Bitcoin, Ethereum, Dogecoin Rise Despite Hawkish Fed: Analyst Says Wait For ‘The Bigger Drop’ Will Be Longer – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Bitcoin and Ethereum traded in the green on Thursday evening, as the global cryptocurrency market cap rose 4.9% to $943.7 billion as of 8:19 p.m. EDT.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD 4.7% -1.6% $19,386.98
Ethereum ETH/USD 6.6% -9.6% $1,330.52
Dogecoin DOGE/USD 4.2% 1.6% $0.06
Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
XRP (XRP) +22.1% $0.5
Chiliz (CHZ) +19.1% $0.3
UNUS SED LEO (LEO) +14.1% $4.92

See also: How to get free crypto

Why is this important: Major cryptocurrencies moved in the opposite direction of stocks, which closed lower on Thursday.

The S&P 500 and Nasdaq closed down 0.8% and 1.4% respectively. At the time of writing, US stock futures were slightly higher.

Meanwhile, 10-year Treasury yields rose from four-month lows seen in early August as investors expected the U.S. Federal Reserve will continue to maintain its hawkish stance and maintain higher rates even as it hurts economic growth, Reuters reported.

The yield curve between 2-year and 10-year Treasury bills is the most inverted since 2000. The inversion reached as low as minus 58 basis points, showing growing concern over a coming recession.

“Bitcoin is doing very well as global bond market selling heats up. Recently, it looks like Bitcoin would be significantly lower if Wall Street saw Treasury yields soar and stocks sell off, but that’s not happening. Bitcoin’s bottom could be in place if throughout this market volatility it can sustain the $18,000 level,” said Edouard Moyaa senior market analyst with OANDAin a note seen by Benzinga.

Trader in cryptocurrency Justin Bennett said we would likely see “bullish claims” especially for Bitcoin.

“I think everyone will have to wait a little longer for the big drop,” he said on Twitter.

Trader in cryptocurrency Michael van de Poppe said the total cryptocurrency market capitalization has recovered to the 200-week moving average, which is positive for the markets.

Jon Haspela senior institutional trading associate at BlockFi, tweeted that regardless of the prevailing macro landscape, Ethereum has been under pronounced selling pressure due to many factors such as dwindling whale wallets, selling off miners and Ethereum Pow (ETHW) trade.

Meanwhile, the XRP/BTC price ratio hit a one-year high of 0.000025 as optimism grows around Ripple settling a lawsuit with the US Security and Exchange Commissionsaid Santiment.

“Active shark and whale addresses from 1m to 10m [XRP] have been in an accumulation pattern since late 2020,” the market news platform said on Twitter.

Read more : Scrached disk? JPMorgan CEO continues to rant about Bitcoin, calls it a ‘Ponzi scheme’

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