Wednesday night Bitcoin It saw a spike, and settled just below the $40,000 psychological significance threshold; The global cryptocurrency market capitalization increased by 5.5% to reach $1.8 trillion.
|Currency||24 hours||7 days||price|
|Bitcoin (CRYPTO: BTC)||+ 4.8%||+ 1.1%||$39611.43|
|Ethereum (CRYPTO: ETH)||+ 5.6%||+ 1.9%||$2940.83|
|Dogecoin (CRYPTO: DOGE)||+ 4.2%||-4.5%||$0.135|
|Cryptocurrency||Percentage change in the last 24 hours (+/-)||price|
|nectarine (Zell)||+ 39.1%||$0.095|
|waves (waves)||+ 30.1%||$15.64|
|you can see (TRX)||+ 20.1%||0.088 dollars|
Because it’s important
The Federal Reserve voted unanimously on Wednesday to raise the federal funds rate by 0.5%; This is the first such increase since the turn of the millennium. In addition, the US central bank will also start reducing the size of its balance sheet starting from June 1.
Do you love cryptocurrencies and want to start trading? On the eToro platform, you can trade over 60 different cryptocurrencies!
“Inflation remains elevated, reflecting supply and demand imbalances associated with the pandemic, higher energy prices and broader price pressures,” the Federal Reserve said in a statement.
Investor sentiment boosted during the Federal Reserve Chairman’s press conference Jerome Powell When he said the bank was “not seriously considering” a 75 basis point rate hike, according to a CNBC report.
The US dollar fell to a weekly low after Powell’s comments. The dollar index, a measure of the dollar’s strength against six competing currencies, fell as low as 102.48, Reuters reported.
The improvement in sentiment on the crypto side was evident in Alternative.me’s “Crypto Fear and Greed Index”; At the time of publication, it was marked “Fear”. 24 hours ago the indicator showed “extreme fear”.
as noted Edward MoyaPowell, chief market analyst at OANDA, noted that he could stem inflation without resorting to drastic measures.
US stocks rose after Federal Reserve Chairman Powell indicated he could slow inflation without causing a recession. “It appears risky assets may rise now that Wall Street has cut interest rate hikes by the Fed completely for the rest of the year,” Moya said in a note seen by Benzinga.
Read also: Dogecoin pushes Litecoin hash rate to an all-time high
Cryptocurrency trader Michael van de Poppe He said Wednesday’s events were the “classic example” of “selling rumors and buying news.”
Prices react excessively to the downside out of fear, then the event occurs and the reaction says otherwise.”
Classic example: sell the rumor, buy the news. happen here. Prices overreact to the downside out of fear, then the actual event occurs and the reaction says otherwise. Nice, # bitcoin.
– Michael van de Poppe (@CryptoMichNL) May 4, 2022
Justin BennettCryptocurrency trader warns that hacking Bitcoin could be deceptive.
“I wouldn’t be surprised to see it turn into a fake bluff. It’s not a move I trust,” Bennett said on Twitter.
I know BTC dollars This falling wedge was broken based on the 4-hour closing. But the initial breakout can be tricky, especially hours before volatility occurs #FOMC. I wouldn’t be surprised to see this turn out to be fake. It’s not a move I’d like to trust.# bitcoin pic.twitter.com/5jfucLj0OC
– Justin Bennett (@JustinBennettFX) May 4, 2022
Graphics expert Ali Martinez He said the number of new addresses created on the BTC network as the price fell from $43,000 to $37,500 recently jumped to 422,000.
“This indicates increased user adoption, which could lead to an upward penetration,” Martinez wrote on Twitter.
# bitcoin | Number of new titles created in BTC dollars The network formed an upward divergence against prices. While #BTC It decreased from 43 thousand dollars to 37.5 thousand dollars, and the number of new titles increased to 422,000 titles. It indicates an increase in user adoption, which could lead to an upward penetration. pic.twitter.com/NajpbI2GVw
– Ali Martinez (@ali_charts) May 4, 2022
Keep up to date with the latest trading news and ideas following Benzinga Italy on Twitter.