Bitcoin BTC/USD plunged about 5% between 9 p.m. and midnight on Monday, and on Tuesday morning, the apex crypto was attempting to bounce up from the $19,235 low-of-day.
Ethereum ETH/USD and Dogecoin DOGE/USD slid in tandem, losing over 9% and 14%, respectively, before beginning to rebound.
On Sunday, Binance CEO and founder Changpeng Zhao said he planned to liquidate all the exchange’s remaining FTT tokens, sending shockwaves through the cryptocurrency sector. FTT is the native crypto token of Sam Bankman-Fried's FTX trading platform, and as of Sunday Binance held 23 million tokens.
A bullish day in the general markets, with the S&P 500 climbing 1%, helped to pull Bitcoin, Ethereum and Dogecoin up from the lows. As of midday Tuesday, all three crypto's were working to print hammer candlesticks, indicating a bounce may be imminent.
Marathon Digital Holdings, Inc MARA is set to print third-quarter earnings after the market close. The stock hasn’t enjoyed the recent bullish cycle in the crypto sector, falling over 27% between Oct. 25 and Tuesday.
The cryptocurrency miner hasn’t posted an earnings beat since May 2021. For the third quarter, analysts, on average, estimate Marathon will report EPS of 35 cents on revenues of 23.53 million.
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The Bitcoin Chart: Bitcoin reversed into an uptrend on Oct. 13 but negated the trend on Tuesday by printing a lower low under the Nov. 3 higher low of $20,032. Although the uptrend is negated, a downtrend hasn’t been confirmed with the formation of a lower high, which could indicate Tuesday’s steep decline was a bear trap.
The Ethereum Chart: Like Bitcoin, Ethereum negated its uptrend Tuesday but hasn’t confirmed a downtrend. When Ethereum plunged to the low-of-day at the $1,424 mark, the crypto found support at the 50-day SMA and bounced sharply up from the area.
The Dogecoin Chart: Dogecoin has been trending lower since Nov. 1, declining 32% off the high of $0.158. The decline was likely to occur after a 150% rally beginning on Oct. 25, which was prompted by Elon Musk’s acquisition of Twitter.
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