Dogecoin Rally Halts, Bitcoin, Ethereum Down After Fed Rate Hike — But 1 Major Crypto Is Still Charging Ahead – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Major coins traded in negative territory Wednesday evening as the global cryptocurrency market cap fell 1.8% to $999.6 billion at 9:31 pm EDT.

Price performance of major coins
the coin 24-hour 7-day price
Bitcoin BTC/USD -1.5% -2.7% $20,225.41
ethereum ETH/USD -3.4% -2% $1,534.63
Dogecoin DOGE/USD -8.1% 80.5% $0.13

Top 24-hour gainers (data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) price
Rviv (AR) 37.4% $14.09
Litecoin (LTC) 15.3% $63.65
Meena (MINA) 15.3% $0.78

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Why does it matter?: Bitcoin, ethereumAnd Dogecoin All were trading lower after risk assets, including stocks, fell due to the Federal Reserve’s latest rate hike.

The tech-heavy Nasdaq ended 3.4% lower intraday, while the S&P 500 ended Wednesday’s session down 2.5%. At the time of writing, US stock futures were flat.

On Wednesday, all 12 Federal Open Market Committee Members voted to raise the target Fed funds rate by 0.75% to a range between 3.75% and 4%. It was the fourth consecutive rate hike by the US Federal Reserve in its fight against inflation.

Edward MoyaA senior market analyst with OANDA noted the dovish part of the Fed’s statement, where the central bank said it would take into account the cumulative tightening of monetary policy, which affects economic activity and inflation, and the economic and financial development.

“Bitcoin continues to trade above the $20,000 level as the Fed confirms what markets have been expecting; a reduction in tightening is coming. The initial Fed reaction was too strong for most riskier assets, but it Not sustained because the central bank will be dependent with the next round of inflation data,” Moya said, in a note seen by Benzinga.

“Inflation has been at an 18-month high and the Fed will remain committed to using its tools, which means we won’t get a green light for riskier assets unless inflation is falling sharply.”

Justin Bennett Noted that the dollar index still has “bull flag potential” and is set to close above 111.80.

“Those who wish for an increased rally from this [crypto] DXY is needed below this 111.50-111.80 area in the coming days,” the trader said.

Dogecoin, which increased after last week Elon Musk’s Twitter takeover, was seen cooling off on Wednesday evening.

Meme coin’s 24-hour trading volume fell 41.3% to $4.6 billion, according to CoinMarketCap data. At the time of writing, over 24 hours, CoinGlass data indicated that $23.8 million worth of DOGE had been liquidated.

Serhiy ZhdanovCEO of cryptocurrency trading platform EXMOsaid in a note that for about three and a half days when DOGE traded between 6 and 9 cents, that’s 20% of the exchange’s weekly trading volume.

DOGE/USD volume distribution between October 26 and November 1 — courtesy EXMO

“On October 29 there was a sharp jump in price: DOGE rose more than 50% in 8 hours. This is the main reason why there was relatively low trading volume between $0.09 and $0.12. The excitement in the market started with the rise above 0.12 USD,” said Zhdanov.

In the second half of the week, trades were mostly between 12 and 15 cents and accounted for 57% of the weekly trading volume in this period.

Market Intelligence Platform, satisfactionnoted that Litecoin (LTC) is “on a good run at the moment” and added from the cryptocurrency pack.

“We have seen that the volume of addresses with 1,000 or more [LTC] Has grown rapidly since mid-June, and [LTC’s] Price Vs [BTC] Up +51% since June 12.

Sentiment noted that 314 new shark and whale LTC addresses have been created since May 27. At the time of writing, LTC traded 16% higher at $63.80. For the week, the coin has risen 12.9%. It should be noted that LTC and DOGE can be mined together.

Read further: What the Fed’s Latest Interest Rate Hike Means for the Crypto World


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