Crypto's Mixed Bag: What's Up With Bitcoin and Friends?

Crypto fans had a bit of a rollercoaster ride on Tuesday. Bitcoin and Ethereum, the big names in the crypto world, saw some gains but couldn't quite break through their recent highs. Bitcoin tried to push past $89, 000 but fell short, and Ethereum hit a wall at $3, 000. Both are having a rough fourth quarter, with Bitcoin down about 22% and Ethereum losing nearly 28%. That's the worst performance for both since 2018. Meanwhile, companies tied to crypto, like Bitmine Immersion Technologies and Coinbase, saw their stock prices dip. Nearly $180 million was wiped out of the crypto market in just 24 hours. Bitcoin's open interest dropped too, which might mean that some traders who were betting against it are now closing their positions.The stock market wasn't doing much better. The Dow, S&P 500, and Nasdaq all took a hit. The Federal Reserve's recent meeting minutes showed that some officials wanted to cut interest rates more than others, but they settled on a smaller cut. Most traders think rates will stay the same in January. Some crypto experts are keeping an eye on Bitcoin's 21-day moving average, which has been a key level before past rallies. One analyst, Michaël van de Poppe, is hoping for a "nice little surprise" on New Year's Day if Bitcoin can break through this level. Another trader, Killa, predicts a dip before the next Consumer Price Index report, followed by a big rally.