Bitcoin sees a fresh correction below $27,000 while Wall Street remains focused on debt ceiling negotiations.
BTC Price Chart – 1 hour | Source: TradingView
The S&P 500 index and Nasdaq Composite rose to their highest closes since August 2022, as Wall Street continued to focus on debt ceiling negotiations.
Ending Thursday's session, the S&P 500 index rose 0.94% to 4,198 points; The Dow Jones Industrial Average added 115.1 points, or 0.34%, to 33,535.9, after falling for most of the session, and the Nasdaq Composite added 1.51% to 12,688.8, marking a second straight session of gains. of the main indexes.
The intraday rally pushed the indexes to record gains for the week. The Nasdaq Composite is up 3.3% week to date, while the S&P 500 and Dow Jones are up 1.8% and 0.7%, respectively.
US House of Representatives Speaker Kevin McCarthy said on Thursday he was optimistic a deal could be reached in time for a vote in the House of Representatives next week.
McCarrthy's comments come with just two weeks to go until June 1, the earliest date the US could default, according to US Treasury Secretary Janet Yellen.
Retail giant Walmart has supported the market, Walmart stock up 1.3% after a positive financial report, beating Wall Street forecasts for both earnings per share (EPS) and revenue. in the first quarter, while also raising the full-year outlook.
However, investor sentiment was somewhat subdued after Dallas-area Federal Reserve President Lorie Logan said the latest economic data did not justify a pause. raise interest rates. Ms. Logan noted that the next June interest rate decision will be based on unreleased inflation and labor data.
Meanwhile, gold prices continued to fall on Thursday (May 18), after stronger economic data from the US reinforced forecasts that the US Federal Reserve (Fed) could ease interest rate hike, gold is also pressured by optimism about debt ceiling agreement.
Closing the session, the spot gold contract fell 1.3% to $1,956.13 an ounce, after touching its lowest level since April 3, 2023 at $1,951.73 an ounce. Gold futures lost 1.2% to $1,959.4 an ounce.
Oil prices fell on Thursday (May 18), after solid US economic data boosted the dollar to a two-month high. This is due to the expectation that the Fed may raise interest rates again in June 2023.
Ending the session, the Brent oil contract fell 1 USD (equivalent to 1.2%) to 75.98 USD/barrel. WTI oil contract lost 85 cents (or 1.1%) to 72.04 USD/barrel.
After failing to break above $27,500 yesterday, Bitcoin has seen a massive sell-off.
BTC turned down over $1,000 within hours, establishing a local bottom at $26,415 before recovering to around $26,800 for now.
Despite this sell-off, Blockstream CEO Adam Back remains bullish on Bitcoin in the long term, arguing that the “super bitcoin cycle” is near.
The argument follows a recent report from Glassnode, which showed that there have been over 1 million “wholecoiner” addresses, holding at least 1 BTC, as of May 18.
Glassnode data also shows that these retailers have been accumulating BTC steadily since mid-2021 and show no signs of reversing. However, the on-chain analytics firm noted that the trend gained momentum in 2022, recording a 20% increase from 814,000 in January to 978,000 in December.
Source: Glassnode
The Blockstream co-founder said, “This trend paves the way for the super bitcoin cycle.” According to him, the continuation of the accumulation trend could see a bullish momentum in the Bitcoin price.
The increase in the number of short-term retail holders in 2023 has inspired speculation about the upcoming new Bitcoin bull market.
On the Altcoin side, the market is showing a bearish signal in the short term, as most of the projects in the top 100 are recording in the red over the past 24 hours.
Lido DAO (LDO) was the worst performing project of the day with a drop of over 8%. However, on a 7-day timeframe, LDO is still recording impressive growth with a profit of over 30%.
Other Altcoin like Axie Infinity (AXS), Optimism (OP), Fantom (FTM), Sui (SUI), Arbitrum (ARB), dYdX (DYDX), Filecoin (FIL), WOO Network (WOO), Algorand (ALGO) … a slight decrease of 3-5%.
Source: Coinmarketcap
After plunging to establish a local intraday bottom around $1,774, Ethereum (ETH) has turned around and is now attempting to reclaim the $1,800 area, recording a more than 1% drop on the day.
ETH price chart – 1 hour | Source: TradingView
The column “Coin Price today” will be updated at 9:00 daily with general market news, readers are welcome to follow.
