Bitcoin, Ethereum, Dogecoin ignoring tech earnings for now: analyst asks, "Does the FOMC matter to BTC?" »
Bitcoin and Ethereum traded in the green on Tuesday evening as the global cryptocurrency market cap fell 0.8% to $974.3 billion at press time .
See also: Best Crypto Debit Cards
Why it matters: Risky assets like stocks and cryptocurrencies stay correlated. At press time, major coins were trading higher as stock futures rose.
S&P 500 and Nasdaq futures rose 0.8% and 1.4%, respectively, at press time as investors digested earnings data of Google's parent company Alphabet Inc GOOGL GOOG and Microsoft Corporation MSFT, Redmond, Washington- technology giant.
Cryptocurrency investors are also hyped about the ongoing meeting of the US Federal Reserve's Open Market Committee, where an interest rate hike is expected.
Currency trader Miad Kasravi tweeted that Bitcoin means coming back every time there's an FOMC meeting. The price action of the apex coin tends to reverse ahead of the meeting, according to charts shared by the trader.
Michaël van de Poppe, a cryptocurrency trader, described Google's earnings as "very strong" and said Microsoft's were also "not bad".< /p>
"Probably [a] sell-off happens before tomorrow's FOMC meeting," Van de Poppe said, adding that he expects "green after".
On-chain data firm Glassnode tweeted that small investors, or prawns, holding less than one BTC increased their circulating holdings of Bitcoin from 5.2% to over 6 % since Terra Classic (LUNC ) collapsed.
Going forward, investors will focus on earnings from Apple Inc AAPL and Amazon.com, Inc AMZN, which will be released on Thursday. Also on Thursday is the second quarter US GDP data.
"If U.S. earnings and GDP are worse than expected, we could see heightened fear in the market as recession fears build," the GlobalBlock analyst wrote. Marcus Sotiriou in a note, consulted by Benzinga.
Read next: If you invested $100 each in Bitcoin, Ethereum last times the Fed increased tariffs, here...
Bitcoin and Ethereum traded in the green on Tuesday evening as the global cryptocurrency market cap fell 0.8% to $974.3 billion at press time .
See also: Best Crypto Debit Cards
Why it matters: Risky assets like stocks and cryptocurrencies stay correlated. At press time, major coins were trading higher as stock futures rose.
S&P 500 and Nasdaq futures rose 0.8% and 1.4%, respectively, at press time as investors digested earnings data of Google's parent company Alphabet Inc GOOGL GOOG and Microsoft Corporation MSFT, Redmond, Washington- technology giant.
Cryptocurrency investors are also hyped about the ongoing meeting of the US Federal Reserve's Open Market Committee, where an interest rate hike is expected.
Currency trader Miad Kasravi tweeted that Bitcoin means coming back every time there's an FOMC meeting. The price action of the apex coin tends to reverse ahead of the meeting, according to charts shared by the trader.
Michaël van de Poppe, a cryptocurrency trader, described Google's earnings as "very strong" and said Microsoft's were also "not bad".< /p>
"Probably [a] sell-off happens before tomorrow's FOMC meeting," Van de Poppe said, adding that he expects "green after".
On-chain data firm Glassnode tweeted that small investors, or prawns, holding less than one BTC increased their circulating holdings of Bitcoin from 5.2% to over 6 % since Terra Classic (LUNC ) collapsed.
Going forward, investors will focus on earnings from Apple Inc AAPL and Amazon.com, Inc AMZN, which will be released on Thursday. Also on Thursday is the second quarter US GDP data.
"If U.S. earnings and GDP are worse than expected, we could see heightened fear in the market as recession fears build," the GlobalBlock analyst wrote. Marcus Sotiriou in a note, consulted by Benzinga.
Read next: If you invested $100 each in Bitcoin, Ethereum last times the Fed increased tariffs, here...
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