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Bitcoin, Ethereum, Dogecoin Drop As FOMC Meeting Restores Worries: Analyst Warns We Could Be In For A ‘Big Dump’

The top cryptocurrencies fell Wednesday night as the global cryptocurrency market capitalization fell 2.4% to $1.1 trillion.

Price performance of major coins
coin 24hours 7 days price
Bitcoin Bitcoin/USD -2.2% -2.7% $23,341.93
ethereum Ethereum/USD -2.3% -1.05% $1,834.26
dogecoin Doge/US Dollar -7.5% 12.5% $0.08

24 hour top gainers (data via CoinMarketCap)
Cryptocurrency 24 hour rate of change (+/-) price
Celsius (cell) +19.7% $2.81
Ios (ios) +7.65% $1.48
chili’s (CHZ) +5.8% $0.22

Related item: How to get free crypto

Important reasons: Bitcoin and Ethereum were in the red on press minutes after the US July policy meeting federal reserve The central bank has suggested it will remain hawkish until inflation drops significantly.

participant Federal Open Market Committee The Commission determined that a shift to a restrictive stance on policy was necessary to meet the Commission’s legislative mandate to promote maximum employment and price stability.

A Federal Reserve official said future interest rate decisions will be based on further data, but there was little indication that inflation was declining.

“Equity markets and digital assets are looking beyond the inflation story and believe inflation will come down within six months. It won’t,” he said. Martin HeathbeckBlockchain Research Director To supporta multi-asset digital trading platform.

“Bitcoin could crash by September due to a massive drought, factory closures and the sale of $400 worth of oil worth of natural gas.

Still, Apexcoin is at a “accumulation point” in the long term, Heathbeck said. “The fact that it hasn’t dropped significantly over the past few weeks, despite digesting the really bad news, is a turning point.”

global block Analyst Marcus Sotirio Technical analysis reveals that Bitcoin “will face significant challenges in the coming days,” he said.

“The 200-week moving average is just below the current price of $23,700, at around $23,000. suggests that there may be delays.Note.

cryptocurrency trader Michael van de Poppe Interpreting the FOMC minutes as “dovish,” he said that September will see interest rates rise by 50 basis points instead of 75 basis points. “Fear not,” he tweeted.

Justin Bennett In a tweet, he said that Bitcoin below $23,319.47 has an “intergenerational buying opportunity.”

However, in another post, the trader warned his Twitter followers that the bottom has yet to hit for stocks and cryptocurrencies.

“The S&P 500 mimics the 2008 crash, and the timing after the ATH is about the same,” said Bennett.

Meanwhile, Ethereum merger discussions are heating up, according to market intelligence platform Santiment. According to Santiment, discussions surrounding Ethereum’s move from its current proof-of-work mechanism to a proof-of-stake model surged on August 11.

Read the following: Dogecoin Founder On Why Businesses Are Reluctant To Accept DOGE And BTC

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