Bitcoin, Ethereum, Dogecoin Surge: Analyst sees this week’s Fed meeting as a “tearing off the band-aids” moment for Apex Crypto – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD) – Benzinga | Jewelry Dukan

The two largest coins are higher at press time, as the global cryptocurrency market cap rose 1.7% to $944.8 billion at 8:18 p.m. EDT Monday.

Price development of major coins
coin 24 hours 7 days Price
Bitcoin BTC/USD 0.65% -12.6% $19,545.59
ether ETH/USD 3.2% -19.6% $1,337.62
Dogecoins DOGE/USD 1.9% -8.3% $0.06

Top 24-hour Gainers (data from CoinMarketCap)
cryptocurrency 24-hour % change (+/-) Price
TerraClassicUSD (USTC) +19.7% $0.035
helium (HNT) +15.9% $4.60
ApeCoin (MONKEY) +15.8% $5.88

See also: How to get free crypto

Bitcoin and ether were green ahead of the US along with other risky assets federal reserve‘s policy meeting, which is scheduled to start on Tuesday.

The S&P 500 and Nasdaq futures are up 0.4% and 0.55%, respectively, as of this writing.

“The entire cryptoverse is vulnerable to rising borrowing costs, and that risk remains at the forefront,” said OANDA Senior Analyst Edward Moyain a note Benzinga saw.

“This week could be the catalyst that pushes the market to price in a peak Fed tightening. This could be the moment for bitcoin to rip off the pavement as the selling pressure here could get ugly, but this may be what is needed to form a bottom.”

Justin Bennett said bitcoin is testing the $19,600 level. The trader tweeted, “Claim that back on the daily chart and things might get interesting.”

“There are still plenty of short liquidations up to $19,800 and even more at $20,500. We’ll see, but so far it looks like a V-bottom.”

A “V-Bottom” refers to a pattern that emerges when price momentum shifts from aggressive selling to aggressive buying – it is considered a bullish reversal pattern.

Michael van de Poppe said that Ethereum is looking at “weakness” as it has lost its “uptrend structure”. The cryptocurrency trader said on Twitter, “I’m expecting a response from the $1,200-$1,300 region. Not sure if we will get a bounce towards $1,425 as the Fed is most important as a trend maker on Wednesday.”

The discount between staked ETH and spot ETH has narrowed to its lowest level since May. The trend suggests that some risk premium is now off the table Kaiko Research.

“The staked ETH rebate will likely remain in place until the next Ethereum upgrade allows for stake withdrawals sometime next year,” the market data provider said in a note.

Stake ETH price through September – Courtesy of Kaiko Research

“The opportunity cost of holding ETH has now increased (as staking offers additional rewards), which could provide a tailwind for ETH staking markets.”

Meanwhile, although cryptocurrency markets have taken a hit over the past week, societal interest is shifting to Ethereum along with other altcoins like XRP, Cardano, Polygon and Shiba Inu, the market research platform said mood on twitter.

Continue reading: Bitcoin, Ethereum, Dogecoin all tumbled last week, but this coin bucked the trend decisively, gaining nearly 13%

Leave a Comment