Bitcoin continued to decline for the second consecutive day after a sharp correction on November 25.
BTC Price Chart – 1 day
U.S. Securities
Futures contracts on the U.S. stock market were little changed on Tuesday night as traders awaited the release of the inflation measure favored by the Federal Reserve (Fed).
Futures contracts linked to the Dow Jones Industrial Average rose 24 points, or 0.05%. Meanwhile, S&P 500 futures traded near flat, and Nasdaq-100 futures fell slightly by 0.06%.
Several companies have announced their quarterly earnings. Dell Technologies' stock dropped 11% in extended trading as the company issued a disappointing forecast for the current quarter.
Looking ahead to Wednesday, the Personal Consumption Expenditures (PCE) price index will be prepared for release. Economists surveyed by Dow Jones expect a 2.8% increase year-over-year for the core index, excluding food and energy. Investors will scrutinize the data for signs of how the Fed may proceed with its interest rate policy at the December meeting.
The Fed released the minutes from the November meeting on Tuesday. Central bank officials indicated that they expect further rate cuts, although the pace of cuts will occur 'gradually.'
'They will continue to cut rates in December,' said Stephen Stanley, an economist at Santander U.S. Capital Markets, in an interview.
Other important data released on Wednesday includes personal income and consumer spending for October.
This is also a shorter trading week in the United States, with the market observing the Thanksgiving holiday on Thursday and then closing early on Friday. Trading volume is expected to remain low. Nevertheless, stocks still closed in the green on Tuesday. Both the S&P 500 and Dow reached new intraday highs.
Bitcoin and Altcoin
After failing to surpass $100,000, Bitcoin has shown signs of weakening.
Yesterday, the leading asset continued to decline, hitting a local bottom around $90,791, the lowest level since November 19.
Subsequently, the bulls quickly entered, pulling the price back around $92,800 at the moment.
BTC Price Chart – 4 hours
The Altcoin market declined yesterday as BTC continued to adjust sharply.
Leading the way are Stellar (XLM) and The Sandbox (SAND) as both had the worst performance in the top 100, losing over 10% of their value. However, on a weekly time frame, both XLM and SAND are recording impressive growth of over 70%.
Other major projects such as dogwifhat (WIF), Decentraland (MANA), Peanut the Squirrel (PNUT), Pyth Network (PYTH), Worldcoin (WLD), Internet Computer (ICP), Ethereum Classic (ETC), THORChain (RUNE), Floki (FLOKI), Polygon (MATIC), dYdX (DYDX), ApeCoin (APE), Mog Coin (MOG), BitTorrent (BTT), Marker (MKR), Pepe (PEPE)… all saw declines of 5-9%.
Ethereum (ETH) fell back below $3,300 after failing to maintain growth above the $3,500 mark the previous day.
After finding a local bottom at $3,252, ETH bulls pushed the price back around $3,340 at the moment, down more than 3% compared to 24 hours ago.
ETH Price Chart – 1 day