Major cryptocurrencies surged on Monday evening as investors eagerly anticipated the imminent return of the U.S. Federal Reserve’s rate-hike campaign.
Cryptocurrency
Gains +/-
Price (Recorded 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC)
+0.28%
$29,154
Ethereum (CRYPTO: ETH)
+0.42%
$1854
Dogecoin (CRYPTO: DOGE)
+7%
$0.080
Dogecoin price experienced a 7% surge as the market speculated on the potential impact of Elon Musk’s latest actions on Twitter.
Meanwhile, Bitcoin surpassed the $30,000 mark a month ago, driven by speculation surrounding BlackRock’s Bitcoin ETF application. The approval of this application has the potential to attract significant investments from traditional investors into cryptocurrencies.
However, Bitcoin’s price has remained stagnant, primarily due to concerns about the Federal Reserve’s upcoming decision on July 26, which is expected to include a 25 basis point rate increase.
Top Gainer (24 Hour)
Cryptocurrency
Gains +/-
Price (Recorded 9:30 p.m. EDT)
Dogecoin
+7.12%
$0.0805
Maker
+5.81%
$1,128.56
Theta Network
+5.76%
$0.8299
Currently, the global crypto market capitalization stands at $1.17 trillion, a 0.32% increase in the last day.
Wall Street had a successful day on Wednesday as investors analyzed the latest earnings and made necessary adjustments ahead of the Federal Reserve’s decision.
The S&P 500 closed approximately 0.3% higher, while the Nasdaq Composite saw a 0.6% increase.
Investors eagerly anticipated the Federal Reserve’s interest rate policy decision and subsequent press conference with Chair Jerome Powell scheduled for Wednesday afternoon.
“People are feared for the upcoming FOMC event. However, markets have priced in 2 rate hikes + the inflationary data is finally starting to look positive for a pause,” wrote crypto analyst Michael Van de Poppe.
Trader Cheds offers a reassuring perspective on Bitcoin’s future. Despite its unpredictable nature, he believes that the crypto king is unlikely to fall to $20,000. In Cheds’ analysis, BTC boasts several support levels, extending all the way down to $25,000.
“You can’t really talk about $20,000. That’s out of the picture because that’s below the high timeframe level. You can talk about $25,000 because we’re in price action above that level. We’re in that zone. That’s the bottom of the zone technically,” Cheds explains.
In the upcoming weeks, pseudonymous analyst Kaleo, foresees an exciting announcement from Musk. “If I had to guess, Elon takes another few days, maybe even another few weeks to actually say how he plans on integrating DOGE into X. I think there’s a solid chance he actually does something this time though, and him including it in his bio at the same time as the X rebrand isn’t just a coincidence.”
Kaleo predicts that DOGE will reclaim the $0.10 level. “I’ve been encouraging accumulating DOGE in this range for months now. I still think it’s a good place to add. By the time it finally has its move back to $0.10-plus, it’ll happen fast, and the entire timeline will say it was obvious in retrospect.”
Produced in association with Benzinga
