Market Update (Nov. 02, 2022)
Before the FOMC, Bitcoin is trading below $20,500.
With fewer than three hours until the Fed's most recent interest rate announcement, the price of one bitcoin has dropped to $20,400. Given the perceived health of the economy, a rate increase of 75 basis points is anticipated. A 50bps increase or a 100bps increase seems implausible at this time.
The S&P 500 experienced selling pressure at 3930 on Tuesday and fell to 3843, while DXY is gathering steam to cross 111.7. The decision made today will cause significant market volatility and establish a clearer course for the remainder of the month.
Today's Winning and Losing Alts
🟢Winners:
- Litecoin - LTC (+11.52%)
- WEMIX - WEMIX (+10.38%)
- Toncoin - TON (+5.90%)
🔴Losers:
- Chain - XCN (-17.05%)
- Aptos - APT (-8.23%)
- Klaytn - KLAY (-7.89%)
Bitcoin Recap
At $21,000, the price of bitcoin has reached a double top. We might lose $20,000 and drop to $18,900 if the interest rate choice is made unfavorably. Several indicators on the 1H and 4H time frames are currently indicating oversold conditions, suggesting an initial upward movement that might be quickly rejected at $20,600, dropping us below $20,000.
Recapitulating Ethereum
Ethereum increased by 4% and reached $1,600 as originally mentioned before falling back to $1,540 for support. Similar to Bitcoin, the price of ETH is currently building a range within the demand zone around $1,550. However, the daily time frame and liquidation map indicate that $1,350 may be observed in the near future.
Visiting the NFT Space
Most of the top collections by volume in the NFT universe showed an upward trend.
The 24 hour trading volume for HEXGO has increased by 1,673% since it completed a successful mint. According to the initiative, it sold out of NFTs in less than three minutes.
Meebits saw a 400% increase in trading volume as well. Its hourly social engagement measurement of 2.3M was 5.03K% higher than the 7D average.
