Fed Hikes Rate by 50bps, Sends BTC Below $18K as Crypto Rally Cools Off (Market Watch)
The crypto market cap was sent below $900 million as BTC loses $18K on 50bps rate hike by the Fed.
Bitcoinβs Price Tumbles Below $18K
On December 13th, the US Bureau of Labor Statistics published the numbers for the Consumer Price Index, which is used to gauge the levels of inflation in the country. They came in at 7.1% for November, which was below the expected 7.3%. Naturally, this led to an increase in the market, and BTCβs price soared to over $18K shortly after.
However, during the FOMC meeting yesterday, Fed Chairman Jerome Powell announced another interest rate hike of 50 basis points, which had the exact opposite effect on the price.
As seen in the above chart, BTCβs price reached an intraday high of around $18,387 (on Binance) but failed to sustain the rally and is currently trading at around $17,600.
The crypto market cap was sent below $900 million as BTC loses $18K on 50bps rate hike by the Fed.
Bitcoinβs Price Tumbles Below $18K
On December 13th, the US Bureau of Labor Statistics published the numbers for the Consumer Price Index, which is used to gauge the levels of inflation in the country. They came in at 7.1% for November, which was below the expected 7.3%. Naturally, this led to an increase in the market, and BTCβs price soared to over $18K shortly after.
However, during the FOMC meeting yesterday, Fed Chairman Jerome Powell announced another interest rate hike of 50 basis points, which had the exact opposite effect on the price.
As seen in the above chart, BTCβs price reached an intraday high of around $18,387 (on Binance) but failed to sustain the rally and is currently trading at around $17,600.
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@Banaa_898
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@Banaa_898
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Can the miners survive?
"The loss of miners began since June 12, 2022, when bitcoin reached $26,700, and the cost of mining one bitcoin at that time reached $29,450."β€οΈ
"The loss of miners began since June 12, 2022, when bitcoin reached $26,700, and the cost of mining one bitcoin at that time reached $29,450."
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#BTC didn't give any strong pullback but yeah, price drove down as expected. Price reached the support on 4H TF. This can go deeper around $16,900 and that will be the decisional point next impulsive move.
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Quantity: 4500
Time: 30s
Judgment direction:Short
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βπ₯ #BTC Liquidated Long - $69.1K at $16754.88
βFunding Rate: -0.0002%
βFunding Rate: -0.0002%
#BTC drop as said, price goes below $16,900. Price is now on retracement mode, it might be deeper or small. Look for 4H TF, for the weakness apperance. Don't enter any fresh trade for long position.
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Quantity: 6000
Time: 3m
Judgment direction:Short
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#BTC is more likely consolidating in range due to very low volume. Weekend in on, which might be reason for that. Next strong support on 4H TF, is around $16,150 and lower. Still, no sign for alts movement to the upside.
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The crypto markets calm down on Sunday, with volume drying up and Bitcoin unable to push for $17k. BNB leads altcoin gains.
Over the past day, the total cryptocurrency market capitalization managed to recover a few billion, but the overall market saw no considerable volatility, and volume is drying up.
Some altcoins managed to pull ahead, but the broader sentiment remains fearful.
Bitcoin Struggles Below $17K
Bitcoinβs price was unable to hold above the $17K level yesterday and dropped to a low of $16,527 on Binance. The cryptocurrency has failed to recover and is currently trading at around $16,670.
BTCβs price is down about 2.4% on the week and is only up 0.2% in the past 24 hours, unable to stage a clear recovery.
Bitcoinβs dominance β used to primarily gauge its share relative to that of the rest of the market β sits still at 38.2% (according to CoinGecko).
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How much Bitcoin do you need to guaranteed be in the top 1%?
21M coins / (8B people * 0.01)
= 0.26 BTC
In reality youβll need way less because of lost coins and whales.
@Banaa_898
21M coins / (8B people * 0.01)
= 0.26 BTC
In reality youβll need way less because of lost coins and whales.
@Banaa_898
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December 20, 2022
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