Bitcoin, Ethereum and Dogecoin Prices Rise

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.

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

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“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’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.”

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.

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.

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