Bitcoin, Ethereum, Dogecoin Slip Ahead Of Fed's Interest Rate Decision: Analyst Says Correction Usual For King Crypto Before Uptrend Resumes
Portfolio Pulse from Aniket Verma
Leading cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced a sharp decline ahead of the Federal Reserve's interest rate decision. The S&P 500 and Nasdaq 100 closed at record highs, led by a significant surge in Apple Inc. (AAPL). Analysts suggest that the cryptocurrency market often corrects before such events and may resume its uptrend afterward.
June 12, 2024 | 2:02 am
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NEGATIVE IMPACT
Bitcoin fell below $67,000, triggering significant liquidations and a drop in open interest, indicating a bearish sentiment ahead of the Fed's interest rate decision.
The decline in Bitcoin's price and open interest suggests a bearish sentiment among traders, likely due to uncertainty ahead of the Fed's interest rate decision.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin fell by 4.67%, mirroring the broader cryptocurrency market's decline ahead of the Federal Reserve's interest rate decision.
Dogecoin's decline is consistent with the overall bearish trend in the cryptocurrency market, driven by investor caution ahead of the Fed's decision.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ethereum dipped below $3,500 for the first time in three weeks, reflecting a broader decline in the cryptocurrency market ahead of the Fed's interest rate decision.
Ethereum's price drop is part of a broader market decline, influenced by investor caution ahead of the Federal Reserve's interest rate decision.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Apple Inc. surged over 7% during the session, leading the rally in the S&P 500 and Nasdaq 100, which closed at record highs.
Apple's significant price increase contributed to the broader market rally, indicating strong investor confidence in the company's performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 80