Important coins including Bitcoinwas trading in the green at press time on Thursday, as the global cryptocurrency market cap rose 2.8% to $925.2 billion.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 1.9% | -4.95% | $20,569.48 |
| ether ETH/USD | 7.2% | -3.8% | $1,191.81 |
| Dogecoins DOGE/USD | 0.7% | -11.6% | $0.06 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| CEEK VR (CEEK) | +16.7% | $0.38 |
| Spirit (GHOST) | +15.1% | $91.43 |
| Uniswap (UNIVERSITY) | +14.58% | $7 |
See also: How to get free crypto
Why it matters: Risk assets, including cryptocurrencies, were buoyant Thursday night as expectations for a rate hike fell 100 basis points.
US federal reserve governor Christopher Waller said a 75 basis point hike will almost certainly happen on Thursday. Waller said the market is predicting itself if it predicts a 100 basis point hike in interest rates.
Despite recent macro headwinds, Bitcoin has held steady at the $20,000 level, said OANDA’s senior market analyst Craig Erlam.
“If [Bitcoin] can continue to swim against the tide, I’m not so sure. What we’re seeing is impressive, but I’m struggling to see the case for Bitcoin bottoming out. Time will tell,” Erlam said in a note seen by Benzinga.
Dollar continues to gain amid expected rate hikes. The dollar index, a measure of the US unit’s strength against six other currencies, rose 0.2% to 108.50 on Thursday. It hit a high of 109.29, its highest intraday level since September 2002, Reuters reported.
cryptocurrency trader Justin Bennett told his Twitter followers to keep an eye on the dollar index on Friday, saying it needs to “weaker to fuel another cryptocurrency recovery rally.”
No major $DXY weakness so far from 108.50. In fact, you think about it right now.
One to watch on Friday.
Need this to weaken to fuel another support rally for #crypto. https://t.co/yvjCff8dth pic.twitter.com/czrXDFXCdI
— Justin Bennett (@JustinBennettFX) July 14, 2022
Cryptocurrencies grow when there is little correlation with stocks, Santiment said on Thursday. “After yesterday [inflation] Report, [BTC] & [alts] have recovered while the [SP500 & Gold] fall. If they remain uncorrelated, that bodes well for a possible breakout,” the market research platform said in a tweet.
#Crypto grows fastest when it has very little correlation with #stocks. After yesterday’s #CPI report, $BTC & #alts have rallied while #SP500 & #Gold are falling. If they remain uncorrelated, it bodes well for a possible breakout. https://t.co/JmOGp1ZuaB pic.twitter.com/FMFgcENzbQ
— Santiment (@santimentfeed) July 14, 2022
S&P 500 and Nasdaq futures are each trading 0.2% higher at press time, while Bitcoin is above the key psychological $20,000 level.
Also Read: Are Bitcoin and Ethereum About to Lead the Stock Market Higher?
CryptoQuant chairman Ki Young Ju said he was waiting for a “big short squeeze”. Ki pointed out that in 2020, many people took short positions in Bitcoin and were liquidated in the $10,000-$20,000 range before the “parabolic bull run began.”
“Back then, 10% of hourly buy orders came from short liquidations. Now it’s about 1%,” said the CEO of the community-based analytics platform.
Waiting for a big short squeeze.
In late 2020, many people continued to short $BTC and were liquidated in the $10,000-$20,000 range before the parabolic bull run began.
Back then, 10% of hourly buy orders came from short liquidations. Now it’s about 1%. pic.twitter.com/tlVdw2RQHX
— Ki Young Ju (@ki_young_ju) July 14, 2022
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Photo via Mmaxer on Shutterstock
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