Major coins traded in red late Thursday, as the global market cap went down 1.49% reaching $1.08 trillion, recorded at 8:30 p.m. EST.
What Happened: The largest cryptocurrency by market value, Bitcoin BTC/USD traded at $23,576. Ethereum ETH/USD was changing hands at $1,649, down 1.74% in the last 24 hours.
Dogecoin DOGE/USD was down 3.66% in the last 24 hours, pushing its price up to $0.094.
U.S. equities were upbeat on Thursday as the tech-heavy Nasdaq Composite shot up 3.25% and the S&P 500 traded nearly 1.5% higher.
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Facebook Parent Meta Inc’s META Metaverse Division has reported an alarming financial loss of $13.7 billion in 2022. The division reported losing a staggering $4.3 billion in the fourth quarter of 2022 alone but the tech giant remains bullish on its metaverse strategy.
Analyst Notes: “We might be getting six more weeks of winter, but it doesn’t seem like we will be seeing an ice age in crypto. January was a robust month for crypto and the FOMC decision helped keep all risky assets going higher. Bitcoin is rallying as the post-Fed rally holds and global bond yields extend their declines. Bitcoin is riding this risk-on mood from Wall Street, but it might struggle to break above massive resistance from the $25,000 level,” said Edward Moya, senior analyst at OANDA, in a note seen by Benzinga.
Crypto analyst Pentoshi warned against the lack of momentum seen after $BTC’s two-week consolidation phase.
Crypto trader Justin Bennett is keeping an eye on the divergence between the higher highs/lows from BTC and volume since mid-January. He says, “this is often a sign of fatigue, and that $22,200 liquidity pool is still open for business.”
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