Bitcoin, Ethereum and Dogecoin spike after Bank of Japan pivot
Major coins were in the green on Wednesday night, with global cryptocurrency market capitalization rising 2.7% to $814.4 billion as of 7:28 p.m. EST.
See also: 11 Best Cryptocurrency Brokers in December 2022
Why it matters: Bitcoin and Ethereum followed risk assets higher on Wednesday. S&P 500 and Nasdaq futures were up 0.3% each at the time of writing.
On Tuesday, the Bank of Japan surprised markets by adjusting its yield curve control policy by widening trade on its 10-year yield target (more or less) of 0 .25% to 0.5% - a move that will have potential ramifications across the world.
The dollar index, a measure of the greenback's strength against a basket of six global currencies, fell 0.7% to 103.97 at the time of writing .
On the other hand, the Japanese yen hit a four-month high against the dollar. The US unit lost 3.9% against the intraday yen, according to Reuters.
“Bitcoin rallies as dollar falls following Bank of Japan yield pivot,” said Edward Moya, senior market analyst at OANDA.
"Given the reaction of other asset classes, bitcoin's rally is somewhat unimpressive as crypto traders continue to remain in wait-and-see mode on what's next big crypto domino to fall or if we get clearer guidance on the regulatory front,” the analyst said, in a note seen by Benzinga.
Sam Bankman-Fried, the former CEO of bankrupt cryptocurrency exchange FTX, will be extradited to the United States on Wednesday, a US Department of Corrections official confirmed. Bahamas.
Michael van de Poppe said markets have been in bearish territory for 19 months already. The trader pointed out that altcoins have been crashing since May 2021 despite the Solana (SOL) and Polygon (MATIC) cycle.
"The first confirmed HF [high low] on HTF [higher-time frame] will be a massive trigger for a relief run," Van de Poppe tweeted.
On Ethereum, he said $1,190 would be a "good level" for a long time as traders would get higher low after high.
Trader Justin Bennett said it might be "time to press" Bitcoin shorts on Wednesday.
Santiment said that Barry Silbert-owned Digital Currency Group (DCG) coins have fallen sharply in recent days. The business intelligence platform...
Major coins were in the green on Wednesday night, with global cryptocurrency market capitalization rising 2.7% to $814.4 billion as of 7:28 p.m. EST.
See also: 11 Best Cryptocurrency Brokers in December 2022
Why it matters: Bitcoin and Ethereum followed risk assets higher on Wednesday. S&P 500 and Nasdaq futures were up 0.3% each at the time of writing.
On Tuesday, the Bank of Japan surprised markets by adjusting its yield curve control policy by widening trade on its 10-year yield target (more or less) of 0 .25% to 0.5% - a move that will have potential ramifications across the world.
The dollar index, a measure of the greenback's strength against a basket of six global currencies, fell 0.7% to 103.97 at the time of writing .
On the other hand, the Japanese yen hit a four-month high against the dollar. The US unit lost 3.9% against the intraday yen, according to Reuters.
“Bitcoin rallies as dollar falls following Bank of Japan yield pivot,” said Edward Moya, senior market analyst at OANDA.
"Given the reaction of other asset classes, bitcoin's rally is somewhat unimpressive as crypto traders continue to remain in wait-and-see mode on what's next big crypto domino to fall or if we get clearer guidance on the regulatory front,” the analyst said, in a note seen by Benzinga.
Sam Bankman-Fried, the former CEO of bankrupt cryptocurrency exchange FTX, will be extradited to the United States on Wednesday, a US Department of Corrections official confirmed. Bahamas.
Michael van de Poppe said markets have been in bearish territory for 19 months already. The trader pointed out that altcoins have been crashing since May 2021 despite the Solana (SOL) and Polygon (MATIC) cycle.
"The first confirmed HF [high low] on HTF [higher-time frame] will be a massive trigger for a relief run," Van de Poppe tweeted.
On Ethereum, he said $1,190 would be a "good level" for a long time as traders would get higher low after high.
Trader Justin Bennett said it might be "time to press" Bitcoin shorts on Wednesday.
Santiment said that Barry Silbert-owned Digital Currency Group (DCG) coins have fallen sharply in recent days. The business intelligence platform...
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