Major coins were trading lower on Sunday evening as the global cryptocurrency market cap dropped 2.8% to $1.03 trillion at 8:11 p.m. EST.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -2.1% | 1.55% | $20,883.47 |
| Ethereum ETH/USD | -3.6% | -0.9% | $1,572.62 |
| Dogecoin DOGE/USD | -7% | -7.2% | $0.115 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Chiliz (CHZ) | +3.25% | $0.30 |
| Litecoin (LTC) | +1.3% | $70.05 |
| Fei USD (FEI) | +1.1% | $1 |
See Also: Best Cryptocurrencies on Coinbase
Why It Matters: Bitcoin and Ethereum were in the red ahead of U.S. mid-term polls and as investors await consumer price inflation numbers slated for Thursday.
Other risk assets, such as stocks, were also in the negative zone. U.S. stocks were considerably lower — Nasdaq futures were down 0.7%, while S&P 500 futures fell 0.6% at the time of writing.
Friday’s job report indicated that the participation rate fell slightly, a sign that higher rates are having some effect. The unemployment rate rose to 3.7%. A hotter-than-expected inflation number on Thursday could mean a pivot by the Federal Reserve on interest rates is further away.
“A downshift to a slower pace of tightening still seems in the cards for the Fed and that should provide some short-term support for cryptos,” said Edward Moya, Senior Market Analyst at OANDA, in a recent note seen by Benzinga.
Michaël van de Poppe warned of high volatility and said that while the mid-terms might not move the markets a lot, the CPI figures will.
On Bitcoin, cryptocurrency trader Justin Bennett said that Bitcoin tested $21,400 resistance and any pullback from that will likely catch a bid around the $20,800 mark.
Going into the fresh trading week, investor sentiment was largely unchanged. Alternative.me’s “Crypto Fear & Greed Index” flashed “Fear” at the time of writing. Last week the index showed a similar reading.
CryptoQuant CEO Ki Young Ju noted on Twitter that FTX’s stablecoin reserve has touched a year-low of $51 million. A decline of 93% over the last two weeks.
A decreasing trend indicates fewer stablecoins are available in the exchange, which implies decreasing buying power — an indicator that supports bearish movements.
Read Next: Here's How Much $100 In Dogecoin Could Be Worth If DOGE Returns To All-Time Highs
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