BTC, ETH and DOGE surge ahead of Fed rate hike

Bitcoin and other major currencies trade in the green, with the cryptocurrency’s market cap up 3.1%

3.1% to 18,000

Price performance of major tokens
Currency 24 hours 7 days Price
Bitcoin (Cryptocurrency: BTC) 4.5% 3.8% 39,511.24 yuan
Ethereum (Crypto: ETH) 2.6% 3.4% $2,583.35
Dogecoin (Crypto: DOGE) 2% -3% $0.11
24-hour major speculators (CoinGecko data)
24-hour change (+/-) price of cryptocurrencies
Hito Financial (Hito) +29.8% $34.12
Chain of Thor (Rune) +14.2% $7.24
Graphics (GRT) +10.8% $0.37
because it matters
Inventory goods added a limp Monday night with expectations U.S., crypto markets limp

The Federal Reserve is scheduled to start a two-day meeting on Tuesday, which is expected to mark the start of a rate hike. The central bank is expected to raise the target federal funds rate by 0.25 percentage point from zero.

Russian and Ukrainian officials welcomed Sunday’s talks, with some representatives saying a draft agreement could be finalized within days, Reuters reported.

“Cryptocurrencies in general are going through a turbulent period as investors await progress in talks between Russia and Ukraine. If the Fed signals a clear path to rate hikes, it could spark a deeper sell-off in bond markets,”OANDA Senior Markets Analyst Edward Moya said.

Bitcoin market cap dominance currently stands at 42.9%, up 0.5% in 24 hours. At the beginning of the year, apex coin dominance hovered around the 39% mark.

Bitcoin Dominance Over Time – Courtesy of CoinMarketCap

“Bitcoin is better able to withstand geopolitical tensions and global risk-off sentiment than Ethereum. BTC has been down 20% since the start of the year, while Ethereum is down 32%,” Kaiko Research, accessible in Benzinga stated in a report.

Amsterdam-based cryptocurrency trader Michaël van de Poppe said on Twitter that altcoins are showing “a lot of weakness” in the Bitcoin pair. He added that Apex Coin is consolidating.

“To be honest, it’s not the best signal for the market,” explained Van de Poppe.

ALTCOINS is again showing a lot of weakness in the $BTC pair as they are falling. #BITCOIN is still consolidated.

Honestly, it’s not the best sign for the market.

— MICHAËL VAN DE POPPE (@CRYPTOMICHNL) March 14, 2022

On the other hand, the number of bitcoins that exist on the Coinbase Global Inc trading platform

continue to decrease. It has lost 375,500 BTC or 36.6% since reaching an all-time high of 1.02 million BTC in April 2020.

Glassnode tweeted that Coinbase’s outflow was exacerbated by 31,000 BTC last week after a “huge net outflow.”

BITCOIN Bitcoin holdings on COINBASE have fallen by $375,500 (36.6%) since the ATH set in April 2020.

It was pushed lower last week by around $31,000 in BTC after massive net outflows.

We explore this further in the latest issue of THE WEEK ON-CHAIN newsletter.​ https://T.CO/YA55I1EG0L PIC.TWITTER.COM/EU15PGDS9O

— GLASSNODE (@GLASSNODE) March 14, 2022

“The fact that it is the exchange with the largest BTC balance and a preferred location for U.S. institutions further supports the adoption of Bitcoin as a macro asset by large institutions,” Glassnode said in a statement.

Bitcoin and other major currencies trade in the green, with the cryptocurrency’s market cap up 3.1%