Bitcoin, Ethereum, and Dogecoin Rise on Fed's Mostly Bullish Tone: Analyst Sees More Consolidation for Apex Crypto
Major cryptocurrencies traded higher on Wednesday evening, with global cryptocurrency market capitalization rising 2.05% to $822.6 billion as of 7:40 p.m. HE.
See also: Is Binance better than Coinbase?
Why it matters: Cryptocurrencies like Bitcoin and Ethereum advanced on Wednesday even as other risky assets like stocks came under control. US stock futures were flat at the time of writing.
The S&P 500 and the Nasdaq closed up 0.75% and 0.7%, respectively, on Wednesday after the release of the Federal Open Market Committee minutes.
The US Federal Reserve's language on the economy was significantly bullish, but the central bank said it would take all necessary steps to bring inflation under control, while saying that it could continue to ease its tightening measures.
In December, the Federal Reserve raised interest rates by 0.5% after raising rates by 0.75% in four consecutive five-month hikes.
"Bitcoin gets a slight boost today as risky assets rally as new signs emerge of lower inflation," said Edward Moya , senior market analyst at OANDA.
“Disinflation trends may be improving in Europe, but the US outlook is complicated by a buoyant labor market. Cryptocurrencies seem indifferent to all warnings coming from all banking regulators,” Moya said in a note, seen by Benzinga.
Investors will be eagerly awaiting Friday's data on nonfarm payrolls, the unemployment rate and hourly wages, all of which could impact the Federal Reserve's decision on interest rate.
Michael van de Poppe said Bitcoin is poised to rally ahead of the next FOMC meeting and then see a correction. Bitcoin's surge is heading towards its next crucial resistance at $17,000, according to the cryptocurrency trader. He said he was looking for long positions around $16,500 to $16,600.
Santiment noted that Ethereum "quietly" rebounded above $1,260 for the first time in 3 weeks.
"Although not quite at the level of big whale buying on Dec 16 (ETH's lowest price), whales are showing interest again increased," the market news platform tweeted.
Cryptocurrency analyst "Altcoin Sherpa" said Bitcoin is roughly where it was a week ago.
“As long as [Bitcoin] can stay stable, I think we see [Altcoins] doing pretty well in the short term. However, it is highly unlikely that this is the "low". Huge compression is happening here,” the pseudonymous analyst said on Twitter.
Read next:
Major cryptocurrencies traded higher on Wednesday evening, with global cryptocurrency market capitalization rising 2.05% to $822.6 billion as of 7:40 p.m. HE.
See also: Is Binance better than Coinbase?
Why it matters: Cryptocurrencies like Bitcoin and Ethereum advanced on Wednesday even as other risky assets like stocks came under control. US stock futures were flat at the time of writing.
The S&P 500 and the Nasdaq closed up 0.75% and 0.7%, respectively, on Wednesday after the release of the Federal Open Market Committee minutes.
The US Federal Reserve's language on the economy was significantly bullish, but the central bank said it would take all necessary steps to bring inflation under control, while saying that it could continue to ease its tightening measures.
In December, the Federal Reserve raised interest rates by 0.5% after raising rates by 0.75% in four consecutive five-month hikes.
"Bitcoin gets a slight boost today as risky assets rally as new signs emerge of lower inflation," said Edward Moya , senior market analyst at OANDA.
“Disinflation trends may be improving in Europe, but the US outlook is complicated by a buoyant labor market. Cryptocurrencies seem indifferent to all warnings coming from all banking regulators,” Moya said in a note, seen by Benzinga.
Investors will be eagerly awaiting Friday's data on nonfarm payrolls, the unemployment rate and hourly wages, all of which could impact the Federal Reserve's decision on interest rate.
Michael van de Poppe said Bitcoin is poised to rally ahead of the next FOMC meeting and then see a correction. Bitcoin's surge is heading towards its next crucial resistance at $17,000, according to the cryptocurrency trader. He said he was looking for long positions around $16,500 to $16,600.
Santiment noted that Ethereum "quietly" rebounded above $1,260 for the first time in 3 weeks.
"Although not quite at the level of big whale buying on Dec 16 (ETH's lowest price), whales are showing interest again increased," the market news platform tweeted.
Cryptocurrency analyst "Altcoin Sherpa" said Bitcoin is roughly where it was a week ago.
“As long as [Bitcoin] can stay stable, I think we see [Altcoins] doing pretty well in the short term. However, it is highly unlikely that this is the "low". Huge compression is happening here,” the pseudonymous analyst said on Twitter.
Read next:
What's Your Reaction?
![Three of ID's top PR executives quit ad firm Powerhouse [EXCLUSIVE]](https://variety.com/wp-content/uploads/2023/02/ID-PR-Logo.jpg?#){kind=logo}
