Bitcoin and ether were mixed at press time on Wednesday evening after breaking free from other risk assets US Federal ReserveThe minutes of the political meetings were as expected. The global cryptocurrency market cap fell 0.7% to $1.3 trillion.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.2% | -2.8% | $29,635.23 |
| ether ETH/USD | -1.2% | 1.5% | $1,951.22 |
| Dogecoins DOGE/USD | -0.6% | -0.8% | $0.08 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| TerraUSD (UST) | +34.8% | $0.09 |
| loop ring (LRC) | +11% | $0.61 |
| BORA (BORA) | +10% | $0.46 |
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Why it matters: Major cryptocurrencies like bitcoin and ethereum failed to clear resistance at the key $30,000 and $2,000 levels, although other risky assets like stocks rallied on Wednesday.
The S&P 500 and NASDAQ ended Wednesday up 0.95% and 1.5%, respectively. At press time, the S&P and NASDAQ futures are up 0.15% and 0.07%, respectively.
Fed minutes showed that participants agreed that the US economy was strong and that further hikes in the 50 basis point range were likely at the upcoming June and July meetings Federal Open Market Committee, Reuters reported.
“The FOMC minutes are over three weeks old, but they gave a glimmer of hope that they might adjust their monetary tightening stance later in the year,” he said Edward Moyaa senior market analyst at OANDA.
On Bitcoin, Moya said that the Apex coin was “struggling” above $30,000 and that will be a “worrying sign if stocks continue to stabilize.”
“If selling pressure resumes and breaks earlier this month lows around $25,424, there is not much support until the $20,000 level.”
chartist Ali Martinez pointed out that Bitcoin is close to a point where the value of BTC being mined and entering the ecosystem on a daily basis is extremely low.
#Bitcoin is about to reach a point where the value of $BTC mined daily and entering the ecosystem is extremely low.
Based on the Puell Multiple, #BTC is fluctuating around 0.54. A dip below 0.50 has historically given investors inflated returns. pic.twitter.com/tZDQaUVBE7
— Ali Martinez (@ali_charts) May 25, 2022
The Puell multiple is the ratio of the daily value of dollar-spent bitcoins divided by the 365-day moving average of the daily value of dollar-spent bitcoins.
In another key development, the besieged Terra (LUNA) cryptocurrency will launch its second avatar on Friday. Most of LUNA’s value was subsequently eroded TerraUSD (UST) The related stablecoin lost its peg to the dollar earlier this month.
GlobalBlock Analyst Marcus Sotiriou noted that there are 10 confirmed projects for Terra 2.0, including fog, spectrum, anchor and Random Earth.
“These projects are very valuable, and the synergies between these protocols add even more value, so despite the lack of trust in Terra, it could surprise a lot of people in the long run,” Sotiriou said.
Read Next: Cathie Wood Continues to Show Confidence in Bitcoin, Ethereum: Loads Up on 2 Crypto-Linked Stocks
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