Bitcoin, Ethereum and Dogecoin traded higher over 24 hours leading up to Monday evening as the global cryptocurrency market cap rose 2.35% to $1.9 trillion.
|Cryptocurrency||24-Hour % Change (+/-)||Price|
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Why It Matters: The specter of a 50-basis point interest rate hike may no longer be spooking investors, according to analysts.
Marcus Sotiriou, an analyst with the U.K.-based digital asset broker GlobalBlock said in a note “I am still cautiously bullish. This is because the market was already expecting a 50-basis point rate hike before Jerome Powell’s announcement last week, so this news has already been priced in to a large extent. This could lead to a buy-the-fact event on the day of the FOMC meeting on 3rd-4th May.”
The apex coin has regained the $40,000 level as investors “get close to fully pricing in Fed tightening for the year,” said Edward Moya, a senior market analyst with OANDA.
However, Moya said that inflation needs to “show signs” of peaking soon for crypto traders to receive the greenlight to scale back in.
Bears may be losing their grip on the market. Cryptocurrency trader Michaël van de Poppe tweeted there is great bullish divergence on Bitcoin and “bouncing from higher timeframes level here.
Sharing the apex coin’s chart, he said, “Looks ready for bullish continuation.”
Great bullish divergence on #Bitcoin and bouncing from higher timeframes level here.
Looks ready for bullish continuation. pic.twitter.com/IWswR6JDjp
— Michaël van de Poppe (@CryptoMichNL) April 25, 2022
When prices of Bitcoin fell from $39,900 to $38,200, the holdings of Bitcoin whale addresses that contain 10,000 to 100,000 coins rose by nearly 2%, according to a tweet from chartist Ali Martinez.
— Ali Martinez (@ali_charts) April 25, 2022
Monday’s top gainer was Dogecoin, which benefitted from the news of Tesla Inc TSLA CEO Elon Musk formalizing the purchase of Twitter, said Santiment on Twitter.
“We have historically seen that #memecoins benefit from [Musk] developments,” said Santiment.
Potentially related to the news of #ElonMusk‘s nearly formalized purchase of #Twitter today, #Dogecoin has pumped +19% over the past six hours. We have historically seen that #memecoins benefit from #Musk developments, & we’ll monitor this situation. https://t.co/kw3qtVBZ2k pic.twitter.com/iGgxkW0OPv
— Santiment (@santimentfeed) April 25, 2022