Bitcoin, Ethereum, Dogecoin Rise Despite Fed Hawkish: Analyst Says Wait for ‘Biggest Drop’ Will Be Longer – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Bitcoin, Ethereum, Dogecoin Rise Despite Fed Hawkish: Analyst Says Wait for 'Biggest Drop' Will Be Longer - Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
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Bitcoin Y Ethereal traded in the green on Thursday night as the global cryptocurrency market capitalization surged 4.9% to $943.7 billion as of 8:19 p.m. EDT.

Price performance of major coins
Currency 24 hours 7 days Price
Bitcoin USD/BTC 4.7% -1.6% $19,386.98
Ethereal EUR/USD 6.6% -9.6% $1,330.52
doecoin DOGO/USD 4.2% 1.6% $0.06

Top 24-hour gainers (data via CoinMarketCap)
cryptocurrency 24 hour % change (+/-) Price
XRP (XRP) +22.1% $0.5
Chilies (CHZ) +19.1% $0.3
UNUS SED LEO (LION) +14.1% $4.92

See also: How to get free cryptocurrencies

Because it is important: Major cryptocurrencies moved in the opposite direction of stocks, which closed lower on Thursday.

The S&P 500 and the Nasdaq closed up 0.8% and 1.4%, respectively. At the time of writing, US stock futures were seen marginally higher.

Meanwhile, 10-year Treasury yields have risen from four-month lows seen in early August as investors expect the US to move. Federal Reserve will continue to maintain its aggressive stance and keep rates higher even if it hurts economic growth, reported Reuters.

The yield curve between 2-year and 10-year Treasury bonds is the most inverted since 2000. The inversion reached as much as negative 58 basis points, showing growing anxiety about a coming recession.

“Bitcoin is doing well as the global bond market sell-off intensifies. Recently, it looks like Bitcoin would drop sharply if Wall Street sees Treasury yields soar and stocks sell off, but that’s not happening. The bottom of Bitcoin could be in place if throughout this market volatility it can hold the $18,000 level,” he said. Edward Moyaa senior market analyst with OANDAin a note seen by Benzinga.

cryptocurrency trader justin bennett he said that we are likely to see some “bullish claims”, that is, for Bitcoin.

“I think everyone will have to wait a little longer for the big drop,” he said on Twitter.

cryptocurrency trader Michael van de Poppe he said that the total cryptocurrency market capitalization has rebounded from the 200-week moving average, which is positive for the markets.

jon haspela senior institutional trading associate at BlockFi, tweeted that regardless of the prevailing macro landscape, Ethereum has seen strong selling pressure due to numerous factors, such as declining whale wallets, miner sell-offs, and Ethereum Pow (ETHW) trading.

Meanwhile, the XRP/BTC price ratio hit a one-year high of 0.000025 as optimism mounts that Ripple has settled a lawsuit with the US. National Stock Market CommissionSantiment said.

“Active directions of sharks and whales with 1m to 10m [XRP] have been in an accumulation pattern since the end of 2020,” the market intelligence platform said on Twitter.

Read next: Broken record? JPMorgan CEO continues to rant about Bitcoin, he calls it a ‘Ponzi scheme’

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