Bitcoin, Ethereum, and Dogecoin Mixed with Fed Worries

February 24, 2023 Brazen Crypto Team Dogecoin 0

The majors traded mixed late Thursday evening, with the market capitalization down 0.20% in the past 24 hours to $1.10 trillion, recorded at 8:30 PM EST.

Cryptocurrency Gains (+/-) price
bitcoin -0.48% $24,049
Ethereum +0.97% $1,657
Dogecoin -0.90% $0.084

What happened: Apex encryption bitcoin (CRYPTO: BTC) was trading below $25,000 as investors continued to assess the Federal Reserve’s ongoing dialogue on monetary policy and scrutiny of jobs data.

Ethereum (CRYPTO: ETH) was trading up nearly 1% but below $1,700. Dogecoin (CRYPTO: DOGE) was trading at $0.084, down 0.90% in the last 24 hours.

US stocks rose on Thursday, as investors showed support for a rate hike by the Federal Reserve despite choppy trading. The S&P 500 rose 0.53% to end the day at 4,012.32, rebounding from a four-day losing streak. The Nasdaq Composite Index rose 0.72%, ending the session at 11,590.40.

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the US Department of Labor It reported that initial jobless claims for the week ending February 18 fell by 3,000 to 192,000, which was below the consensus estimate of 200,000. This strong jobs data posed a challenge for the Federal Reserve, as it looks to reduce inflation from 6.4% to its target rate of 2%.

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Big news: Cathy Wood Arc se has just added more than 213,000 Coinbase (NASDAQ:COIN) is worth about $13 million for its ARK Innovation (ARKK) and Next Generation (ARKW) exchange-traded funds.

Coinbase Launched on Thursday a base, which is a layer two network built using Optimism’s OP Stack. The testnet of Base has already been started by a cryptocurrency exchange.

Spotify Enters the world of Web3 for the first time with a new beta version that includes “Token Playlists”. With this groundbreaking program, holders of non-fungible tokens can now link their wallets and enjoy curated music from around the world.

Analyst notes“As Wall Street oscillates around Fed rate hike expectations shifts, bitcoin oscillates around the $24,000 region. The next few months will be key to finding out that the rest of the world is embracing cryptocurrency,” said Edward Moya, senior analyst at OANA, in a note seen by Benzinga. .

The International Monetary Fund has released a statement regarding the elements of effective crypto-asset policies. “No major surprises came from this 1,131-word paper, but it did define what they focus on; protection of fiat currencies, excessive volatility in capital flows, cross-regional oversight and joint monitoring, and protection of financial stability,” Moya noted.

“Bitcoin seems to be stuck in a range at the moment and that might only change if we see risk aversion building on Wall Street,” he added.

cryptanalyst Michael Van de Poppe He said that bitcoin fell towards the bottom of the $23,300 resistance area. There was a significant bounce from this area, which indicates that more consolidation may be necessary before continuing towards the $30,000 mark.

Santiment The data shows that the amount of Bitcoin held by the big players (the so-called “Shark and Whale” addresses) remains stable in the $23,000-$25,000 range. However, the data also shows that the number of Bitcoin addresses with balances between 1,000 and 10,000 has increased in the past three months, along with the 10-100 and 100-1000 ranges.

analyst Kylo He said that the BTC chart appears to be ready for the next stage “sooner than you think.”

read the following: Bankrupt hedge fund liquidator three equity shares to sell non-fungible tokens to make up for losses

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