Bitcoin, Ethereum, Dogecoin Decline as Binance Smart Chain Shuts Down: Analyst Says ‘Only a Matter of Time Before We See Short Liquidations’ – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/ USD)

Major coins flashed red late Thursday as global cryptocurrency market capitalization fell 1% to $959 billion as of 8:57 p.m. EDT as Binance Smart Chain was halted after suffering exposure to a inter-chain bridge.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD -1.25% 2% $20,019.36
Ethereum ETH/USD -0.5% 0.9% $1,358.30
Dogecoin DOGE/USD -2.5% 4.4% $0.06

Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
caspar (CSPR) +11.8% $0.035
XDC Network (XDC) +5.1% $0.03
Ravencoin (RVN) +3% $0.036

See also: How to get free crypto

Why it matters: Bitcoin and Ethereum traded lower on Thursday evening after major U.S. stock indices posted intraday declines. At the time of writing, S&P 500 and Nasdaq futures were down 0.2% and 0.25% respectively.

Investors remain nervous about the September jobs report due out on Friday.

“US stocks rebounded on the eve of payroll, digesting another round of hawkish rhetoric from the Fed. Minneapolis Fed Chairman Neel Kashkari signaled that there is no upcoming Fed pivot until financial conditions deteriorate significantly from here,” said Edouard Moyasenior market analyst at OANDA.

“Bitcoin appears to be consolidating around the $20,000 level as much of Wall Street awaits Friday’s nonfarm payrolls report,” Moya said in a note seen by Benzinga.

“A lot of crypto headlines focus on recent woes in the space but contain no new bearish catalysts. Bitcoin’s next major move will likely be determined by the next major move with rates and we will find out tomorrow morning.

Justin Bennett said cryptocurrency markets have been “boring” recently and Bitcoin-related stocks in particular.

“It’s been a range trader’s dream, though. I still think it’s only a matter of time before we see short selloffs in the $20,450-$20,800 range,” the trader said on Twitter.

Market cap vs. realized capitalization, a metric that is calculated by dividing an asset’s market capitalization by realized capitalization, shows that average traders are “still underwater” on their investments, the platform tweeted. market information Saniment.

“Based on most returns over multiple time periods, [altcoins] continue to show historically beneficial levels for the patient.

Institutional investors still not buying Bitcoin, tweeted CryptoQuant. The apex coin is likely to lose its upside momentum if prices rise without buying by institutional investors ahead of the November FOMC rate announcement, the community cryptocurrency analysis firm said.

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