Bitcoin, Dogecoin, Ethereum Despite the intensification of the war in Ukraine, the US Federal Reserve’s hawkish tone was muted Wednesday night, dropping 0.4% to $ 2 trillion in global cryptocurrency market capitalization. rice field.
| coin | 24hours | 7 days | price |
|---|---|---|---|
| Bitcoin (Cryptography: BTC) | -0.6% | 17.8% | $ 43,999.10 |
| Ethereum (Cryptography: ETH) | 0.9% | 14.3% | $ 2,966.70 |
| Dogecoin (Cryptography: Doge) | -0.1% | 4.3% | $ 0.13 |
| Cryptocurrency | 24-hour rate of change (+/-) | price |
|---|---|---|
| Anchor protocol (ANC) | + 20% | $ 4.49 |
| Convex Finance (CVX) | + 13.1% | $ 21.27 |
| JUNO (JUNO) | + 12.3% | $ 45.16 |
Related item: How to buy Bitcoin (BTC)
Important reason: Chairman of the Federal Reserve Board Jerome PowellIn his semi-annual speech to Parliament, he said a rate hike was coming despite the ongoing war between Russia and Ukraine.
“The bottom line is to move forward, but as we learn more about the economic impact of the Ukrainian war, we will move forward cautiously,” Powell said.
“We avoid adding uncertainty to an already very difficult and uncertain environment.”
On Tuesday, the Bank of Canada raised interest rates to 0.5%. This is the first 25 basis point increase since 2018.
“Wall Street is still experiencing a major portfolio reset, as the war in Ukraine poses significant risks to economic growth and inflationary pressures,” OANDA senior market analyst Edward Moya said in Benzinga. I am writing in the memo.
Moya said Bitcoin has been diversified from fiat currencies, and concerns about growth have led investors to look for “alternative investments” from equities. However, he said the current rally may be losing momentum.
“Bitcoin went well, but the depletion of this rally could subside, as rising energy costs could impact overseas mining,” Moya said. He added that certainty can still trigger significant risk mitigation moments.
Wednesday’s dollar index, a measure of the strength of the greenback against six other peers, traded almost flat. According to a Reuters report, it rose 0.03% to $ 97.3290.
Cryptocurrency trader Justin Bennett The dollar index will be the “major driver” for digital assets in 2022, he said.
“If [Bitcoin] With the intention of hitting a record high, the DXY will lead the move below 95, “the analyst tweeted.
“Most of them overlook this, #DXY Will be the main driving force for #cryptos In 2022. “
If #Bitcoin With the intention of setting a record high, the DXY will lead with a move below 95.
Until then, it’s wise to remain a little skeptical.
— Justin Bennett (@JustinBennettFX) March 1, 2022
On the Ethereum side, median gasoline prices (7-day moving average) reached a six-month low of 57.884 GWEI, according to data from on-chain analytics firm Glassnode.
Median Ethereum Transaction Gas Prices (7-day Moving Average) — Provided by: Glassnode
According to BitInfoCharts data, the average ETH transaction fee was 0.0046 ETH or $ 13.69 at the time of the press.
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