• Mon. Jul 15th, 2024

Bitcoin (BTC), Ethereum (ETC) Stay Firm Ahead Of Possible Fed Rate Hike

ByShivdeep Dhaliwal

Jul 27, 2022
Bitcoin (BTC), Ethereum (ETC) Stay Firm Ahead Of Possible Fed Rate Hike


Bitcoin and Ethereum traded in the green on Tuesday evening as the global cryptocurrency market cap fell 0.8% to $974.3 billion at press time.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD 0.3% -8.7% $21,214.57
Ethereum ETH/USD 0.9% -5.2% $1,448.63
Dogecoin DOGE/USD 0.5% -9.05% $0.06

Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Qtum (QTUM) +7.8% $3.65
OKB (OKB) +5.3% $15.42
Ethereum Classic (ETC) +8.1% ​​$25.16

See Also: Best Crypto Debit Cards

Why It Matters: Risk assets like stocks and cryptocurrencies continue to remain correlated. At press time, major coins traded higher as stock futures rose. 

The S&P 500 and Nasdaq futures rose 0.8% and 1.4%, respectively, at press time as investors digested earnings data from Google’s parent Alphabet Inc GOOGL GOOG and Microsoft Corporation MSFT, the Redmond, Washington-based tech giant.

Cryptocurrency investors are also on tenterhooks regarding the ongoing U.S. Federal Reserve‘s Open Market Committee meeting, where an interest rate hike is expected.

Foreign exchange trader Miad Kasravi tweeted that the Bitcoin mean reverts each time there is an FOMC meeting. The price action for the apex coin tends to reverse leading up to the meeting, according to the charts shared by the trader.

Michaël van de Poppe, a cryptocurrency trader, described Google’s earnings as “very strong” and said Microsoft’s were also “not bad.”

“Probably [a] sell-off happening going into tomorrow’s FOMC meeting,” said Van de Poppe, adding that he expects “green after.”

On-chain data company Glassnode tweeted that small investors, or shrimps, with less than 1 BTC holding have increased their holdings of circulating Bitcoin supply from 5.2% to over 6% since Terra Classic (LUNC) collapsed.

Going forward, investors will focus on earnings from Apple Inc AAPL and Amazon.com, Inc AMZN, which will be released on Thursday. Also due Thursday is the second-quarter U.S. GDP data. 

“If earnings and U.S. GDP are worse than expected, we could see increased fear in the market as recession concerns strengthen, wrote GlobalBlock analyst Marcus Sotiriou in a note, seen by Benzinga.

Read Next: If You Invested $100 Each In Bitcoin, Ethereum Last Time The Fed Hiked Rates, Here’s How Much You’d Have Now


Image and article originally from www.benzinga.com. Read the original article here.