Leading cryptocurrencies rose alongside stocks on Tuesday, buoyed by investor focus on the Kevin Warsh-led Federal Reserve’s interest-rate decision and weaker oil prices.
Crypto Market Gains
Bitcoin hit an intraday high of $81,159 before meeting strong resistance, while Ethereum traded sideways in the $2,300 range. XRP and Dogecoin extended their gains.
Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 1.13% and 3.20%, respectively.
Nearly $150 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in short positions, according to Coinglass data.
Bitcoin’s open interest rose by a modest 0.65% over the last 24 hours. Overall sentiment among Binance derivatives traders remained bullish, even as long exposure declined.
Market sentiment remained “Neutral,” as shown by the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.80 trillion, up 0.80% over the last 24 hours.
Stocks Pop Ahead of Rate Decision
Stocks ended in the green on Tuesday. The Dow Jones Industrial Average rose 5.99 points, or 0.03%, to end at 52,377.5. The S&P 500 gained 0.6% to close at 7,722.60, while the Nasdaq Composite closed up 1.18% at 26,477.81
The Fed is expected to announce its rate decision later on Wednesday, with the CME FedWatch tool showing a 93.9% probability that rates will remain unchanged.
The United States Oil Fund (NYSE: USO), which tracks West Texas Intermediate crude oil, finished the session 1.41% lower at $163.88 and has declined 1.31% over the last week.
Bitcoin on the Edge of a Breakout?
Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, said Bitcoin is holding firm at a “pivotal spot” around $80,000, resisting further downside.
“The recent sentiment has only fueled the thesis that we’re on edge of having a strong breakout upward,” Van De Poppe said. “If it flips $81,000, we’re good to go towards new highs.”
On-chain analytics firm CryptoQuant noted that the Coinbase Premium hasn’t been positive for any day in October, with the index reaching its most negative levels since June.
The Coinbase Premium Index measures the percentage difference between Bitcoin’s price on Coinbase and its price on global exchanges, tracking U.S. institutional buying versus global retail demand.
“U.S. buyers are on the sidelines, and Bitcoin is down 4.2% for the month,” CryptoQuant stated.
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