Bitcoin dips marginally on Fed’s hawkish statement
Jerome Powell and his team at the Federal Reserve Bank in the US decided to keep interest rates at current levels, no surprise there, but hinted they may need to sustain the same levels into next year to keep a lid on inflation.
Stocks and cryptos dipped on these hawkish comments. Bitcoin is down marginally by 0.4%, again circling the $27k-level this morning, while Ethereum’s Ether is down 0.9%, trading for $1,619. Many of the large-caps are following a similar trend.
“Recent indicators suggest that economic activity has been expanding at a solid pace. Job gains have slowed in recent months but remain strong, and the unemployment rate has remained low. Inflation remains elevated,” the Federal Reserve said in a statement yesterday.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.07 trillion
🔻 0.56%
What Bitcoin did yesterday
🔺 Daily high $27,378
🔻 Daily low $26,851
Bitcoin market capitalisation
🟠 BTC $525.398 billion
🟡 Gold $12.846 trillion
💳 Visa $503.02 billion
Bitcoin volume
🪣 Total spot trading volume $13.8 billion
🔻 13.88%
SP500
🔻 0.94%
FTSE/JSE Top 40
🔻 1.74%
Fear and Greed Index
Bitcoin’s market dominance
📊 50.23
Relative Strength Index (RSI)
💪 60.52
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.
📣 What they said yesterday
“Inflation has moderated somewhat since the middle of last year, and longer-term inflation expectations appear to remain well anchored as reflected in a broad range of surveys of households, businesses and forecasters as well as measures from financial markets,” Jerome Powell, Chair of the Federal Reserve Bank
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Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. CityAM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.