Bitcoin, Ethereum, Dogecoin Rise Despite Hawkish Fed: Analyst Says Wait For ‘The Bigger Drop’ Will Be Longer — Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

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Bit­coin and Ethereum trad­ed in the green Thurs­day evening, as the glob­al cryp­tocur­ren­cy mar­ket cap rose 4.9% to $943.7 bil­lion at 8:19 p.m. EDT.

Price Per­for­mance Of Major Coins
Coin 24-hour 7‑day Price
Bit­coin BTC/USD 4.7% -1.6% $19,386.98
Ethereum ETH/USD 6.6% -9.6% $1,330.52
Doge­coin DOGE/USD 4.2% 1.6% $0.06

Top 24-Hour Gain­ers (Data via CoinMarketCap)
Cryp­tocur­ren­cy 24-Hour % Change (+/-) Price
XRP (XRP) +22.1% $0.5
Chiliz (CHZ) +19.1% $0.3
UNUS SED LEO (LEO) +14.1% ​​$4.92

See Also: How To Get Free Crypto

Why It Mat­ters: Major cryp­tocur­ren­cies moved in the oppo­site direc­tion of stocks, which closed low­er on Thursday.

The S&P 500 and Nas­daq closed 0.8% and 1.4%, respec­tive­ly. At the time of writ­ing, U.S. stock futures were seen mar­gin­al­ly higher.

Mean­while, 10-year Trea­sury yields rose from four-month lows seen in ear­ly August as investors expect the U.S. Fed­er­al Reserve will con­tin­ue to main­tain its hawk­ish pose and keep rates high­er even if it affects eco­nom­ic growth, report­ed Reuters.

The yield curve between the 2‑year and 10-year trea­suries is the most invert­ed since the year 2000. The inver­sion reached as far as neg­a­tive 58 basis points, which shows the ris­ing anx­i­ety about an upcom­ing recession.

“Bit­coin is doing just fine as the glob­al bond mar­ket sell­off heats up. Recent­ly, it seems Bit­coin would be sharply low­er if Wall Street sees Trea­sury yields sky­rock­et and stocks sell-off, but that is not hap­pen­ing. Bitcoin’s bot­tom could be in place if through­out this mar­ket volatil­i­ty it can hold the $18,000 lev­el,” said Edward Moya, a senior mar­ket ana­lyst with OANDA, in a note seen by Benzinga.

Cryp­tocur­ren­cy trad­er Justin Ben­nett said that we are like­ly to see some “bull­ish reclaims,” name­ly for Bitcoin. 

“I think every­one will have to wait a while longer for the big drop,” he said on Twitter.

Cryp­tocur­ren­cy trad­er Michaël van de Poppe said that the total mar­ket cap­i­tal­iza­tion for cryp­tocur­ren­cy has regained the 200-week mov­ing aver­age, which is a pos­i­tive for the markets.

Jon Haspel, a senior insti­tu­tion­al trad­ing asso­ciate at Block­Fi, tweet­ed that irre­spec­tive of the pre­vail­ing macro land­scape, Ethereum has seen pro­nounced sell­ing pres­sure due to numer­ous fac­tors such as decreas­ing whale wal­lets, min­er sell­ing and Ethereum Pow (ETHW) trade.

Mean­while, the price ratio of XRP/BTC hit a one-year high of 0.000025 as opti­mism builds around Rip­ple set­tling a law­suit with U.S. Secu­ri­ties and Exchange Com­mis­sion, said Santiment.

“Active shark & whale address­es hold­ing 1m to 10m [XRP] have been in an accu­mu­la­tion pat­tern since late 2020,” said the mar­ket intel­li­gence plat­form on Twitter.

Read Next: Bro­ken Record? JPMor­gan CEO Con­tin­ues Rant On Bit­coin, Calls It A ‘Ponzi Scheme’

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