Bitcoin (BTC) was steady, around $16,300, as traders anticipated the release of the Federal Reserve meeting minutes later Wednesday.
Bitcoin (BTC) held its $16,000 ground as traders anticipated the expected release at 2 p.m. ET (19:00 UTC) of minutes from the Federal Reserve’s last monetary-policy meeting.
The minutes might hold clues on the pace of future interest prices, a key factor in prices for risky assets from stocks to cryptocurrencies.
Bitcoin (BTC) (BTC) was trading as high as $16,634 early Wednesday but had settled back to $16,300 as of press time, up 1.3 percent in the past 24 hours.
The largest digital currency by market cap has recovered somewhat since hitting a two-year low of $15,480 on Monday amid jitters over future of the the cryptocurrency financial firm Genesis.
“The situation with Genesis itself is likely to have been priced in already,” stated Joe DiPasquale, CEO of cryptocurrency fund manager BitBull Financial resources. “ Nonetheless, we will want to see if other names come to the fore as well.”
Ether (ETH) followed a similar trend, up 2.5 percent to $1,160. The CoinDesk Market Index (CMI) was up 1.4%. Several crypto altcoins notched double-digit gains: Solana’s SOL crypto token jumped 11%, while Binance’s in-house BNB crypto token was likewise up 11%. Zcash’s ZEC crypto token was up 10%.
Equities likewise edged up ahead of the Fed’s minutes, with the Standard and Poor’s 500 index up 0.4%. United States weekly jobless claims reached a three-month high, which is reflected in the recent layoff wave in the tech sector. The United States Dollar Index (DXY) showed weakness, sliding 0.7%.
There has been a debate in both traditional and digital- investment markets over how much the Fed will raise interest prices at its December meeting to curb hot inflation. The CME FedWatch tool at present shows that traders see approximately a 71 percent chance that the Federal Open Market Committee (FOMC) will raise prices by just 50 basis points (0.5 percentage point) in December – slowing from the 75 basis-point hikes at recent meetings.
Any dovish signs from the Fed minutes may “help markets maintain these levels at the very least,” DiPasquale reported CoinDesk.
Craig Erlam, senior market analyst at the foreign-exchange brokerage Oanda, wrote in a Wednesday note that bitcoin’s upcoming area of resistance falls around $17,500, though it could be “very difficult to overcome.”
“There’s arguably a greater case for the price to fall to $10,000 at present, than rising to $20,000,” Erlam wrote.
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