Bitcoin price holds its $16,500 perch as the U.S. Thanksgiving holiday weekend begins

Bitcoin price barely budged on the U.S. Thanksgiving holiday. The largest cryptocurrency by market capitalization was recently trading at about $16,512, down a mere 0.11% over the past 24 hours. BTC has been holding steady at around $16,000 for the past three weeks. However, it took a brief dip below $15,500 on Monday amid fears about the future of crypto trading and lending firm Genesis Global Capital, which has been caught up in crypto platform FTX’s implosion.

bitcoin-price-holds-its-16500-perch-as-the-u-s-thanksgiving-holiday-weekend-begins

BTC/USD 4-hour chart | Source: TradingView

Bitcoin Price Trades Sideways, Holds Over $16.5K

Bitcoin traded little changed, while Ether rose amid a mixed performance by the top 10 non-stablecoin cryptocurrencies by market capitalization. XRP was the biggest winner ahead of deadlines for filing briefs in the lawsuit between the U.S. Securities and Exchange Commission (SEC) and XRP powers Ripple Labs Inc. Ripple’s payment network.

Crypto markets calmed over the past three days; however, they buoyed along with equity indexes by signs that the U.S. central bank would retreat from its current diet of hawkish 75 basis point interest rate hikes. While several crypto observers say the recent debacles may ultimately strengthen the crypto industry by forcing regulators to ratchet up their efforts, most analysts remain bearish on prices.

Ether was recently changing hands at about $1,195, up 1.16% over the past day. Ether’s gains come despite some concerns about the lack of a date for Ethereum’s next network upgrade, known as “Shanghai,” the first major update for the network after the “Merge” in September to a proof-of-stake verification method.

Ether’s gains come despite some concerns about the lack of a date for Ethereum’s next network upgrade, known as “Shanghai,” the first major update for the network after the “Merge” in September to a proof-of-stake verification method.

Solana gained 1.6% to $14.58, marking gains of 6.9% for the past seven days. This rebound follows the battering the token took in the days following the collapse of FTX’s brokerage arm Alameda Research, which sold large quantities of its holdings in Solana on staying afloat.

Litecoin fell 0.3% to $78.76, bringing a consecutive run up to an end, but it is still up 26.1% in the past seven days, making it the strongest performer on the list over that time. Litecoin is expected to undergo its third mining reward halving in eight months, which will slow the pace of the token’s supply by half.

Other cryptos were mixed, with Cardano (ADA) down almost a percentage point (-0.96%) and Quant (QNT) trading up 0.32%. The CoinDesk Market Index (CDI), an index measuring cryptos’ performance, was down 0.26%.

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