Fed Goes Hawkish, Bitcoin and Ethereum Falls

Fed Goes Hawkish, Bitcoin and Ethereum Falls

Bitcoin traded above the $40,000 mark Thursday night; This is despite the world’s leading cryptocurrency and other major digital currencies on a daily decline. Meanwhile, the global cryptocurrency market cap shrank by 2.6% to $1.9 trillion.

Currency

24 hours

7 days

price

Bitcoin (CRYPTO: BTC)

-2.4%

+ 1%

$4,430.63

Ethereum (CRYPTO: ETH)

-3%

-1.5%

$2984.80

Dogecoin (CRYPTO: DOGE)

-3.3%

-5%

$0.14

Cryptocurrency

Percentage change in the last 24 hours (+/-)

price

unacceptable (DCR)

+ 14.5%

USD 70.37

you can see (TRX)

+ 13.4%

0.0712 dollars

Kyber Network Crystal v2.0.1 (Unlocked) (KNC)

+ 8.2%

$4.75

Because it’s important

Bitcoin reached an intraday high of $42893.58 but later failed to sustain the bullish momentum; At press time, it is down 5.7% from those levels. Meanwhile, Ethereum was below $3,000.

Overall, risky assets lost ground on Thursday, with the S&P 500 and Nasdaq in the red, down 1.5% and 2.1%, respectively.

“The Nasdaq week has been a bit more turbulent, but bitcoin has managed to shake it off; perhaps a sign of a move away from the correlation between the performance of the two,” the OANDA analyst said in a note. Craig Erlam.

Read also: Binance restricts its services in Russia

“We will see if they can back it up, because if there is one thing they still have in common, it is that they are both seen as risky assets, even though Bitcoin is at the higher end of the scale.”

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The Federal Reserve is becoming hawkish

Meanwhile, according to a CNBC report Jerome Powellpresident Federal ReserveOn Thursday, he claimed it was “absolutely necessary” to restore price stability.

“We’re going to really raise rates and quickly get to levels that are more neutral and then really tight…if that proves appropriate,” Powell said.

Also based on Powell’s comments, the US central bank could choose to raise the interest rate by 50 basis points instead of just 25.

However, regardless of negative factors such as high interest rates and the ongoing war in Eastern Europe, money is pouring into cryptocurrencies; This is a factor that sets the stage for a ‘strong rebound’, according to the founders of Glassnode Jan Wyan.

Glassnode founders tweeted about it: “$17 billion in investments [crypto] Venture capital and more than 1,000 deals in 2022. This year, the highest average deal volume is at $4.5 million. “

Alternatively, with regard to Ethereum, the activity of the crypto address could have increased this week, according to Emotion. In fact, the financial market data platform highlighted that 592,000 active addresses discovered on Wednesday represented “the largest number of unique interactions in more than a month.”

Santiment also tweeted that social discussions about the world’s second largest cryptocurrency have reached a two-month high.

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