The two biggest cryptocurrencies were trading in opposite directions on Thursday night as the global cryptocurrency market cap shrank 0.3% to $837.4 billion as of 8:11 p.m. EST.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 1.3% | -3.7% | $16,925.08 |
| ether ETH/USD | -0.7% | 6.6% | $1,213.69 |
| Dogecoins DOGE/USD | -1% | -5% | $0.085 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Litecoin (TWT) | +9.6% | $63.33 |
| working (AR) | 7.5% | $10.28 |
| NOT USED SED LEO (LION) | +4.5% | $4.04 |
See also: Best FTX Alternatives: How to Keep Your Crypto Safe
Why it matters: Cryptocurrencies traded lower alongside stocks as Wall Street’s bear market rally stalled. The S&P 500 and Nasdaq closed down 0.3% and 0.35%, respectively, on Thursday.
On Thursday, St. Louis Federal Reserve President Jim Bullard said interest rate hikes have not yet been carried out enough of a dip in inflation. Meanwhile, weekly initial jobless claims remained low at around 220,000, in line with consensus estimates.
“The Fed’s Bullard noted that interest rates are not yet ‘enough restrictive’. He also highlighted a dovish scenario that could bring the policy rate to 5% and a restrictive rate to 7%. Bullard said he is targeting at least another 125 basis points of rate hikes, which would bring the target range to 5.00% to 5.25%,” said OANDA senior market analyst Edward Moyain a note Benzinga saw.
“Cryptos are weakening as risk appetite just left the building. Today’s weakness is mainly attributed to the exhaustion after the bear market rally that propelled stocks,” the analyst said.
“A lot of bad news has been priced in, so it could take another downfall from a major crypto company or a de-risking move on Wall Street to take Bitcoin below its recent low.”
The next Federal Reserve monetary policy meeting is in 26 days for May 13-14. planned for December. According to the data…
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