November 26, 2022

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Price analysis 11/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT

6 min read
Price analysis 11/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT

Continued selling in the cryptocurrency markets pulled the total market capitalization below $800 billion on Nov. 21. Traders are increasingly nervous about the extent of damage FTX’s collapse may have on

The U.S. dollar index (DXY) is usually inversely correlated to Bitcoin but its recent drop from the multi-year high did not benefit Bitcoin. This suggests that crypto buyers remain on the sidelines and are not venturing in to buy.

However, Billionaire investor and hedge fund manager Bill Ackman said in a Twitter thread on Nov. 20 that crypto was “here to stay with proper oversight and regulation.”He also highlighted the potential of cryptocurrencies to “greatly benefit society and grow the global economy.”

Could the cryptocurrency market catch up with the U.S. stock markets? Let’s study the charts of the S&P 500 index, the U.S. dollar index (DXY) and the major cryptocurrencies to find out.