Major coins traded higher Wednesday evening as the global cryptocurrency market cap rose 0.9% to $941.55 billion at 8:11 p.m. EDT.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | 2% | 5.1% | $19,482.94 |
| Ethereum (CRYPTO: ETH) | 0.9% | 7.4% | $1,341.98 |
| Dogecoin (CRYPTO: DOGE) | 0.1% | 6% | $0.06 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Helium (HNT) | +8.9% | $5.23 |
| Synthetix (SNX) | +8.65% | $2.46 |
| Kava (KAVA) | +6.3% | $1.6 |
Why It Matters: $Bitcoin (BTC.CC)$ and $Ethereum (ETH.CC)$ were seen trading higher after stocks rose on Wednesday. The $S&P 500 index (.SPX.US)$ and $Nasdaq Composite Index (.IXIC.US)$ closed 2% and 2.05% higher, respectively. U.S. stock futures inched lower and were largely flat at the time of writing.
On Wednesday, The Bank of England said it will begin purchasing long-dated bonds to stabilize U.K. gilt yields.
GlobalBlock analyst Marcus Sotiriou said in a note, seen by Benzinga, that the U.K. central bank is "not helping themselves" by restarting quantitative easing while raising interest rates at the same time.
There is clearly a lack of confidence in the Bank of England and UK Treasury currently, as the market has demonstrated with volatile currency moves."
- said the analyst for the digital asset broker.
This raises the notion that cryptocurrencies can provide a solution to this mess, a way out of depending on a small selection of individuals to provide economic stability."
OANDA senior market analyst Edward Moya said, "Bitcoin is higher but still below the $20,000 level as investors quickly pile back into risky assets."
If the stock market rally is able to overcome hard landing fears, that should provide a nice backdrop for cryptos. This broad risk-on rally doesn't seem like it has legs to stand on, but this bounce could last a little longer."
- said the analyst.
Meanwhile, the U.S. dollar index rose to 114.68 on Wednesday — a two-decade high. The index is the measure of the greenback's strength against a basket of currencies.
Cryptocurrency trader Justin Bennett said that the dollar index confirmed a "bearish deviation" on a 10-month level on Wednesday. He said this is bullish for both stocks and cryptocurrencies.
Michaël van de Poppe said he would like to see Bitcoin see $19,300 hold as support. The cryptocurrency trader said if that was the case the apex coin can test the $20,700 and $22,500 marks.
On the Ethereum side, whales have gotten fatter over time. The top 10-non-exchange and top 10-exchange addresses now collectively hold nearly 32 million ETH — double of what was held four years ago.
"The top 10 non-exchange addresses now hold 23.3M $ETH, compared to top 10 exchange addresses holding 8.6M," said market intelligence platform Santiment on Twitter.
