Crypto markets are showing signs of slowing down following Monday's rally

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Crypto markets are showing signs of slowing down following Monday's rally

On Wednesday, major cryptocurrencies surged as headwinds in traditional markets alleviated and the crypto markets showing signs of calming down following Monday's sharp rally.

In the last week, the market's movements were influenced by the latest job data. According to ADP, there were an increase of 89,000 private payrolls last month, significantly below the Dow Jones forecast of 160,000. The upwardly revised figure of 180,000 payroll additions reported for August is also lower than the upwardly revised figure of 180,000.

Friday's September nonfarm payrolls data, released by the market, will provide additional insight into the labor market's strength.

The second day of the trial, former FTX CEO Sam Bankman-Fried encountered a clash of perspectives. Bankman-Fried's empire was constructed on a foundation of deception, known only by his inner circle, prosecutors said. His lawyer, Caroline Ellison, countered that he had acted in good faith, partly attributing responsibility to Caroline Ellison, the former CEO of FTX's sister trading firm, Alameda Research.

District Judge Lewis A. Kaplan astutely compared the opening statements to captivating movie trailers, according to Inner City Press.

At Benzinga's exclusive event, Future of Digital Assets, meet and engage with transformative Digital Asset and Crypto business leaders and investors. The market capitalization of crypto is currently at $1.08 trillion, a decrease of 0.98% in the past 24 hours.

The S&P 500 was positive, closing at 4,263.75 with a gain of 0.81%. The Nasdaq Composite rose to 13.236.01, marking an increase of 1.35%.

The latest data revealed that the Fed rose to a minor decline from their previous highs in 2007 when they were seen as high as they were in 2007 compared to 2007's. The 10-year Treasury yield is currently at 4.735%.

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Merten emphasises that Bitcoin could suffer a significant decline in value if it fails to break out of its current trading range, which has been in existence for about six months.

Merten said Bitcoin must surpass the $28,000 to $32,000 channel, which acted as a support level during the last bull market and might now be serving as a resistance. Bitcoin has been a trading pattern that has been consistent with this range since April.

About a month ago, Benjamin Cowen pointed out that prior to the BTC death cross, there was a possibility of a rally leading up to it.

In the midst of cryptocurrencies, a death cross is a bearish signal that occurs when the short-term moving average, like the 50-day MA, decreases below the long-term moving average, like the 200-day MA. This pattern suggests a possible downward trend in the cryptocurrency's price and may motivate traders to consider selling their holdings.

Join Benzinga's Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Jim Cramer advises against using Binance, Provoking strong reactions from Twitter users.