Bitcoin, Ethereum, Dogecoin Lag The Stock Market Ahead Of Fed Rate Decision: A Look At The Cryptos Into The Weekend
Portfolio Pulse from Melanie Schaffer
Bitcoin, Ethereum, and Dogecoin were up by about 1% during Friday's trading session, a weaker performance compared to the general market. The market is anticipating the Federal Reserve will resume raising interest rates, which could be bullish for the crypto sector and possibly bearish for the stock market. The three cryptos have been consolidating mostly sideways on lower-than-average volume, suggesting a big move could be on the horizon.
July 07, 2023 | 8:33 pm
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Bitcoin was up about 1% during Friday's trading session. The market is anticipating the Federal Reserve will resume raising interest rates, which could be bullish for Bitcoin.
The anticipation of the Federal Reserve raising interest rates could be bullish for Bitcoin, as it could lead to increased investment in the cryptocurrency. This, combined with the current consolidation on lower-than-average volume, suggests a potential upward move for Bitcoin.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Dogecoin was up about 1% during Friday's trading session. The market is anticipating the Federal Reserve will resume raising interest rates, which could be bullish for Dogecoin.
The anticipation of the Federal Reserve raising interest rates could be bullish for Dogecoin, as it could lead to increased investment in the cryptocurrency. This, combined with the current consolidation on lower-than-average volume, suggests a potential upward move for Dogecoin.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Ethereum was up about 1% during Friday's trading session. The market is anticipating the Federal Reserve will resume raising interest rates, which could be bullish for Ethereum.
The anticipation of the Federal Reserve raising interest rates could be bullish for Ethereum, as it could lead to increased investment in the cryptocurrency. This, combined with the current consolidation on lower-than-average volume, suggests a potential upward move for Ethereum.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100