Bitcoin, Ethereum, Dogecoin soar despite Hawkish Fed: Analyst – Press Release | Online Free Press release news distribution


Bitcoin and ether Trading on the green Thursday evening, as the global cryptocurrency market cap rose 4.9% to $943.7 billion as of 8:19 p.m. EDT.

Price development of major coins
coin 24 hours 7 days Price
Bitcoin BTC/USD 4.7% -1.6% $19,386.98
ether ETH/USD 6.6% -9.6% $1,330.52
Dogecoins DOGE/USD 4.2% 1.6% $0.06
Top 24-hour Gainers (data from CoinMarketCap)
cryptocurrency 24-hour % change (+/-) Price
XRP (XRP) +22.1% $0.5
chilli (CHF) +19.1% $0.3
NOT USED SED LEO (LION) +14.1% $4.92

See also: How to get free crypto

Why it matters: Major cryptocurrencies moved in the opposite direction from stocks, which closed lower on Thursday.

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

Meanwhile, 10-year Treasury yields rose from 4-month lows in early August as investors anticipate the US federal reserve will continue to maintain its hawkish stance and keep interest rates higher even if it hurts economic growth, reported Reuters.

The yield curve between the 2-year and 10-year Treasuries is the most inverted since 2000. The inversion reached negative 58 basis points, showing rising fears of an imminent recession.

“Bitcoin is doing well as the sell-off in the global bond market intensifies. Lately, it seems that if Wall Street sees Treasury yields soar and stocks sell off, Bitcoin would be significantly lower, but that’s not happening. Bitcoin may bottom if it can hold the $18,000 level despite this market volatility,” he said Edward Moyaa senior market analyst OANDAin a note Benzinga saw.

cryptocurrency trader Justin Bennett said that we will likely see some “bullish recalls” namely for bitcoin.

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

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