Major coins traded in the green Tuesday night as the global market cap rose 1.25% to $1.05 trillion as of 8:30 p.m. EST.
| cryptocurrency | Profits (+/-) | Price |
|---|---|---|
| Bitcoin | +1.20% | $23,118 |
| ether | +1% | $1,585 |
| Dogecoins | +4% | $0.094 |
What happened: The largest cryptocurrency by market value, Bitcoin BTC/USDtraded at $23,118. ether ETH/USD changed hands at $1,585, up 1% in the last 24 hours. Dogecoins DOGE/USD is up 4% in the last 24 hours, pushing its price up to $0.094.
US stocks closed higher on Tuesday as markets awaited the Federal Reserve’s decision on a possible rate hike. The tech-heavy Nasdaq Composite closed up 1.6%, while the S&P 500 and Dow Jones Industrial Average gained an impressive 1.4 and 1%, respectively.
See more: Best Crypto Day Trading Strategies
Bitcoin has started 2023 with an impressive 40% gain so far. But the rally could take a hit as Fed chair Jerome Powell will likely remain hawkish. Despite the expected price drop, investors and industry experts remain optimistic that this could just be a temporary pause in the ongoing crypto bull market.
Analyst Notes: “Bitcoin appears to have massive resistance at the $24,000 level, so if the rally falters after Fed fireworks and mega-cap tech gains, a consolidation back towards $20,000 could occur,” he said Edward Moyasenior analyst at OANDAseen in a note from gasoline ga.
“Wall Street is growing confident that this week’s Fed rate hike could be the last of this tightening cycle.”
Crypto Analyst Ton Vays believes that despite its impressive gains in January, Bitcoin will see a major setback in the near term. The analyst tells his 123,000 YouTube subscribers that BTC will face a “big, big resistance” at $25,000.
“I’ve been waiting for us to hit $25,000 and it’s going to be a blast. As we approach $25,000, there is a very high…
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