax too, he said on Twitter.
September is a negative month for the apex coin if monthly returns are any indicator, withGlobalBlockanalystMarcus Sotirioupointing out that Bitcoin has finished in the red in seven out of the past nine Septembers.
Bitcoin Monthly Returns Courtesy GlobalBlock
Bitcoin is already down by over 5% this month and 7 of the past Octobers have been green. Therefore, if Bitcoins seasonality over the past 9 years is anything to go by, then this fear could be resulting in a great buying opportunity, said the analyst for the digital asset broker.
OANDAsenior market analyst Craig Erlam said the risk environment indicated a major headwind for Bitcoin and that the technical setup wasn't looking any more promising.
The question now is whether we could see another spiral, as we so often have in the past, in the event that bitcoin breaks the summer lows around $17,500 to trade at late 2020 levels, said Erlam, in a note seen by Benzinga.
CryptoQuantCEOKi Young Jutweeted that eight-year-old Bitcoin to the tune of 15,000 coins was moved across ten days, with some sent to the cryptocurrency exchangeKraken.
We demystified the secret of old $BTC whales who moved a significant amount of coins at previous tops.
Full Report Link https://t.co/qG2PBPlG08 pic.twitter.com/CQkz1sT0HY Ki Young Ju (@ki_young_ju) August 22, 2022
Ki said the community-driven analytics platform uncovered that the whales were likely early visionaries who had accumulated Bitcoin through mining and trading and coins coming from Cryptsy bitcoin exchange just before it was hacked.
Read Next: Binance US Launches Ethereum (ETH) Staking With 6% APY Ahead Of Merge
