In the enthralling world of cryptocurrency, the weekend was a quiet one, with key token prices, including Bitcoinaka BTC and Ether aka ETH, remaining stable – endured above support levels. The crypto markets appeared to be in a waiting game, needing an incentive that could move prices.
The overall capitalization inched upwards by a mere 0.4% within 24 hours, as per CoinGecko data, painting a picture of a lukewarm market. An interesting observation is the low figure of crypto futures liquidations – a striking $48 million – the lowest since mid-August. However, the open interest, equating to the volume of futures contracts, surged by 4%, indicating a low sentiment.
BTC traded slightly under $26,700 and ETH at around a solid $1,630, rising just 0.5% in the last 24 hours. The CoinDesk Market Index, abbreviated as CMI, also followed suit and only advanced 0.3%, reflecting the minor gains of alternative currencies.
Meanwhile, Toncoin (TON) took a hit among the major tokens, sliding by 1% in the previous 24 hours. This drop is more likely attributed to traders cashing in profits following a whopping 40% increase last week. This rise was catalyzed by the news that messaging titan, Telegram, will integrate a TON-based app on its platform.
Suffice it to say, cryptocurrencies seldom exist in a vacuum. As such, some crypto traders are on tenterhooks, watching for what happens next in traditional markets. They predict that the latter might have bearish implications for the crypto ecosystem.
The next few days will undeniably keep traders on the edge as they anticipate critical data from the U.K. and U.S. Both countries’ central banks are to announce new rate decisions later this week, posing potential bearish threats to investor sentiments.
Regardless of the receding inflation in both economies, indications suggest that it may not have fully retreated. The crypto assets, akin to other risk assets, are susceptible to rate expectations. Hence, any hardened tone in rate decisions might steer investor sentiment towards thinking twice before making their next crypto move.
Source: Coindesk
