Bitcoin and Ethereum Under Pressure for Fed Meeting

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.

Major currency price trends
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
Coins gained the most in the last 24 hours (data from CoinMarketCap)
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

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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.

Read also: Wikipedia Bans Donations in Bitcoin and Ethereum

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.”

“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.

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