Bitcoin, Ethereum, Dogecoin Breathe A Sigh Of Relief After Fed Meeting — Here Is Why The Apex Coin May Have Bottomed Out – Bitcoin – United States Dollar ($BTC)

Bitcoin (CRYPTO: BTC) and other major currencies traded higher on Wednesday night as global cryptocurrency market capitalization rose 0.3% to $ 1.8 trillion.

What happened: The top currency traded 0.7% higher over 24 hours at $ 37,066.50 over 24 hours. For the week, it dropped by 11%.

Ethereum (KRIPTO: ETH) rose 1.9% higher over 24 hours to $ 2,495.30 over 24 hours. Over a seven-day period, it dropped by 19.4%.

Meme cryptocurrency Dogecoin (KRIPTO: DOGE) was up 0.3% over 24 hours at $ 0.14 over 24 hours. Over a seven-day period, it dropped by 11.1%.

DOGE Competitions Shiba Inu (SHIB) rose 1.1% to $ 0.00002 over 24 hours. For the week, it dropped 21.9%.

The top three winners in 24 hours were Theta Fuel (TFUEL), Waves (WAVES), and Decision (DCR), according to CoinGecko data.

TFUEL rose 41.4% to $ 0.182, WAVES rose 23.5% to $ 10.42, and DCR rose 19.4% to $ 64.89 during the period.

See also: How to Buy Bitcoin (BTC)

Why it matters: The US Federal Reserve on Wednesday left the benchmark interest rate unchanged after the two-day meeting of the Federal Open Market Committee was concluded.

A tariff increase may be in sight as the FOMC said that with “inflation well above 2% percent and a strong labor market, the Committee expects it will soon be appropriate to increase the target range for the federal fund rate.”

The 10-year treasury yield benchmark rose to 1.8709% after the Fed statement. The dollar rose to a three-week high with the dollar index following the dollar against a basket of six peers, which rose 0.58%.

Edward Moya, senior analyst at OANDA noted that “calm is entering crypto markets” after Fed rates remained unchanged.

“Bitcoin has been steady this week and optimism is brewing in the cryptocurrency that a strong altcoin season could come if Bitcoin can stabilize between the $ 40,000 and $ 50,000 trading range,” the analyst wrote in an email note.

Moya’s colleague at OANDA Craig Erlam separately said that Bitcoin is not out of the woods yet. Only time will tell whether the top currency will test the crucial $ 30,000 region, but for now, the recovery of the crypto-currency is “really encouraging.”

“Traders will be very relieved about what they saw this week. The key test above is $ 40,000, an interruption of which could cause momentum to accelerate upwards, ”the senior market analyst wrote in a note seen by Benzinga.

The “Crypto Fear & Greed Index” by Alternative indicated “Extreme Fear” at press time. A value of 0 on the index means Extreme Fear, while a value of 100 implies Extreme Greed. The index stood at 20 at press time, while it had a value of 11 on Monday.

Amsterdam-based cryptocurrency analyst Michael van de Poppe tweeted on Wednesday that Bitcoin should turn around the $ 37,600 level to re-enter a bullish phase.

Long-term holders of Bitcoin are in pain, according to Delphi Digital. Long-term containers in loss now make up 17% of all containers, a level not seen since May 2020.

Short-term holders are mostly at a loss, last observed in July 2021, according to the independent research firm.

Percentage of long-term and short-term BTC holders in profit or loss – courtesy of Delphi Digital

“Historically, it was a sign that the bottom could be in when both STHs and LTHs peaked in losses,” Delphi Digital wrote in a note.

Meanwhile, on the Ethereum side, whale addresses with 10,000 or more ETH added 200,000 ETH to their inventory, according to a Santiment tweet.

Read the following: Anthony Scaramucci on Crypto Sales: ‘Take a cold pill, stay Bitcoin for a long time’


Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...