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.
|Piece of money||24 hours||7 days||Price|
|Cryptocurrency||% change over 24 hours (+/-)||Price|
|XDC Network (XDC)||+5.1%||$0.03|
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.
Some quite boring markets recently, #Bitcoins especially. This has been a range trader’s dream, however.
I still think it’s only a matter of time before we see short sell-offs in between $20,450 and $20,800.
— Justin Bennett (@JustinBennettFX) October 6, 2022
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.
Even with slight price rebounds for most assets over the past 3 weeks, MVRV data shows that average traders are still well under water on their investments. Based on most returns over multiple time periods, #altcoins continue to show historically beneficial levels for the patient. pic.twitter.com/kTBDmwSXlw
— Santiment (@santimentfeed) October 6, 2022
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.
Institutional investors are not buying yet $BTC
“If prices rose without buying by institutional investors before the FOMC rate announcement in November, it is likely to lose bullish momentum and vacuum.”
— CryptoQuant.com (@cryptoquant_com) October 6, 2022
Meanwhile, Binance Smart Chain, a blockchain associated with the largest cryptocurrency exchange Binance, was temporarily halted on Thursday after suffering an exploit on a cross-chain bridge.
Binance CEO Changpeng Zhao tweeted an apology for the “inconvenience”.
An exploit on a cross-chain bridge, BSC Token Hub, resulted in an additional BNB. We have asked all validators to temporarily suspend the BSC. The problem is now contained. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly.
— CZ Binance (@cz_binance) October 6, 2022
He said the current impact was equivalent to $100 million, or a quarter of BNB’s last burn.
The current estimate of the impact is around $100 million in USD equivalent, or around a quarter of the last BNB consumption.
— CZ Binance (@cz_binance) October 7, 2022
Read more : South Korean police arrest first suspect in Terra collapse case: report