Bitcoin and ether was trading in the green Tuesday night, as the global cryptocurrency market cap fell 0.8% to $974.3 billion at press time.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.3% | -8.7% | $21,214.57 |
| ether ETH/USD | 0.9% | -5.2% | $1,448.63 |
| Dogecoins DOGE/USD | 0.5% | -9.05% | $0.06 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Crowd (QTOM) | +7.8% | $3.65 |
| U.N. (U.N) | +5.3% | $15.42 |
| Ethereum classic (ETC) | +8.1% | $25.16 |
See also: Best Crypto Debit Cards
Why it matters: Risky assets like stocks and cryptocurrencies remain correlated. At press time, the major coins were trading higher as stock futures surged.
The S&P 500 and Nasdaq futures were up 0.8% and 1.4%, respectively, at press time as investors processed earnings data from Google’s parent company alphabet inc Google WELL and Microsoft Corporation MSFTthe tech giant from Redmond, Washington.
Cryptocurrency investors are also on their toes regarding the ongoing US federal reserve‘s Open Market Committee meeting where a rate hike is expected.
forex trader Miad Kasravi tweeted that Bitcoin mean value reverses every time there is an FOMC meeting. The price action for the Apex coin is tending to reverse ahead of the meeting, as per the charts shared by the trader.
Does FOMC Matter for BTC?
They tell me below are all post session price action for 2022.
The BTC mean reverses every time.
Next FOMC meeting is tomorrow pic.twitter.com/IusJfnBM21
— Miad Kasravi (@ZFXtrading) July 26, 2022
Michael van de Poppea cryptocurrency trader, described Google’s earnings as “very strong” and said Microsoft’s are “not bad” either.
“Probably [a] Sell-off ahead of tomorrow’s FOMC meeting,” said Van de Poppe, adding that he expects “green after”.
Very strong earnings from $GOOG and Green Post Market. $MSFT not bad either.
A sell off is likely ahead of tomorrow’s FOMC meeting.
green after.
All information can be found here: https://t.co/IjEwuqN4G3
— Michaël van de Poppe (@CryptoMichNL) July 26, 2022
on-chain data company glass node tweeted that retail investors or shrimp holding less than 1 BTC have since increased their holdings from 5.2% to over 6% of circulating bitcoin supply Terra classic (WAY) collapsed.
The <1BTC #Bitcoin Shrimp cohort has increased their relative shares of the circulating $BTC supply from 5.2% to over 6.0% since the collapse of LUNA.
This equates to a total of $156,000 BTC added to the Shrimp On-Chain balances. pic.twitter.com/MNHTWIQtbe
— glassnode (@glassnode) July 26, 2022
In the future, investors will focus on profits from apple inc AAPL and Amazon.com, Inc AMZN, which will be released on Thursday. Also due on Thursday is US GDP data for the second quarter.
“If earnings and US GDP come out worse than expected, we could see rising fear in the market as recession worries mount,” the GlobalBlock analyst wrote Marcus Sotiriou in a note seen by Benzinga.
Read on: If you invested $100 each in Bitcoin, Ethereum the last time the Fed hiked rates, that’s how much you would have now
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