Bit continues to surge strongly, setting a new ATH above $93,000, however, the asset has had to face strong selling pressure immediately afterwards.
US stock futures were little changed on Wednesday night as the post-election growth momentum of the major indices began to show signs of stalling.
Dow Jones Industrial Average futures edged up 7 points. S&P 500 futures were nearly flat, while Nasdaq 100 futures fell 0.04%.
CNH Industrial shares rose about 8% in extended trading after Greenlight Capital's David Einhorn told CNBC's Delivering Alpha conference that he had taken a position in the agricultural equipment company.
On Wednesday, the Dow and S&P 500, comprising 30 stocks, closed the regular trading session nearly flat, with the Dow rising 47.21 points, or 0.11%, and the S&P 500 inching up 0.02%. The Nasdaq Composite ended the session down 0.26%.
These moves came after the October consumer price index matched expectations, but still signaled the Federal Reserve's battle against inflation has not yet been won. Core CPI rose 0.3% for the third straight month, with a 12-month rate of 3.3%.
Investors are considering whether the post-Trump victory rally last week still has momentum after pushing the major indices to new highs. The Dow closed above 34,000 for the first time on Monday, while both the S&P 500 and Nasdaq Composite reached new records.
Courtney Garcia, senior asset advisor at Payne Capital Management, expects the uptrend to continue, given the amount of cash on the sidelines from investors awaiting more certainty.
On the economic front, the October producer price index will be released on Thursday and the retail sales report will be out on Friday. Fed Chair Jerome Powell will deliver a speech on Thursday in Dallas, Texas.
Meanwhile, Disney will report earnings before the market opens on Thursday.
Bit continues to hit new highs as the heat from Trump's election victory persists, with the focus shifting to the policies he has planned.
Trump has vowed to make America the world's cryptocurrency capital and has even floated the idea of a national Bit reserve. Crypto advocates hope this will lead to a more friendly regulatory environment, making Bit an investment vehicle.
Bit first broke above $90,000, setting a new ATH at $93,265 before strong selling pressure pushed the price back around $89,000 currently.
On the Altcoin front, memecoins have seen strong rallies while most of the top 100 projects have declined.
The price of Peanut the Squirrel (PNUT) has surged since the announcement of its Binance listing. The "squirrel's" market capitalization has also reached $1.6 billion, making the memecoin the 59th largest project in the crypto market.
Over the past 24 hours, PNUT has skyrocketed 250% and on a weekly timeframe, this Token has jumped over 1,300%.
Other major memecoins like Pepe (PEPE), dogwifhat (WIF), Mog Coin (MOG), Popcat (POPCAT), Floki (FLOKI) have also rallied 10 - 40% on the day.
In contrast, large Altcoin projects such as Hedera (HBAR), Neiro (NEIRO), Stellar (XLM), Celestia (TIA), Mantra (OM), Kaspa (KAS), Starknet (STRK), Fantom (FTM), Cronos (CRO), Arweave (AR), Polygon (MATIC), Worldcoin (WLD), Immutable (IMX), MultiversX (EGLD)... have reversed and declined 6-10%.
Ethereum (ETH) has pulled back after failing to sustain prices above $3,300.
The second largest asset by market Capital has lost 2.5% in value and is now trading just below the $3,200 mark.
You can view the coin prices here.
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Viet Cuong
Bitcoin Magazine
