Bitcoin It is trading at $17,765 during the Asian session on December 14 as investors see price in weaker-than-expected US CPI data. Similarly, Ethereum The cryptocurrency surged above the $1,300 level as a weaker US Dollar boosted demand.
Major cryptocurrencies trading in the green early on Dec 14 global crypto market The value increased by 2.52% to $870.79 billion on the previous day. In the last 24 hours, the total crypto market volume has increased by 52.60 percent to $53.51 billion.
The total DeFi volume currently stands at $2.94 billion, which is 5.49 percent of the entire 24-hour volume in the crypto market. The total volume of all stable coins is now $53.26 billion, which is 99.53 percent of the total 24-hour volume of the crypto market.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Today’s US FOMC and Fed Expectations
At the end of its two-day policy meeting on Wednesday, the Federal Reserve is expected to raise interest rates by half a point, indicating a less aggressive approach from the central bank as evidence emerges that inflation may be slowing. . That’s still hardly anything, especially when compared to the quarter-point hikes announced at the last four Fed meetings.
Still, it’s a massive increase that will hurt the economies of millions of American businesses and households, making it more expensive to borrow for homes, vehicles and other needs than they otherwise would be.
The expected move by the Fed would push the rate at which banks charge each other for overnight borrowing to between 4.25 and 4.5 percent, the highest level seen since 2007.
When the Federal Reserve releases its economic outlook in its Summary of Economic Estimates on Wednesday, investors will be paying close attention. And they’ll be tuning in to Powell’s news briefings to get a sense of what’s to come, even if they’re in for a big drop.
Impact on the cryptocurrency market
With the 0.50% rate hike, we could see a drop in the cryptocurrency market, but it is likely to be temporary, and prices will go back to where they were before. Since most of the 0.50% rate hike has already been priced in, the market is unlikely to show significant volatility unless the Fed surprises with a 0.75% or 0.25% rate hike.
bitcoin price
current price of bitcoin $17,755, and a 24-hour trading volume of $26 billion. The BTC/USD pair has gained approximately 3.5% over the past 24 hours, while coinmarket cap Currently ranked 1st with a live market cap of $341 billion.
Bitcoin is currently correcting higher and it broke the key $17,350 resistance. This suggests that the buying trend may continue.
Key technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are currently in the positive zone, which means that the bitcoin price could continue to rise.
The next major resistance for bitcoin lies at $18,125, and a break above this level could open further gains and take the price to $18,600.
On the downside, the $17,350 level could act as a support for BTC price. This level has previously acted as a barrier, and it is likely to sustain BTC’s bullish trend.
On the other hand, a bearish crossover below this level could drag BTC price towards the $16,850 level.
ethereum price
of ethereum The current price is $1,318, with a 24-hour trading volume of $8 Billion. In the past 24 hours, Ethereum has gained almost 4%, and is currently ranked second on Coinmarketcap with a live market cap of $161 billion.
on the 4 hour chart, Ethereum There was a breach of an ascending triangle pattern that was forming with increasing resistance at the $1,305 level. This level is now acting as a support. The bullish bias is indicated by the 50-day moving average, RSI and MACD indicators.
On the upside, Ethereum’s immediate resistance remains at $1,345, and a bullish crossover above this psychological trading level could expose ETH to the $1,385 area.
Alternatively, a break below $1,310 could expose ETH towards the $1,260 level.
Dash 2 Trade (D2T) – Final Stage of the Presale
dash 2 business Ethereum-based trading intelligence platform that helps investors make better trading decisions by providing real-time analytics and social trading data. It will go live in early 2023, and its D2T token will be used to pay for monthly platform subscription costs.
The Dash 2 Trade presale has already raised over $9.7 million in its fourth and final phase. It also announced listings on Uniswap, BitMart and LBANK exchanges early next year, meaning early investors will be able to lock in some profits soon.
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