Upward channel triggered the rebound Bitcoin The price traded above the $16,740 level on December 09, and it is now trading above the $17,200 level. Similarly, Ethereum The US PPI, which is considered the most important economic event, moved above the $1,280 level ahead of the data.
On December 9, major cryptocurrencies traded in the green with global crypto market capitalization The previous day increased by 2.42% to $859.97 billion. In the last 24 hours, the total crypto market volume increased by 1.75% to $37.47 billion.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Top Altcoin Pros and Cons
Trust Wallet Token (TWT), Chain (XCN)And Graph(GRT) Here are three of the top 100 coins that gained price in the last 24 hours. The price of TWT has increased by almost 9% to $2.65; XCN price surges over 7% to $0.039; The price of GRT has increased by about 6.5 per cent.
Three of the top 100 coins that lost value in the last 24 hours are included Synthetix (SNX), toncoin (ton)And Ax Infinity (AXS). TON is down almost 0.50% to $1.85, while SNX is trading at $1.88, down almost 3%. At the same time, the price of AXS has dropped by more than 0.50% to $8.
US PPI figures to drive market sentiment
US Producer Price Index (PPI) data will continue to be in the spotlight, because Bureau of Labor Statistics Will release them at 13:30 GMT. Annual producer price inflation in the United States fell for the fourth consecutive month in October 2022 to 8%, the lowest level since July last year, from 8.4% in September.
The figures compared with market forecasts of 8.3%. In the United States, producer prices increased to 140.39 points in October 2022 from 140.08 points in September 2022.
Also, investors will be paying close attention to the US FOMC and CPI numbers to gauge how financial markets will fare in the future.
Strong data usually fuels a bearish trend in the US dollar, while bullish in bitcoin and other dollar-denominated crypto pairs. As a result, it is important to keep an eye on the economic fundamentals relating to the US.
PayPal launches crypto services
Another important factor that could help limit further losses for the cryptocurrency is a positive report indicating that financial services giant PayPal is looking to launch crypto services in Luxembourg.
PayPal, a major financial services provider, intends to launch cryptocurrency services in Luxembourg in an effort to promote the use of cryptocurrencies across the European Union.
PayPal customers in Luxembourg will be able to buy, sell and hold cryptocurrencies such as bitcoin and ethereum.
According to a press release issued by PayPal on December 7th, the launch of cryptocurrency services in Luxembourg is expected soon.
Customers in Luxembourg can now access the cryptocurrency market through a secure and reliable platform. It should also be noted that the upcoming company will provide instructional materials and FAQs to help customers better understand the benefits and drawbacks of cryptocurrencies.
bitcoin price
current price of bitcoin is $17,218, and the 24-hour trading volume is $20 billion. The BTC/USD pair has gained almost 2% over the past 24 hours, while coinmarket cap is currently ranked #1 with a live market cap of $361 billion, up from $323 billion yesterday.
The BTC/USD pair is trading with a bullish bias on Friday, following its breakout above the $16,750 level. Bitcoin has formed an ascending channel on the 4-hour time frame, 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 expose BTC towards the $17,650 level, and a bullish crossover above this level could take BTC towards the $18,150 level.
A bearish crossover below $17,000, a level extended by the 50-day simple moving average, could start a selling trend towards $16,650.
ethereum price
current price of Ethereum $1,280, with a 24-hour trading volume of $6 billion. Ethereum is up nearly 4% in the past 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, ETH’s immediate resistance remains at $1,300, and a break above this level could expose ETH to $1,340.
IMPT pre-sale ends in 4 days
IMPT is a new Ethereum-based network that rewards users for doing business with environmentally conscious businesses. Since its initial public offering in October, IMPT has Raised over $16.5 million1 is currently trading at $0.023 with IMPT.
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,
Find the best price to buy/sell cryptocurrency
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