Bitcoin (BTC) rises despite hawkish Fed and traveler crisis

Bitcoin, Ethereum and other major coins rose late Wednesday as the global cryptocurrency market capitalization rose 2% to $923.5 billion at press time.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD 1.7% 2.2% $20,547.52
Ethereum ETH/USD 4.5% 7.9% $1,186.65
Dogecoin DOGE/USD 1.7% -1.3% $0.07

Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
Storj (STORJ) +11.95% $0.72
THOR chain (RUNE) +9.3% $2.30
The sandbox (THE SAND) +6.9% $1.26

See also: Best USDC Interest Rates

Why is this important: The cryptocurrency at the top showed signs of consolidation around the $21,000 mark on a day when the United States Federal Reserve published the minutes of its political meeting in June in a hawkish tone.

“Participants agreed that the economic outlook warranted a move to a restrictive policy stance, and they recognized the possibility that an even more restrictive stance may be appropriate should elevated inflationary pressures persist,” according to the minutes.

Bitcoin and Ethereum Price Action Ignored Lending Platform Bankruptcy Voyager Digital LLC VYGVF as well as fears of market contagion Wednesday in intraday trading.

“Bitcoin is consolidating above $20,000 at the time of writing as negative sentiment persists among market participants,” the GlobalBlock analyst said. Marcus Sotiriou.

Sotiriou cited data from CoinShares and noted that $51 million was paid out ProShares Short Bitcoin Strategy ETF COCK.

“This product is betting against the price of Bitcoin, showing institutions are bearish on the asset,” Sotiriou wrote. However, he said it could also be because it’s the first of its kind that allows them to do so.

The dollar continues to climb. The dollar index, a measure of the greenback’s strength against six other currencies, was just off its 20-year high on Wednesday at 106.46, reported Reuters.

Michael van de Poppe said the dollar continued to “rise” as Treasury yields consolidated. The cryptocurrency trader said Bitcoin is “supporting here and looks set for a big move relatively soon.”

Van de Poppe said that “breaking” the $20,200-20,400 level is essential for the apex coin to head towards $22,400 and $23,000 thereafter.

Former hedge fund manager and television host Jim Cramer tweeted that it was “crypto time” on Wednesday.

His tweet came a day after he questioned the “real value” of cryptocurrencies and said they were “imploding”.

Trader in cryptocurrency Justin Bennett said Bitcoin’s current rise is a relief rally, adding that $21,000 was a resistance zone and should be “keep an eye on” for the next few days.

Players deposited nearly 13 million ETH into the Ethereum 2.0 contract – with 62% of inflows taking place ahead of the coin’s all-time high in November, tweeted glass knot.

The on-chain analytics firm said, “With [ETH] prices crash over 78% and coins cannot be withdrawn, only 17% of $ETH wagered is now in profit.

Read more : ‘Wolf Of Wall Street’ Gives Advice On Bitcoin’s Crash And Best Time To Get Into Ultra Small Cap Crypto

Photo via Oporty786 on Shutterstock

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