Bitcoin, Ethereum and Dogecoin Rally Despite Hawkish Fed: Analyst Says Waiting for ‘Biggest Drop’ Will Be Longer – Bitcoin (BTC/USD), Ethereum (ETH/USD) and Dogecoin (DOGE/USD)

Bitcoin And the Ethereum Trading in the green Thursday night, the global cryptocurrency market cap rose 4.9% to $943.7 billion at 8:19 PM ET.

Major currency price performance
Currency 24 hours 7 days price
Bitcoin Bitcoin / US Dollar 4.7% -1.6% $1,9386.98
Ethereum ETH / USD 6.6% -9.6% USD 1330.52
Dogecoin DOGE / USD 4.2% 1.6% 0.06 dollars
Top 24 Hour Gainers (data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
XRP (XRP) + 22.1% 0.5 dollars
Chili pepper (CHZ) + 19.1% 0.3 dollars
Once (LEO) + 14.1% $4.92

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why does it matter: Major cryptocurrencies moved in the opposite direction to stocks, which closed lower on Thursday.

The S&P 500 and Nasdaq closed 0.8% and 1.4%, respectively. At the time of writing, US stock futures are marginally higher.

Meanwhile, 10-year Treasury yields rose from four-month lows in early August as investors anticipate the US Federal Reserve It will continue to maintain its hawkish stance and keep interest rates high even if it impacts economic growth, Reuters reported.

The yield curve between two-year and 10-year Treasuries is the most inverted since 2000. The reversal reached as much as negative 58 basis points, indicating growing concern about an upcoming recession.

Bitcoin is doing well as the global bond market sell-off rises. Lately, it looks like Bitcoin will drop sharply if Wall Street notices a rise in Treasury yields and a sell-off in stocks, but that’s not happening. Bitcoin bottoming could be in place if it can maintain the $18,000 level throughout this market volatility.” Edward Moyaa senior market analyst OANDAin a note seen by Benzinga.

Cryptocurrency Dealer Justin Bennett He said we are likely to see some “bullish retracements,” especially for Bitcoin.

“I think everyone will have to wait a little longer for the big drop,” he said on Twitter.

Cryptocurrency Dealer Michael van de Poppe He said that the total cryptocurrency market capitalization has recovered its 200-week moving average, which is positive for the markets.

John HaspelA senior institutional trading assistant at BlockFi, tweeted that apart from the prevailing macro landscape, Ethereum has seen clear selling pressure due to many factors such as whale wallets reducing, miners selling, and Ethereum Power (ETHW) Trade.

Meanwhile, the XRP/BTC price ratio reached a one-year high of 0.000025 as optimism grew over Ripple’s settlement of a lawsuit with the United States. Securities and Exchange CommissionSantiment said.

Addresses of active sharks and whales from 1 to 10 metres [XRP] It has been in an accumulating pattern since late 2020, the market information platform said on Twitter.

read the following: broken record? JPMorgan CEO keeps ranting about Bitcoin, calling it ‘Ponzi Scheme’

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