Crypto prices have been on a downtrend in the last 24 hours. CoinMarketCap shows that in the last 24 hours, the global cryptocurrency market capitalization has dropped to around $840 billion. All the top-ten largest cryptos by market cap are also trading in the red zone today.
Crypto prices decline and end of Asia session
The correlation between the stock and crypto market has increased this past year. Therefore, the performance of the crypto market has been reflecting that of the traditional markets, as seen in how crypto has been trading over the past day.
Stocks in Hong Kong reported sharp declines resulting in notable losses across the Asia-Pacific region. The losses came after China announced easing COVID measures. While the move was expected, it caused a dump in casinos and tech stocks.
On the other hand, according to customs data, the country’s trade data for November also fell below expectations. The customs data showed that exports in the country dropped 9% compared to the previous year. Moreover, the imports also declined by 10.9% than the previous month.
The trade data in China was already forecast to weaken amid a drop in global demand resulting from the interest rate hikes by the US Federal Reserve and central banks across Europe and Asia in a bid to tame the hiking inflation levels.
The crypto market seems to have reacted to the uncertainty in Asia’s financial markets, as seen in the notable decline in crypto prices. In the last 24 hours, Bitcoin has dropped by around 0.89% to trade at $16,841 at the time of writing. On the other hand, Ether has plunged 2.13% to trade at $1,231, according to CoinMarketCap.
What could come next?
The easing of COVID restrictions in China is bullish for the long term, as it could result in increased demand for risk assets, including cryptocurrencies. Moreover, the move could also strengthen trade in the country, resulting in a surge in both stocks and crypto.
The US Federal Reserve is also expected to announce its December decision on interest rates. The minutes for the November 1-2 FOMC meeting showed that the Fed officials opined that interest rate hikes need to be eased. Easing hikes could cause a slight jump in the values of risk assets.
Two altcoin alternatives to buy
As the markets await the long-term effects of the easing COVID restrictions in China and the interest rate decisions by the Federal Reserve, traders are already investing in some of the best presales of 2022.
Dash 2 Trade
Dash 2 Trade is a soon-to-be-released platform that will give crypto traders access to features such as social sentiment data, on-chain analysis, and strategy-building tools to assist them in making informed trading decisions.
The Dash 2 Trade presale is in the fourth and final stage. 68% of the presale tokens have already been sold. This presale had raised over $8.95 million at the time of writing. The D2T token has also secured listings on BitMart and LBank after the presale ends.
IMPT is a carbon-offsetting platform. The IMPT presale has already raised more than $14.9 million, with the current presale price being $0.023. The presale has only four days left, after which the token will be listed on the Changelly and LBank centralized exchanges and the Uniswap decentralized exchange on December 14.
Investors are rushing to buy the presale for guaranteed returns as the listing price will be $0.0253, which is 8.7% higher than the final presale price. Analysts expected IMPT to surge after listing because it is one of the greenest crypto projects in the market today.
- Here’s Why Crypto Prices Pulling Back in the Past 24 Hours Might Be Temporary
- Why Crypto Prices Have Been Rising And You Are Running Out of Time to Buy These 3 Coins
- Why are Crypto Prices Rising This Week? 5 Best Crypto to Buy Before 2023
Dash 2 Trade - New Gate.io Listing
- Also Listed on Bitmart, Changelly, LBank, Uniswap
- Collaborative Trading Platform Token
- Featured in Bitcoinist, Cointelegraph
- Solid Proof Audited, CoinSniper KYC Verified
- Trading Community of 70,000+ Members
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.