Bitcoin, Ethereum, Dogecoin Dip Ahead Of FOMC Meet: Analyst Says King Crypto Undergoing Correction, Suspects A 'Bounce' Within 24 Hours
Portfolio Pulse from Mehab Qureshi
Ahead of the FOMC meeting, Bitcoin, Ethereum, and Dogecoin experienced price corrections. Bitcoin is undergoing a standard pre-FOMC correction, with a bounce expected within 24 hours, particularly with a focus on Ethereum. Over 70,162 traders were liquidated in the last 24 hours, with total liquidations reaching $156.71 million. The largest single liquidation order was on ETH-USD-SWAP valued at $2.11 million. The global crypto market cap decreased by 0.59% to $1.5 trillion. The S&P 500 and Nasdaq Composite saw gains. Analysts predict Bitcoin may see further downward movement but remain bullish on a higher time frame. Santiment reports increased Bitcoin movement back to exchanges and a 6.9% increase in USDT on exchanges.
December 13, 2023 | 3:07 am
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POSITIVE IMPACT
Bitcoin experienced a 2.39% decrease ahead of the FOMC meeting, with analysts predicting a short-term correction and a potential bounce within 24 hours.
The expected bounce within 24 hours and the overall bullish sentiment on a higher time frame suggest a potential short-term positive impact on Bitcoin's price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Ethereum saw a 3.13% increase and is the focus of attention as analysts expect a rotation towards the Ethereum network after the FOMC meeting.
The positive sentiment towards Ethereum and the expected focus on its network suggest a potential short-term positive impact on Ethereum's price.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 85
NEUTRAL IMPACT
Dogecoin decreased by 5.08% before the FOMC meeting, with the market anticipating potential movements post-announcement.
The current dip in Dogecoin's price reflects market uncertainty before the FOMC meeting, with no clear short-term direction indicated by analysts.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70