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.
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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.
The trend is your friend…unless it is $DXY.
112-113 at first, but most likely 120 in the next few months.
— Justin Bennett (@JustinBennettFX) August 18, 2022
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 climb up.
� Lows have been recorded in the last 24 hours.
� Crucial to win back $23.7k.
� If there is a move to $24,000, a flip of $23.7,000 will trigger longs.
The trend remains up on higher timeframes.
Still expect $28-30k over the next few weeks. pic.twitter.com/wXjeu1bZ1K
— Michaël van de Poppe (@CryptoMichNL) August 18, 2022
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.”
#Bitcoin Relative transfer volume is dominated by large transfers, with 63% of total on-chain volume being over $10M in size.
This momentum has continued to develop since mid-2020.https://t.co/6Vwhd1hSgb pic.twitter.com/3atfwOlI6S
— Glass Node (@glassnode) August 17, 2022
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.
#Bitcoin remains relatively flat at $23.4K, but its win-to-loss trade ratio rises to the “yellow flag” level. In the meantime, #Ether is finally reporting a much safer ratio this week after some very heavy profit taking in early August. https://t.co/CB79m9dkbE pic.twitter.com/RXfXTdkfuu
— Santiment (@santimentfeed) August 18, 2022
Continue reading: Vitalik Buterin takes aim at Ripple (XRP): “They tried to throw us under the bus”