According to Coinglass statistics, the futures market has a fairly balanced spread of long and short orders. Besides, the buyer-side edge remains pretty insignificant. At the same time, the Binance BTC/USDT order database displays a strong resistance level to selling at US$29,000. It could easily serve as a target for Bitcoin bulls to beat.
The market broadly anticipates another 25-basis-point (bps) rate hike. It aims to raise the benchmark lending rate to 5.25% and mark the tenth consecutive increase in borrowing costs. However, we need to consider the First Republic North’s inevitable takeover. There is a chance that the doves will prevail and stop future hikes.
A dovish surprise might give the impetus needed by BTC bulls to propel the world’s largest cryptocurrency higher.
One item to remember is the US Dollar Index (DXY) weakening. It has fallen by half a percent in the last two trading sessions, offering extra tailwinds to Bitcoin. Ethereum (ETH) finished Monday 2.15% higher at US$1,870. Moreover, the ETH/USDT pair has remained at that level this morning. Sell pressure is still there at the 1.9k price level.
Off-season for altcoins
Bitcoin and Ethereum are up week on week. However, the same cannot be said for large-cap altcoins.
Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), BNB, Polygon (MATIC), and the majority of the other top-20 cryptocurrencies reduced their market capitalization by low single digits.
Tron (TRX) is an anomaly, up approximately 5%. Overall, the altcoin market has taken a back seat amid a flight to quality in the volatile cryptocurrency industry. Synthetix (SNX), a derivatives exchange, gained over 4% overnight. With such tempo, it rose its market capitalization to over US$632 million.
However, this is most likely a coincidence. The rally in SNX coincides with the launch of Coinbase’s new derivatives exchange in Bermuda’s offshore jurisdictions.
Coinbase International Exchange is a Nasdaq-listed cryptocurrency exchange. Coinbase opted to start the exchange abroad to avoid the rigorous US rules governing crypto derivatives products.
The global cryptocurrency market valuation increased by 1.4% overnight to US$1.18 trillion. At the same time, the total wealth locked in the DeFi space is presently US$48.3 billion.