Bitcoin bulls have a fight on their hands to keep the world’s largest cryptocurrency above the US$20,000 support line.
So far so good, but having dipped a further 0.8% to US$20,300 in the past 24 hours, nothing is a given.
Bitcoin is facing headwinds in the form of another jumbo rate hike from the US Federal Reserve, which is likely to negatively impact risk-on assets such as bitcoin and Ethereum.
Can the bulls keep BTC above US$20,000?
Speaking of which, ether dipped over 1.5% in the past day, but has managed to stay above the critical US$1,500 support line.
Polygon (MATIC) rallied over 11% after JPMorgan Chase & Co (NYSE:JPM). used the US$13.5bn blockchain to execute its first-ever decentralised finance (DeFi) trade.
Binance’s BNB coin is also trending upwards, having added 4% amid speculation of an upcoming Twitter integration.
Mask Network (MASK), another Twitter-related cryptocurrency, is also soaring.
MASK allows users to send encrypted messages over Twitter and Facebook (NASDAQ:META), and alongside BNB and Dogecoin, was just added to Binance’s ‘Bluebird’ perpetual futures index.
Ripple (XRP), Solana (SOL) and Cardano (ADA) all opened in the red, while Polkadot (DOT) added half a percent.
Facebook and Instagram parent Meta has selected the Arweave decentralised storage network to archive its creators' digital collectables.
????Happy to announce that @Meta is now utilizing Arweave for the storage of their creator's digital collectibles on @instagram!Bringing data permanence to the giants of web2!https://t.co/7HbquIsMJg pic.twitter.com/TFef5WhrN3
— Arweave Team (@ArweaveTeam) November 2, 2022
Arweave’s native AR token responded to the news by shooting up over 60%, bringing its market cap to a four-month high of US$549.7mln.
SushiSwap outperformed among the DeFi tokens by adding over 9%, while Synthetix, Uniswap and PancakeSwap saw gains between 2% and 3%.
Global crypto market cap currently stands at US$1.01tn.