Bitcoin, Ethereum, Dogecoin Mastered Ahead of US Midterms: Analyst Sees Apex Coin Above $21,000 If This Side Gains – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Bitcoin and Ethereum were above their respective key psychological levels on Monday evening as the global cryptocurrency market capitalization fell 0.5% to $1.02 trillion as of 8:46 p.m. EST.

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Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD -1.5% 0.75% $20,619.52
Ethereum ETH/USD -0.5% -0.7% $1,570.08
Dogecoin DOGE/USD -4% -13.2% $0.11
Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
Toncoin (TONNE) +11.4% $1.80
VeChain (VETERINARY) 12.8% $0.30
Chain link (LINK) +9.75% $8.99

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Why is this important: BTC and ETH have been seen trading above the $20,000 and $1,500 marks at the time of writing – although both are in the red.

Among other risky assets, U.S. equity futures were higher ahead of the U.S. midterm elections scheduled for Tuesday. S&P 500 and Nasdaq futures were up 1% and 0.85% respectively at the time of writing.

Investors ‘obsessed’ with consumer price inflation data, due Thursday, says OANDA Senior Market Analyst Edward Moya.

“The reason investors are so obsessed with this week’s inflation data instead of the midterm elections is that it seems very likely that the Republicans will win one of the chambers this week.”

“Bitcoin should still find a home above the $20,000 level post-midterm until we get a Democratic surprise. A Republican sweep could support a push above the $21,000 level for Bitcoin , but that might not last until the latest inflation data,” Moya wrote, in a note seen by Benzinga.

Almeda Searcha quantitative cryptocurrency trading firm, is in the eye of the storm following reports that billions of dollars of its assets are tied to Sam Bankman-Fried FTX cryptocurrency exchange token.

The scenario is compounded by a trade battle between Binance and FTX. Binance CEO Changpeng Zhao said he would liquidate all of the company’s FTX (FTT) tokens following the “revelations” that surfaced recently.

Caroline Ellisonthe CEO of Almeda, offered to buy Binance’s entire holdings at a fixed price of $22 per token.

Kaiko Search said in a note that it would take $4.4 million in sell orders on the FTT market to drive the price down 1% across all markets.

FTT Bid Depth 1% – Courtesy of Kaiko Research

“Overall, it is clear that FTT market makers are working overtime to maintain the price of FTT, which has fallen 3% over the past day along with most other cryptocurrencies. Despite a massive increase in the selling pressure, there is barely a breach in market depth and only a slight increase in price slippage,” Kaiko said.

“Ultimately, it may be in the interests of all parties to engage in an OTC transaction as suggested by Caroline Ellison to limit price impacts, especially as Binance, FTX and Alameda all at risk of significant losses if the price of FTT declines significantly,” the market data said. company.

Michael van de Poppe said there is a lot of fear, uncertainty and doubt around FTX. The trader said: “It could have a significant impact on the markets, but I don’t think it will happen anytime soon, as the case is different from Celsius. It’s not great for the overall sentiment, regardless .”

Saniment said on Twitter that Ethereum has seen the accumulation of small, medium and large traders since last October.

“All tiers have increased their percentage of supply held, apart from exchange/founder addresses which hold over 10 million [ETH].”

The market news platform said traders may be “trading risky assets” for blue chips such as ETH.

“Taking profits on altcoins and going back to blue chips could probably spell the end of the rally for a while,” Santiment said.

Read more : US Department of Justice Seizes $3.36 Billion in Bitcoin From Silk Road Dark Web Fraud

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