Cryptocurrencies Move Sideways on Thanksgiving Day, BTC at $57,000

25 Nov 2021 · 3rd Party Analysis

Cryptocurrencies Move Sideways on Thanksgiving Day, BTC at $57,000

WRITTEN BY ThorFX

In Summary:

  • Crypto assets move near the flatline as US traders prepare for Thanksgiving Day
  • Bitcoin price steady near $57,000, stocks are closed for the holiday

What’s Trading in the Markets?

The cryptocurrency market is trading fairly flat early Thursday as US traders are about to enjoy Thanksgiving Day. On this note, while US stocks will be closed today, digital assets are active as they run 24/7. Still, in light of the holiday, trading volumes might be thin and sideways movement could be expected today.

This said, the price of bitcoin is currently trading near $57,500 per coin, virtually unchanged for the day. The light trading in the original cryptocurrency arrives after several days of decline followed by a consolidation.

Since Nov. 10, when bitcoin peaked at a record of $69,000, the price has pulled back to enter the range of $55,000 to $58,000.

Further, as bitcoin remains pinned for the week, Ether is trying to break out from its weekly trading range. In detail, the Ethereum coin pushed to levels above $4,300 this morning after it dropped 8% on Monday to reach $4,020.

Crypto Adoption Accelerates in Traditional Finance

Overall, the entire crypto asset market has been relatively quiet this week as its value hovers slightly above $2.5 trillion. Against this backdrop, crypto traders await the next price catalyst expected to make some noise and lift digital asset prices.

It has to be noted, however, that recent developments in traditional finance point to growing crypto adoption. The latest example comes from investment banking giant Morgan Stanley. The Wall Street mainstay held bitcoin products through its funds, fresh filings show.

Specifically, Morgan Stanley’s Growth Portfolio Fund and Insight Fund collectively held over 2 million shares of the Grayscale Bitcoin Trust (GBTC). The purchases were made during the third quarter of the year, the documents reveal.

Morgan Stanley’s exposure to bitcoin and its volatile price highlights Wall Street is getting more comfortable with digital assets. Moreover, it suggests that professional money managers are beginning to seek ways to add bitcoin to their portfolio.

Dive Deeper in the Financial World

In the broader financial markets, stocks and pairs remain jittery this week. Increased volatility was observed in the USD/JPY pair and the USD/CHF pair late on Wednesday.

Both exchange rates were boosted by a dominating US dollar. Not only that, but the USD/JPY reached a 4-year high as the rate climbed above 115.50. The USD/CHF, on the other hand, advanced to 0.9374, a point last seen in April this year.

In the current market environment, many traders expect the US dollar to ease from its multi-year highs. To this end, they are looking for opportunities to enter the forex space and profit from the elevated volatility.

Economic News Today (EST time)

On Thursday, as US market participants take a break to honor Thanksgiving Day, events around the globe continue. Meanwhile, European Central Bank President Christine Lagarde will give a speech today at 08:30 am. Next, at 12:00 pm, Bank of England Governor Andrew Bailey will address the state of the UK economy.

And later, at 07:30 pm, Australia will report its retail sales numbers for October.

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