Bitcoin, Ethereum, Dogecoin Trade Lower As Fed's Jerome Powell Sings Hawkish Tune, Analyst Says King Crypto 'Wants To Continue Rallying'
Portfolio Pulse from Shivdeep Dhaliwal
Major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) traded lower following hawkish comments from Federal Reserve Chair Jerome Powell about potential multiple interest rate hikes. Bitcoin briefly fell below the $30,000 mark but regained its position. Amid the market pullback, Bitcoin surpassed Ethereum and other cryptocurrencies, reaching its highest level of dominance in 26 months. The global crypto market capitalization declined by almost 2% over the last day. Analysts suggest that Bitcoin 'wants to continue rallying'.
June 29, 2023 | 2:16 am
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NEGATIVE IMPACT
Bitcoin traded lower following hawkish comments from Federal Reserve Chair Jerome Powell. However, it regained its position after briefly falling below the $30,000 mark and reached its highest level of dominance in 26 months.
The hawkish comments from Federal Reserve Chair Jerome Powell about potential multiple interest rate hikes led to a decrease in Bitcoin's price. However, Bitcoin managed to regain its position, indicating its resilience and dominance in the market.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin traded lower following hawkish comments from Federal Reserve Chair Jerome Powell.
The hawkish comments from Federal Reserve Chair Jerome Powell about potential multiple interest rate hikes led to a decrease in Dogecoin's price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ethereum traded lower following hawkish comments from Federal Reserve Chair Jerome Powell. During the market pullback, Bitcoin surpassed Ethereum and other cryptocurrencies.
The hawkish comments from Federal Reserve Chair Jerome Powell about potential multiple interest rate hikes led to a decrease in Ethereum's price. Additionally, Bitcoin surpassed Ethereum during the market pullback, indicating a shift in market dominance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80