DOGE Rises On Musk Effect, BTC, ETH Slide Ahead Of Fed Meet


Major currencies traded in the red on Monday, as global market capitalization fell 3.68% to $1.04 trillion as of 8:30 p.m. EST.

cryptocurrency Winners (+/-) Price
Bitcoin -3.74% $22,802
Ethereal -4.46% $1566
dogecoin +1.50% $0.091

What happened: The largest cryptocurrency by market value, Bitcoin USD/BTCtraded below $23,000. Ethereal EUR/USD it was changing hands at $1,566, down 4.46% in the last 24 hours.

dogecoin DOGO/USD it rose 1.50% in the last 24 hours, pushing its price up to $0.091. This increase occurred after a financial time report that Elon Musk wants Twitter’s payment system to start accepting cryptocurrencies.

US stocks closed lower on Monday as traders awaited the Federal Reserve’s decision on interest rates and studied fourth-quarter earnings reports from tech giants like Apple. APPLY Y goal inc GOAL. The tech-heavy Nasdaq Composite fell 1.9%, while the S&P 500 and Dow Jones Industrial Average (DJIA) fell 1.3% and 0.7%, respectively.

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Analyst Notes: “Inflation risks are rapidly cooling off what was a pretty impressive month for cryptocurrencies. Bitcoin is falling as Wall Street turns very defensive ahead of major event risk this week. The Fed is prepared to slow its pace of tightening again, but they could argue that they will keep rates higher for longer and won’t back down at the first opportunity to cut. For cryptocurrencies to have underlying support given all the regulatory and contagion fears, inflation risks need to disappear. Bitcoin has massive resistance at the $24,000 level, so if risk aversion holds, downside momentum might not find major support until the $21,000 region,” he said. Eduardo MoyaOANDA senior analyst, in a note seen by Benzinga.

Crypto analyst Rekt Capital has warned that there is a risk of Bitcoin developing a Lower Top and so far there has been little rejection to form one. However, if the apex crypto can close on a monthly basis above $23,400, this lower high is not likely to act as a strong point of rejection.

Mark Yuskofounder and CIO of morgan creekbelieves that Bitcoin could be starting a new bull market as the 2024 halving approaches. He believes that the halving cycle could be a key factor in turning the tide in favor of BTC.

“We had a drop from $18,000 to $15,000 and then back to $18,000. We did the perfect cup and handle pattern, but the spring, interestingly enough, think about the four-year cycle, the spring is basically flat… The key here is that the spring is flat, but there’s a lot of volatility. Summer, which I think starts in April-May, usually nine months before the halving, that’s when things are going to get fun.”

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