DeFi total value has been rallying recently after tumbling in mid-November – a sign of investors' continued faith DeFi's potential; Bitcoin holds steady well above its most recent support, $17K, but for how long? JPRubin23 and TheSamReynolds report
By James RubinWill a recent uptick in investor optimism about the economy outweigh worries about the fallout from crypto exchange FTX's collapse?The largest cryptocurrency by market capitalization was recently trading near $17,300, an almost 2% gain over the past 24 hours and consistent with its performance for the past five days.
In an email to CoinDesk, Joe DiPasquale, CEO of crypto fund manager BitBull Capital, wrote that"the market" had"responded positively to Powell's speech, although he added warily that "we may want to see Bitcoin consolidating above $17k and possibly testing $20k before we expect a sustained recovery."
had outperformed bitcoin over the previous 10 days, increasing 15.4% versus BTC's 7.7% rise. Williams wrote that a so-called cross-over of the ETH/BTC 10-day moving average above the 100-day moving average is often a bullish sign, although he added that the recent sample size is still too small to come to a conclusion.
Investors will be eyeing the U.S. Commerce Department's Monday release of durable goods orders for November with initial projections for a second consecutive 1% gain month-over-month. On Friday, the University of Michigan's widely watched consumer sentiment index is expected to tick up a few fractions of a percentage point in its preliminary December reading from the the previous month.
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