Bitcoin, Ethereum Fall Ahead Of Fed Decision; Bonk Becomes Top Loser
Portfolio Pulse from Avi Kapoor
Ahead of the Federal Reserve's decision, Bitcoin (BTC) and Ethereum (ETH) experienced declines, with BTC trading below $42,000 and ETH below $2,200. FTX Token (FTT) emerged as the top gainer, while Bonk (BONK) was the biggest loser. The global crypto market cap dropped to $1.55 trillion, a 1.8% decrease over 24 hours. U.S. producer prices remained steady in November, defying market expectations of a rise.
December 13, 2023 | 2:30 pm
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POSITIVE IMPACT
FTX Token became the top gainer over the last 24 hours, with a price increase of 13.9% to $5.43, going against the market trend.
FTX Token's significant gain in a generally bearish market could attract attention from investors looking for assets that are performing well.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
NEGATIVE IMPACT
Bonk experienced the largest loss, dropping 23.8% in the past 24 hours, indicating a strong negative sentiment among investors.
Bonk's sharp decline may reflect investor concerns or reactions to specific news about the token, leading to a bearish outlook.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90
NEGATIVE IMPACT
Bitcoin traded below the $42,000 level, experiencing a 1.7% decline to $41,189 amid market anticipation of the Fed's decision.
Bitcoin's price movement is significant as it is a leading indicator of the crypto market's health. The anticipation of the Fed's decision typically increases market volatility.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Ethereum also saw a decrease, trading below the $2,200 mark with a 1.8% drop to $2,177, influenced by the broader market sentiment.
Ethereum's decline is reflective of the overall cautious sentiment in the crypto market due to the upcoming Fed decision.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100