Major coins traded in the green on Sunday evening, as the global market cap rose 1.34% to $1.08 trillion, as of 8:30 p.m. EST.
What Happened: The largest cryptocurrency by market value Bitcoin (CRYPTO: BTC) traded above $23,000. Ethereum (CRYPTO: ETH) was changing hands at $1,567, up 1.70% in the last 24 hours. Dogecoin (CRYPTO: DOGE) was up 0.47% in the last 24 hours, trading at $0.089.
Cryptocurrency | Gains (+/-) | Price |
|---|---|---|
Bitcoin | +1.20% | $23,678 |
Ethereum | +1.70% | $1,639 |
Dogecoin | +0.47% | $0.089 |
U.S. equities closed higher on Friday. The Dow Jones Industrial Average was up 0.1%, the S&P 500 Index gained 0.3% and the Nasdaq Composite Index finished up 1%.
This coming week, three major tech companies are set to release their earnings: $Amazon (AMZN.US)$, $Apple (AAPL.US)$ and $Meta Platforms (META.US)$ will be closely watched to gauge whether the current job cuts are likely to stretch into 2023. Market analysts will be on the lookout for indications of any further cutbacks that could have an impact on the tech industry as a whole.
On Friday, federal prosecutors asked the US District Court Judge Lewis Kaplan to issue a restraining order against Sam Bankman-Fried, which would prohibit him from communicating privately with current and former employees of FTX and Alameda Research. According to prosecutors, Bankman-Fried had allegedly contacted a former employee in an apparent effort to "influence potential testimony.
Cryptos continue to benefit from the broad risk rebound across Wall Street. The Fed is nearing the end of its rate hiking cycle and that has helped all interest rate-sensitive assets to start the New Year. The headlines across the crypto space have not all been doom [and] gloom as Moody‚ works on a scoring system for stablecoins, Amazon has an NFT initiative, and as some firms successfully raise money. Bitcoin has major resistance at the $24,000 level, so momentum traders will closely watch to see how prices behave post-FOMC decision, said Edward Moya, senior analyst at OANDA, in a note seen by Benzinga.
Given where inflation stands, the Fed will likely remain hesitant that a pause is imminent and lean more towards staying hawkish. If the Fed follows the lead from the BOC and signals they are almost done with rate rises, Bitcoin could tentatively break past $24,000.
According to a CryptoQuant analyst, 2023 is the ideal time to prepare for a bullish market. In this period, investors can expect the BTC 1-week to 1-month percentage to rise rapidly.
Crypto analyst Kaleo said that at $30,000 Bitcoin will be a strong and powerful magnet and at $40,000 it will be an even bigger draw.
