Bitcoin, Ethereum, Dogecoin Rise on Fed’s Overwhelmingly Bullish Tone: Analyst Sees Further Consolidation for Apex Crypto – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
Major cryptocurrencies traded higher on Wednesday night as the global cryptocurrency market cap rose 2.05% to $822.6 billion as of 7:40 p.m. ET.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 1.1% | 1.9% | $16,871.85 |
| ether ETH/USD | 3.5% | 5.7% | $1,257 |
| Dogecoins DOGE/USD | 4.5% | 4.8% | $0.07 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Ethereum classic (ETC) | +20.7% | $19.24 |
| NEAR protocol (NEAR) | +16.3% | $1.55 |
| Lido DAO (I DO) | +18% | $1.39 |
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Why it matters: Cryptocurrencies like Bitcoin and ether rose on Wednesday, although other risky assets such as equities were subdued. US stock futures were seen flat at the time of writing.
The S&P 500 and Nasdaq closed up 0.75% and 0.7%, respectively, according to minutes on Wednesday Federal Committee of the Free Market were released.
The USA Those of the Federal Reserve Speech on the economy has been quite optimistic, but the central bank said it will take whatever action is necessary to tame inflation, while saying it may weaken its tightening measures further.
In December, the Federal Reserve hiked interest rates by 0.5% after raising rates by 0.75% in four consecutive steps over five months.
“Bitcoin gets a bit of a boost today as risky assets rally as more signs of inflation slowing appear,” he said Edward Moyaa senior market analyst OANDA.
“Disinflationary tendencies could be improving in Europe, but the US outlook is complicated by a strong labor market. Cryptocurrencies appear unfazed by all the warnings from all banking regulators,” Moya said in a note seen by Benzinga.
Investors will look forward to Friday’s nonfarm payrolls data, the unemployment rate and hourly wages – all of which could have an impact on Federal Reserve interest rate action.
Michael van de Poppe said Bitcoin is poised to ramp up before the next FOMC meeting and then see a correction. Bitcoin’s surge is nearing its next crucial resistance at $17,000, according to the cryptocurrency trader. He said he is looking for long positions in the $16,500-$16,600 range.
Holy noted that Ethereum “quietly” surged above $1,260 for the first time in 3 weeks.
“Although not quite at the level of the large whale dip buys seen on Dec 16 ($ETH’s local price bottom), whales are again showing increased interest,” the market research platform tweeted.
Cryptocurrency analyst Altcoin Sherpa said Bitcoin is pretty much in the same place it was a week ago.
“As long as [Bitcoin] can remain stable, I think we’ll see [Altcoins] it’s fine in the short term. However, it is highly unlikely that this is the “bottom”. There’s a tremendous amount of compression going on here,” the pseudonymous analyst said on Twitter.
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