Home Ethereum Bitcoin, Ethereum and Dogecoin tumble as FOMC meeting revives concerns: Analyst warns we could be in a ‘big dump’

Bitcoin, Ethereum and Dogecoin tumble as FOMC meeting revives concerns: Analyst warns we could be in a ‘big dump’

Bitcoin, Ethereum and Dogecoin tumble as FOMC meeting revives concerns: Analyst warns we could be in a ‘big dump’

Major cryptocurrencies declined on Wednesday evening, with the global cryptocurrency market capitalization falling 2.4% to $1.1 trillion.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD -2.2% -2.7% $23,341.93
Ethereum ETH/USD -2.3% -1.05% $1,834.26
Dogecoin DOGE/USD -7.5% 12.5% $0.08

Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
Celsius (CEL) +19.7% $2.81
EOS (EOS) +7.65% $1.48
Chiliz (CHZ) +5.8% $0.22

See also: How to get free crypto

Why is this important: Bitcoin and Ethereum were in the red at press time after the July US policy meeting minutes Federal Reserve indicated that the central bank would maintain its hawkish course until inflation fell significantly.

Participants in the Federal Free Market Committee The meeting judged that “the shift to a restrictive policy stance was necessary to meet the Committee’s legislative mandate to promote maximum employment and price stability”.

Federal Reserve officials said while future rate decisions would be based on incoming data, there were few signs that inflation was falling.

“The stock market and digital assets are looking beyond the inflation story, estimating that in six months inflation will go down. It won’t unless the war in Ukraine ends and that the climatic disaster leaves scars,” said Martin Hiesboeckhead of blockchain research at Defenda multi-asset digital trading platform.

“With mega-droughts, factory shutdowns, natural gas selling for the equivalent of $400 worth of oil, bitcoin could still be in a big dump by September,” Hiesboeck said. in a note seen by Benzinga.

Even so, the centerpiece is at an “accumulation point” over the long term, Hiesboeck said. “The fact that it hasn’t come down significantly over the past few weeks as we digested some very bad news is a turning point.”

Global block analyst Marcus Sotiriou said technical analysis reveals that Bitcoin is “facing a critical test over the next few days.”

“The 200 weekly moving average sits just below the current price of $23,700 at around $23,000 – failing to hold this level will suggest there is further decline ahead over the following weeks. and that the market reversal may be delayed,” Sotiriou said in a note.

Trader in cryptocurrency Michael van de Poppe interpreted the FOMC minutes as “dovish” and said September would see a 50 basis point hike in interest rates instead of a 75 basis point hike. “No need to be scared,” he tweeted.

Justin Bennett said there was a “generational buying opportunity” for Bitcoin below $23,319.47 in a tweet.

However, the trader warned his Twitter followers in another post that the background was not for stocks and cryptocurrencies.

“The S&P 500 mimics the 2008 crash. Even the timing since the ATH is nearly identical,” Bennett said.

Meanwhile, Ethereum merger talks are heating up, according to market intelligence platform Santiment. Discussions surrounding Ethereum’s move to a proof-of-stake model from the current proof-of-work mechanism peaked on August 11, according to Santiment.

Read more : Dogecoin founder explains why companies are hesitant to accept DOGE and BTC


Please enter your comment!
Please enter your name here