at the time of publication, Bitcoin, Ethereum And Dogecoin They seem under pressure. The global cryptocurrency market cap fell 0.05% to $1.7 trillion ahead of the key monetary policy meeting in Federal Reserve.
|Currency||24 hours||7 days||price|
|Bitcoin (CRYPTO: BTC)||-0.6%||-5%||$38484.45|
|Ethereum (CRYPTO: ETH)||-0.3%||-5.5%||2849.70 USD|
|Dogecoin (CRYPTO: DOGE)||-1.9%||-16.6%||$0.13|
|Cryptocurrency||Percentage change in the last 24 hours (+/-)||price|
|helium (HNT)||+ 4.15%||USD 14.28|
|UNUS SED LEO (LEO)||+ 3.6%||$5.75|
|OKB (OKB)||+ 3.5%||USD 18.88|
Because it’s important
Cryptocurrencies lost their momentum along with futures contracts in the United States; S&P 500 and Nasdaq futures were in the red, up 0.07% and 0.15%, respectively.
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During Monday’s session, the 10-year Treasury yield hit 3.01%, hitting levels not seen since December 3, 2018, according to a CNBC report.
In view of the meeting Federal Open Market Committee On Wednesday, when investors expected interest rates to rise by 75 basis points, the dollar index – a measure of the US currency’s strength against six other currencies – rose to 103.72; This is the highest level since December 2002, according to a Reuters report.
The market has been pricing in a strong start to the rate-raising cycle, but the big question is how aggressive they will be with quantitative tightening. What will determine whether the FOMC decision will be aggressive is whether QT gets close to $70 billion a month, with a cap of about $50 billion considered fairly appropriate.” Edward MoyaSenior Market Analyst at OANDA.
In the midst of the Fed’s action, bitcoin could still suffer, according to Moya.
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The $35,000 level should provide significant support for Bitcoin; However, if the Fed provides an important moment to de-risk, the decline could target the $30K area. “
Cryptocurrency trader Justin Bennett He expects that “hesitation” will set the mood in the market ahead of the FOMC meeting on Wednesday.
Referring to the relationship between stock markets and bitcoin in Monday’s session, Bennett tweeted, “It’s a good time to do nothing and protect your capital.”
We expect hesitation leading to Wednesday #FOMC. This morning’s price action is a good example of this. The time to do nothing and protect your capital.BTC dollars Since the opening of the US stock market: pic.twitter.com/Q8BP5TklZZ
– Justin Bennett (@JustinBennettFX) May 2, 2022
“A very large percentage of bitcoin investors are clearing the abyss by holding unprofitable trades; this creates potential bait when there is too much talk of giving up” glass In a weekly newsletter.
The on-chain analytics firm notes that BTC is expected to drop to $33,600, sinking another 1.9 million cryptocurrencies (10% of supply) into an unrealized loss.
Bitcoin, Unspent Transaction Output Realized Price Distribution (URPD) – Courtesy of Glassnode
Glassnode wrote: “This would hit an example of a ‘pain threshold’ to bid 60% in profit and put nearly all buyers in the past 16-month cycle in the red; the exception being those who bought at lows between May and July 2021 .
He wrote on Twitter that a certain level of fear, uncertainty and doubt among investors is a harbinger of “optimal conditions for price increases”. Emotion.
Financing rates [Bitcoin] On the exchanges again tend towards [desiderio]”After the trading week originally opened with a big profit taking,” the market intelligence platform said.
Finance exchange rates for # bitcoin showed bias towards # Length Back after the trading week originally opened with a huge profit taking. We are ideally looking for a certain level of audience # Food For optimum price hike conditions. https://t.co/lKDDSASVQ0 pic.twitter.com/4w8oePCa1n
– Santimentfeed May 2, 2022
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