The cryptocurrency market closed on the 22nd (local time) with major stocks such as Bitcoin and Ethereum expanding their declines. Eight of the top 10 stocks fell, and 79 of the top 100 fell.
# 10th in Avalanche’s market cap
According to CoinMarketCap, the price of Bitcoin was $56,173.73 as of 4 p.m. New York time, down 5.58% from the previous 24 hours.
Ethereum fell 6.58%, Binance Coin 5.64%, Solana 6.75%, Cardano 4.97%, XRP 3.36%, and Polkadot 6.10%.
At this time, the market capitalization of the cryptocurrency market was $2.596 trillion, with Bitcoin accounting for 42.2%.
# Expansion of futures market decline
On the Chicago Mercantile Exchange (CME), the Bitcoin futures price for the most actively traded November contract fell by $1930 to $55,970, the December contract to $56,485, to $56,485, and for the January contract, to $56,855, down $2,025. recorded
Ethereum futures price fell by $285.25 in November to $4079.25, and the price in December contract fell by $199.50 to $4,117.75.
# Bitcoin $56K Regression
Bitcoin fell sharply ahead of the close and retreated to the $56,000 level.
Ethereum also fell more than 6%, threatening the $4,000 price, and most of the major stocks fell sharply.
According to market analysis platform Santiment, the sentiment of market participants turned negative again as Bitcoin failed to exceed $60,000 on the day. The last time the market showed such a negative image was in early October.
In this atmosphere, for Bitcoin to rise higher, the current price of $59,000 and below should be above $60,000.
Meanwhile, Ethereum, which is currently below $4,300, is expected to rise further when it crosses $4,500 within a short time.
Cryptobriefing analyzed that the sharp drop in supply is positive for future price increases as it technically reduces the number of Ethers available for sale, thereby limiting the likelihood of a decline.
Coinshares said in its Digital Asset Fund Weekly Fund Flow Report that a total of $153.6 million had flowed into digital asset funds last week.
He added that the recent correction in the cryptocurrency market does not seem to affect the positive mood of investors in view of this flow of funds. Bitcoin has fallen 12% over the past week.
ProShares’ ETF (BITO) fell 3.57%, Valkyrie’s ETF (BTF) fell 3.51%, and VanEck’s ETF (XBTF) fell 3.63%.
Coinbase shares fell 5.13% to close at $315.48.
The New York Stock Exchange rose 0.05% on the Dow, the Nasdaq fell 1.26% and the S&P 500 fell 2.51%.
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Bitcoin Ethereum Facing Critical Resistance… $60K, $4.5K Breakthrough Top Priority