Bitcoin, Ethereum, Dogecoin rangebound – but analyst says this upcoming event could end ‘holiday’

Major coins remained under pressure following the release of protocols from the US Those of the Federal Reserve Policy meeting in July as the global cryptocurrency market cap fell 1.3% to $1.1 trillion.

Price development of major coins
coin 24 hours 7 days Price
Bitcoin BTC/USD -0.8% -3.2% $23,175.28
ether ETH/USD 0.3% -2% $1,841.04
Dogecoins DOGE/USD -6.4% 6% $0.075

Top 24-hour Gainers (data from CoinMarketCap)
cryptocurrency 24-hour % change (+/-) Price
gnosis (GNO) +13.5% $197.82
Celsius (CEL) +1.9% $197.82
ether (ETH) +0.3% $1,841.04

See also: How to get free crypto

Why it matters: The Apex Coin was in the red at press time, while other risky assets like stocks were trading flat.

“Bitcoin is officially on vacation. Despite decent moves with the dollar and Treasury yields, bitcoin remains anchored between $20,000 and $25,000,” he said Edward Moyasenior market analyst for OANDA, in a note from Benzinga.

“It appears that a big move will have to wait until we have a firm grip on market expectations for the September FOMC meeting. If stocks continue to trade in a range, Bitcoin looks set to do the same ahead of the Jackson Hole Symposium,” Moya said.

The Jackson Hole event is being hosted by the Federal Reserve and is scheduled for August 25 this year.

The dollar showed strength on Thursday. The dollar index, a measure of the greenback’s strength against six other currencies, rose to 107.57, its highest in a month, Reuters reported.

The dollar rose sharply after Federal Reserve officials raised the need for further rate hikes to fight inflation, according to recently released July policy minutes.

Justin Bennett said on Twitter that the dollar index could probably rise to 120 in the next few months. “USD rising means risk assets falling,” the cryptocurrency trader said.

Michael van de Poppe tweeted on Thursday that Bitcoin is “climbing higher.” The trader said he expects the Apex coin to rally to $28,000-$30,000 in the next few weeks.

Bitcoin Relative Transfer Volume, which is the company-adjusted breakdown of on-chain volume by dollar value of transactions, shows that 63% of total on-chain volume is greater than $10 million. On-chain analytics company glass node tweeted that these “dynamics have evolved since mid-2020.”

There is a surge in Bitcoin profit-taking, while Ethereum’s win-loss ratio has fallen after showing strong profit-taking earlier in the month, the market research platform tweeted mood.

Continue reading: Vitalik Buterin takes aim at Ripple (XRP): “They tried to throw us under the bus”

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