Bitcoin, Ethereum, Dogecoin Surge: Analyst Sees This Week’s Fed Meeting As ‘Band-Aid’ Moment For Apex Crypto

The two largest coins were higher at press time as the global cryptocurrency market capitalization rose 1.7% to $944.8 billion at 8:18 PM EDT Monday.

Price development of the most important coins

coin 24 hours 7 days Price
Bitcoin (CRYPTO: BTC) 0.65% -12.6% $19,545.59
Ethereum (CRYPTO: ETH) 3.2% -19.6% $1,337.62
Dogecoin (CRYPTO:DOGE) 1.9% -8.3% $0.06

Top 24-Hour Gainers (data via CoinMarketCap)

Cryptocurrency 24 hour % change (+/-) Price
TerraClassicUSD (USTC) +19.7% $0.035
helium (HNT) +15.9% $4.60
ApeCoin (MONKEY) +15.8% $5.88

Also see: How to get free crypto

Bitcoin and Ethereum was up to the meeting in the United States, which begins on Tuesday Central bank in the green, just like other risky assets.

Futures on the S&P 500 and Nasdaq were up 0.4% and 0.55%, respectively, at press time.

“The entire crypto world is vulnerable to rising borrowing costs, and that risk remains paramount,” said OANDA Senior Analyst Edward Moya in a note that Benzinga could see.

“This week could be the catalyst that causes the market to price in maximum Fed tightening. This could be the time for bitcoin to tear off the pavement as the selling pressure here could get ugly, but it could be just what it takes to form a bottom .

Justin Bennett said bitcoin is testing the $19,600 level. The trader tweeted: “If we re-enter it on the daily chart, things could get interesting.”

“There are still a lot of short liquidations up to $19,800 and even more at $20,500. We’ll see, but so far it looks like a V bottom.”

A “V bottom” refers to a pattern that occurs when price momentum shifts from aggressive selling to aggressive buying—it’s considered a bullish reversal pattern.

Michael van de Poppe said that Ethereum is facing “weakness” as it has lost its “upside structure”. The cryptocurrency trader said on Twitter: “Expect a reaction from the $1,200-1,300 region. Not sure we’ll get a jump towards $1,425 as the Fed is the main trend setter on Wednesday.”

The discount between staked ETH and spot ETH has fallen to its lowest level since May. The trend suggests that some of the risk premium is now off the table, then Kaiko Research.

“The discount for staked ETH will likely remain in place until the next Ethereum upgrade allows for the withdrawal of stakes sometime next year,” the market data provider said in a statement.

Bet ETH price until September — courtesy of Kaiko Research

“The opportunity cost of holding ETH has now increased (as staking provides additional rewards), which may give the staking ETH markets a bit of a tailwind.”

Although cryptocurrency markets have taken a hit over the past week, public interest is shifting to Ethereum and other altcoins such as XRP, Cardano, Polygon and Shiba Inu, according to the market research platform shrine on twitter.

Continue reading: Bitcoin, Ethereum, Dogecoin all tumbled last week, but this coin definitely bucked the trend, rising nearly 13%

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