Bitcoin (BTC), Ethereum (ETC) Stand Firm Before Possible Fed Rate Hike – Bitcoin (BTC/USD)
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 Redmond, Washington-based tech giant.
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.
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”.
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.
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 in worse than expected, we could see rising fear in the market as recession concerns mount,” the GlobalBlock analyst wrote Marcus Sotiriou in a note seen by Benzinga.
Read on: If you invested $100 each in bitcoin the last time the Fed hiked rates, here’s how much you would have now
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