Bitcoin and Ethereum traded higher in the press on Wednesday night when the global market value of cryptocurrency rose 4% to 974.2 billion dollars.
|Coin||24 hours a day||7 days||Price|
|Bitcoin BTC / USD||2.3%||-25.2%||$ 22,557.73|
|Ethereum ETH / USD||2.7%||-30.8%||$ 1,236.28|
|Dogecoin DOGE / USD||11.9%||-22.1%||$ 0.06|
|Cryptocurrency||24-hour% change (+/-)||Price|
|Basic attention token (BAT)||+25%||$ 0.36|
|Elrond (EGOLD)||+24.3%||$ 57.05|
|Helium (HNT)||+22.2%||$ 11.63|
See also: Best USDC interest rates
Why it matters: Cryptocurrencies were relatively subdued compared to other one-day risk assets in the United States Federal Reserve made the sharpest interest rate increase in 28 years.
The Fed raised the Fed target rate by 0.75% to between 1.5% and 1.75% on Wednesday, and noticed that inflation remained high.
The US Federal Reserve released new economic forecasts for the “dot plot”, according to which all 18 members estimate that the interest rate will reach 3% by the end of 2022.
The S&P 500 and Nasdaq closed 1.5% and 2.5% higher on Wednesday, respectively. At the time of going to press, the S&P 500 and Nasdaq futures were up 0.7% and 0.8%, respectively.
The US Federal Reserve has signaled that more interest rate hikes are on the way, but interest rate cuts will come in 2024, said Edward Moyasenior market analyst at OANDA.
“The dot charts show that they expect a further 175 basis points for tightening for the rest of the year with a few more increases in 2023, before interest rate cuts are justified in 2024,” Moya wrote, in a note seen by Benzinga.
Moyas colleague Craig Erlam said that Bitcoin’s trading environment has experienced a change and the support level of $ 20,000 seems to be “very unstable.”
“Risk appetite has been wiped out and the days of ultra-low prices are behind us. It is not the same speculative mood that existed when bitcoin exploded higher.”
Erlam said: “There may still be a belief that Bitcoin may thrive in the future, but something that offers little now beyond speculative collections will continue to struggle.”
Bitcoin has fallen almost 25% in the last seven days and volatility has attracted the attention of traders, according to Santiment.
The market information platform said that the 4.5-year high value in Bitcoin’s daily token circulation measurement was an indication of trader polarization. Santiment said 497,000 unique BTCs were moved at the beginning of the week, the highest since December 6, 2017.
Traders are definitely reacting to the big price falls this week, and 4.5 years high in #Bitcoin‘s daily token circulation indicates how polarized we are. 497k unique $ BTC was moved to start the week, the highest amount since December 6, 2017. https://t.co/Bi9aoE92H4 pic.twitter.com/7MuvMPrXUd
– Santiment (@santimentfeed) June 15, 2022
Alternative.me’s “Crypto Fear & Greed Index” flashed “Extreme Fear” with a value of 7 at the time of press. A value of 0 on the index means “extreme fear” and 100 represents “extreme greed.” The index now reflects the lowest values over a period of one year.
Alternative.Mes “Crypto Fear & Greed Index” over one year
Despite the entrenched bearishness, the cryptocurrency trader Michael van de Poppe says he is “long” on Bitcoin, Ethereum, Avalanche (AVX), Phantom (FTM) and Polygon (MATIC).
– Michaël van de Poppe (@CryptoMichNL) June 15, 2022
Dealer, Justin Bennett tweeted that if Ethereum regains the $ 1,230 level by 20.00 EST, we could see relief back to $ 1,420 and potentially to $ 1,700. At around 21.00 EST, the second largest coin traded at $ 1,230.09.
If $ ETH can claim back $ 1230 by today’s closing at. 20.00 EST, we should see some relief back to $ 1420, potentially $ 1700.
– Justin Bennett (@JustinBennettFX) June 15, 2022
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