Major coins were seen trading lower on Wednesday evening as the global cryptocurrency market cap fell 0.6% to $810 billion at 7:16 p.m. EST.
|Cryptocurrency||24-Hour % Change (+/-)||Price|
|Ethereum Classic (ETC)||+3.9%||$16.58|
Why It Matters: The optimism seen among risky assets did not enthuse the cryptocurrency market as Bitcoin and Ethereum trailed gains in stocks at the time of writing.
On Wednesday, the S&P 500 and Nasdaq closed almost 1.5% higher each on an intraday basis. At the time of writing, U.S. stock futures were seen marginally higher after earnings data and strong consumer confidence bolstered confidence among investors.
FTX founder Sam Bankman-Fried will fly to New York on Wednesday night. His lawyer told a court in a signed affidavit that the disgraced cryptocurrency entrepreneur was consenting to extradition due to his “desire to make relevant customers whole,” reported CNBC.
Bankman-Fried will be subject to arraignment and bail proceedings after he lands, according to the report.
“Sam Bankman-Fried has agreed to be extradited to the US and we may soon find out who else in FTX will be investigated and what other companies are impacted. Bitcoin isn’t getting much of a boost from the positive risk-on environment that is running through Wall Street,” said Edward Moya, a senior market analyst with OANDA.
Trader Michaël van de Poppe said that the “economy is looking shaky” in 2023 and his core portfolio in such a scenario is made up of cryptocurrencies, commodities — gold, silver, and uranium — and cash.
Cryptocurrency trader Justin Bennett said he doesn’t think there will be BTC capitulation without the apex coin testing the underside of the $17,600 June low.
Popular Bitcoin on-chain analyst, Willy Woo, noted that most coins underperform keeping money in cash. “You’re better to hold USD than to randomly buy a coin in the crypto casino. USD is not the ultimate shitcoin, 1000s of coins are worse.”