Bitcoin and Ethereum recovered some ground, with most other cryptos languishing as the Nasdaq remained flat despite “pretty decent quarterly earning
Bitcoin and Ethereum recovered some ground, with most other cryptos languishing as the Nasdaq remained flat despite “pretty decent quarterly earnings” from Meta.
The largest coin by market cap gained 2.38% to US$39,390 to offset some of yesterday’s losses, although it is still trading below its key support level of US$40,000.
Ethereum also rose slightly, gaining 1.24% to US$2,887, but also trading below its own support level of US$3,000.
Most other cryptos were in the red, with a mixed bag performance possibly explained by flat a Nasdaq.
The Nasdaq was down 0.01% to 12,448 points, while the Hang Seng in Hong Kong is currently up 0.61% to 20,067 points.
However, Meta’s results, which were better than expected, sent the stock soaring in after-hours trading,
Meta is expected to perform well today, according to Naeem Aslam, a market analyst at Avatrade.
That could boost the Nasdaq, with shares such as Meta and Netflix “mega stocks” that are “powerful to lift or tank sentiment in the equity”.
Positive movement from Meta later today could have a knock-on effect for crypto, as the equity and crypto markets become increasingly aligned, so it’s one to keep an eye out for.
In some of the altcoins, Terra was up 1.07% to US$89.65, Avalanche was down 0.73% to US$69.36 and Dogecoin was down 1.64% to US$0.1396.
www.proactiveinvestors.com