Major coins fell lower Tuesday night as the global cryptocurrency market cap fell 2.5% to $921.9 billion as of 8:18 p.m. EDT.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -3.15% | -6.3% | $18,935.15 |
| ether ETH/USD | -3.5% | -15.7% | $1,328.70 |
| Dogecoins DOGE/USD | 0.2% | -2% | $0.06 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| XRP (XRP) | +6.35% | $0.41 |
| helium (HNT) | +5.5% | $4.89 |
| Stellar (XLM) | +5% | $0.12 |
See also: Best USDC Interest Rates
Why it matters: Bitcoin and Ethereum were trading lower prior to the Federal Committee of the Free Market (FOMC) meeting due Wednesday.
On Tuesday, the S&P 500 and Nasdaq closed down 1.1% and 0.95%, respectively, while US stock futures were marginally higher at the time of writing.
The probability of a 75 basis point rate hike was 82% according to the CME FedWatch tool – a signal that investors can expect a hawkish move from the US Federal Reserve at the end of the FOMC meeting.
Screenshot of CME Group’s Fedwatch tool
“The Fed begins its two-day monetary policy meeting and while 75 basis points is widely expected, the Fed Chair’s key message [Jerome Powell] rates could stay elevated much longer than the market expects,” he said Edward Moyaa senior market analyst at OANDA.
Speaking on Bitcoin, Moya said: “The fate of Bitcoin will be determined by fireworks from this week’s central bank decisions, which could help fuel sell-offs to retest summer lows. The peak of pessimism is almost here for crypto, which is needed before longer-term money starts piling up again.”
Justin Bennett tweeted on Tuesday that the total market cap chart at the FOMC didn’t look the “best”.
“Reclaim would be bullish, but this $913 billion area is resistance [the total market capitalization] from now on,” said the dealer.
Not the best optics…
[ad_2]
Source story
