on Sunday, Bitcoin It is trading sideways, holding a narrow range from the $17,000 to $17,350 level. Similarly, Ethereum There was a rise above the $1,250 level, a support that was extended by an ascending triangle pattern.
Major cryptocurrencies were trading in the red globally as early as Dec 11 crypto market cap The previous day rose 0.9% to $855.49 billion. In the last 24 hours, the total crypto market volume has declined by 31.20 percent to $23.76 billion.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Top Altcoin Pros and Cons
Osmosis (OSMO), AppCoin (APE)And stack (stx) Here are three of the top 100 coins that gained price in the last 24 hours. The price of OSMO has increased by almost 12% to $1.01; The price of APE has increased by more than 7% to $4.23; The price of STX has increased by about 4.65 percent.
Three of the top 100 coins that lost value in the last 24 hours are included Chain (XCN), cello (celo)And Uniswap (UNI) is down nearly 5% to $0.0360, while CELO is trading down nearly 4% to $0.5960. At the same time, the price of UNI has fallen by more than 1% to $5.10.
Economic recession worries for 2023
Bitcoin price shows no signs of life as investors reduce their exposure to potential losses in anticipation of next week’s newsworthy events. US Congress will hold its first hearing in this matter ftx collapse on December 13, with the Senate Banking Committee the next day.
Former FTX CEO Sam Bankman-Fried has agreed to appear before the panel on Friday in response to a subpoena. Due to their regulated nature, crypto prices are likely to be affected for a long time by the investigation, which is expected to last for weeks.
Investors are also eyeing the outcome of the Federal Open Market Committee (FOMC) meeting to be held on December 14. Markets already appear to be pricing in a 50-basis point rate hike in response to Fed chief Jeremy Powell’s “pivot” comments from last month, but the bank’s past mistakes have investors fearful about a recession in 2023. .
“If the Fed raises rates again next week, the recession will be much worse,” Tesla CEO Elon Musk warned Friday. In response to Musk, Sven Henrik, founder of Northman Trader, warned that next week’s rate hike would trigger a recession and further volatility in the market.
Grayscale Claims SEC Filed First Brief in Bitcoin Futures ETF Lawsuit
In response to crypto asset management Grayscale Investments’ lawsuit against the US Securities and Exchange Commission over the denial of its application for a spot bitcoin exchange-traded fund, the SEC has reportedly filed its first legal brief.
In a statement issued on Friday, the corporation described the filing of the amicus paper as “the next milestone in our continued action”. The company had earlier opening brief On 11 October.
Grayscale’s response to the SEC filing restated the claims of its initial brief and accused the SEC of “creating an uneven playing field for investors by accepting bitcoin futures-based ETFs while consistently rejecting bitcoin ETFs.”
The ongoing developments on SEC Grayscale have put pressure on the cryptocurrency prices.
bitcoin price
current price of bitcoin $17,179, and a 24-hour trading volume of $13 billion. The BTC/USD pair has gained approximately 0.15% over the past 24 hours, while coinmarket cap is currently ranked #1 with a live market cap of $360 billion, down from $360 billion yesterday.
Given the lack of volatility, the technical side of bitcoin has changed quite a bit as it trades in a narrow range. On the 4-hour time frame, bitcoin has formed an ascending channel, which is supporting the bullish trend; Therefore, BTC may face resistance near the $17,400 level.
A bullish breakout above the $17,400 level could take bitcoin towards the $17,650 level, and a bullish crossover above this level could take bitcoin towards the $18,150 level.
A bearish crossover below $17,000, a level boosted by the 50-day simple moving average, could start a selling trend that could sustain till $16,650.
ethereum price
current price of Ethereum $1,275, with a 24-hour trading volume of $6 billion. Ethereum is up about 0.80% in the last 24-hours, and is currently ranked second on Coinmarketcap with a live market cap of $156 billion.
on the 4 hour chart, Ethereum It bounced off the $1,220 support and crossed the 50-SMA line at $1,250, which is now acting as a support.
On the upside, $1,300 is an immediate resistance for ETH, and a break above this level could expose ETH to $1,340.
IMPT pre sale ends in 20 hours
IMPT There is a new Ethereum-based network that rewards users for doing business with eco-friendly companies. IMPT has raised over $18.2 million since its initial public offering in October, with 1 IMPT currently trading at $0.023.
Due to its extraordinary success, IMPT.io will be an unprecedented platform for carbon offsetting and carbon credit trading End its token pre-sale on December 11th,
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