Crypto Market Steady with Bitcoin Floating Near $60,000

18 Nov 2021 · 3rd Party Analysis

Crypto Market Steady with Bitcoin Floating Near $60,000

WRITTEN BY ThorFX

In Summary:

  • Crypto market remains steady early Thursday as traders pause to digest recent events
  • The price of bitcoin hovers near $60,000 as El Salvador hosts the Lightning Summit

What’s the Latest in Cryptocurrency?

The broader cryptocurrency market is trading sideways early Thursday as participants take time to digest recent events. More precisely, after the crypto space topped $3 trillion in value last week, tokens have retreated from their all-time highs. As a result, the valuation of the entire market has dropped to roughly $2.6 trillion.

However, the recent slide does not bother crypto enthusiasts. In fact, many are using the opportunity to buy the dip. To this end, traders interpret the current selloff as a chance to get into the market at a discount.

Against this backdrop, El Salvador is hosting a major conference. The Lightning Summit, as it’s called, has over 700 attendees from over 30 countries. In more detail, the conference is focused on Bitcoin’s future as a global currency. In addition, notable entrepreneurs and developers are discussing the blockchain technology powering bitcoin.

Further, El Salvador’s government praised the decision to make bitcoin legal tender in the country. “Our government is committed to innovating. We are very proud to have adopted bitcoin,” said María Luisa Hayem, Minister of Economy.

What’s Bitcoin Doing Today?

Meanwhile, the price of bitcoin remains pinned near $60,000 after several days of decline. With this in mind, the original cryptocurrency is about 12% away from its record high of $69,000 set last Wednesday.

More importantly, the price is also showing a weekly loss of about 6%. It’s worth mentioning that bitcoin has been gaining traction and finishing in the green for the past seven straight weeks.

Despite the recent fall, bitcoin has gained about 90% since January. Back then, the token was trading near $31,000 apiece.

Dive Deeper in the Financial World

Elsewhere, stocks and forex pairs are hitting their stride in the early hours of Thursday’s market trading. On the one hand, US futures were modestly to the upside in pre-market ahead of the opening bell today. However, all three major indexes, Dow, S&P500 and Nasdaq, ended Wednesday’s regular session in the red.

Increased inflation concerns and uncertainty for the holiday quarter have dented investor optimism. Additionally, the withdrawal of monetary support from the Federal Reserve is casting a shadow over the lofty valuations of stocks. Coupled with prospects for higher rates, analyst projections for next year are rather gloomy.

What to Expect in the Markets?

Today, the markets will be relatively quiet in terms of scheduled economic events. This said, the US Labor Department will reveal jobless claims for the previous week. In other words, investors will find out the number of first-time filings for unemployment benefits.

Also, currencies today are expected to be jittery, presenting opportunities for traders to enter into positions. The USD/JPY, for example, hovers near a multi-year high at levels below 115.00. The EUR/GBP, on the other hand, just reached a 21-month low after UK inflation came out hotter-than-expected.

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