- Prices trended higher across the cryptocurrency market on Tuesday as renewed concerns about the health of the banking system motivated some investors to put their wealth in crypto rather than bank deposits.
“The US stock market was led lower today by a downgrade on small and regional banks from Moody’s,” said Greg Magadini, Head of Derivatives at Amberdata. “Higher funding costs , potential regulatory capital weaknesses, and rising risks tied to commercial real estate loans were the factors that prompted Moody's to lower credit ratings.”
At the closing bell, the S&P, Dow, and Nasdaq finished lower, down 0.42%, 0.45%, and 0.79%, respectively. September Bitcoin futures prices also traded higher on Tuesday, according to Kitco senior technical analyst Jim Wyckoff, who noted that “Prices continue in a sideways and choppy grind.”“Bulls and bears are on a level overall near-term technical playing field at present,” Wyckoff said.