Bitcoin Nears $17.3K:Will It Stay For A Longer Time?

According to the market capitalization, the largest crypto currency bitcoin was trading near 17,300, a 2% gain over the past 24 hour. It is consistent with it’s performance from last five days.

On Wednesday, BTC climbed over $ 17,000. The federal open market  community (FOMC) seems interested to raise interest rates 50 basis points(bps) instead of continuing it’s current diet of 75bps.

However, in an email, Joe DiPasquale,chief of crypto fund manager BitBull Capital wrote, that the market had responded positively to Powell’s speech. According to Powell “we may want to see bitcoin consolidating above $ 17k and possibly testing $20k before we expect a sustain recovery”.

However, on the downside, $16k is a key support,losing which we are likely to see Bitcoin trending lower”, according to DiPasqule.

Moreover, Ether remained steadfast near $13,00 up about 3%. On Dec 1, CoinDesk analyst Glenn Williams noted that Ether has outperformed bitcoin over the previous 10 days. According to William, the crossover of Ethereum and bitcoin 10 day moving average is above the 100-day moving average.

In contrast, other major cryptos were largely in the green with SOL. The price of ATOM, the token of the decentralized blockchain network COSMOS, recently in teased by more than 3%. On the other hand, SOL the token of the smart contracts Solana blockchain platform, rose by more than 4%. However, the performance of cryptocurrencies is tracked by the Coin Desk Market Index(CDMI), which increased by nearly 1.5%.

Currently, S&P rise above its 200 day moving average for the first time since the spring, US stock indexes traded essentially sideways on Friday. The S&P has a surprising component, rose 1.5% for the week but fell 0.1% on Friday.  The heavily tech-focused Nasdaq fell 0.2% on Friday.

Moreover, the impact of upcoming FTX hearings regarding its applications of bankruptcy protection in the US. As well as the results of December FOMC meeting will monitor. According to BitBulls DiPasquale, any dovish comments then could see the market moving higher.

Insights

Crypto investors have an eye on the wider impact of the crypto Exchange FTX’s collapse and macroeconomic uncertainties. Investors have watched bitcoin hover at $17,000 support after wrestling with $16,000 for massive portions of November.

However, the steady and gradually recovery in the total value locked (TVL) in Defi protocol  is not regarded in the emphasis on pricing. As asset prices rise TVL is trickling back to the ten largest Defi protocols on Ethereum.According to the data from Defi Llama,  a Degi aggregator for TVL.

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