Crypto markets await FOMC decision with majority expecting a 25 bps hike
Bitcoin is exactly where we left it yesterday, trading in at $23,138. We haven’t seen a whole lot of variation over the day except half a percent correction which ended at $22,940.
As far as the interest rate decision goes, the majority is expecting a 25 basis points increase which seems to have been priced in for most risk on assets, including stocks and crypto. Given the market's recent rally, we could see a sell the news event today.
Meanwhile, the S&P 500 is also moving sideways around 4,078 and waiting for today's session to unfold. DXY, on the other hand, has broken down to 101.7, but support remains intact with a potential double bottom on higher time frames as long as 101 holds.
Top altcoin gainers and losers
- dYdX DYDX (+16.92%)
- Arweave AR (+15.28%)
- Fantom FTM (+6.02%)
- Frax Share FXS (-4.50%)
- Quant QNT (-4.30%)
- UNUS SED LEO LEO (-4.28%)
Bitcoin Technical Analysis
Bitcoin is lacking volatility going into today's FOMC, but that will change shortly.
Currently trading at $23,137 we see little to no volatility in price or volume, this makes it hard to judge the outcome of the coming event.
Our liquidations remain at lower prices but we can always see a surge in price around big events to bring FOMO into play.
Given how there are signs of distribution in this range, we can expect a post news slump in valuations across the board.
Ethereum Technical Analysis
Ethereum is following a similar path with one notable change, which is extremely low volume, and but its open interest is not as low as Bitcoin, which suggests there is still room for more deviation.
Major liquidations are around $1,200 and below, but it wouldn’t be out of the box for ETH to test $1,670, or even break through, before we see a drop.
NFT Market Map
Dooplicator (+325.39%) beat the rest of the top 20 NFT collections in terms of volume growth as soon as it went live. Dooplicator's initial function allows it to utilize an OG Doodle to create wearables for Doodles 2.
In contrast, Qzuki (-30.65%) saw a drop amid an incident with the contract found by a developer named cygaar.
Coin360 Daily Digest
Here's a rundown of the major crypto market news from today.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.