Important CRYPTOCURRENCIES were trading higher Wednesday night as global market capitalization rose 2.5% to $880 billion as of 7:38 pm EST.
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|NEAR protocol (CLOSE)||+10.9%||$1.82|
See also: The best cryptocurrencies to hold until 2030
Why It Matters: Bitcoin Y Ethereal traded higher along with stocks on Wednesday as investors waited for the US. work Department the figures of the consumer price index (CPI), which will be published on Thursday morning.
Economists expect the CPI to reach 6.5% in December — lower than the 7.1% reported in November.
On Wednesday, the S&P 500 and Nasdaq closed 1.3% and 1.8% higher, respectively. At the time of writing, US stock futures were trading unchanged.
“Right now it could be the calm before the inflation storm as we don’t see any major positioning ahead of this CPI report. Some traders are confident that we either have a soft landing or a not-so-bad recession,” said Edward Moya, senior market analyst at OANDA.
“It may not be easy to navigate the widespread price declines with the December inflation report, as core prices from a month ago could rise,” Moya said.
The analyst noted that institutional investors remain cautious and therefore cryptocurrencies are “slightly softer.”
“If risk appetite remains intact after the inflation report, Bitcoin could make another run to the $18,500 level. If core prices turn out to be worrisome, Bitcoin could slide back towards December lows,” Moya said, in a note seen by Benzinga.
michael van depoppe He said that Bitcoin has been holding at the $17,300 level. “We will probably continue to go higher and then it depends on the CPI. Most likely, given the current outlook, we will temporarily correct around CPI, before continuing,” the cryptocurrency trader said. He said that if the CPI is broken, Bitcoin could touch the $18,500 mark tomorrow.
Separately, Van de Poppe expressed optimism for Bitcoin this year. He said that “most likely” in the next 6 months the apex coin could rally towards the $30,000-$40,000 levels, but most people “are not ready for that.”
santimento said Tie (USDT) “continues to see a growth of sharks and whales loading for the next [bull run].” The market intelligence platform said that there are now 21,459 addresses that hold $100,000 or more of USDT, which is just 1% less than a new all-time high.
digital currency group (DCG) property grayscale moved 21,000 BTC, worth nearly $379.07 million at the time of writing, according to CryptoQuant CEO ki young ju. Funds moved with a 60% on-chain realized loss.
“I will likely just switch to new cold wallets for security reasons. Over 1k BTC flowed into the Coinbase exchange, possibly from administration fees,” Ki said on Twitter.
Notably, on Tuesday, the founder of the Gemini Exchange cameron winklevoss called for the dismissal of DCG CEO Barry Silbert reporting alleged fraud.
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