Bitcoin, Ethereum, Dogecoin mixed with Fed concerns

Bitcoin, Ethereum, Dogecoin mixed with Fed concerns

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Major coins traded mixed late Thursday evening, with market cap declining 0.20% in the past 24 hours to $1.10 trillion, recorded as of 8:30 p.m. EST.

Cryptocurrency Earnings (+/-) Price
Bitcoin -0.48% $24,049
Ethereum +0.97% $1,657
Dogecoin -0.90% $0.084

What happened: Apex encryption Bitcoin (CRYPTO:BTC) was trading below $25,000 as investors continued to assess the Fed’s ongoing monetary policy dialogue and scrutinize employment data.

Ethereum (CRYPTO:ETH) was trading up nearly 1% but below $1,700. Dogecoin (CRYPTO:DOGE) was trading at $0.084, down 0.90% in the past 24 hours.

US stocks surged on Thursday as investors showed support for the Federal Reserve’s rate hikes despite trading volatility. The S&P 500 rose 0.53% to end the day at 4,012.32, rebounding from its four-day losing streak. The Nasdaq Composite gained 0.72%, ending the session at 11,590.40.

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THE US Department of Labor reported that initial jobless claims for the week ending Feb. 18 fell by 3,000 to 192,000, below the consensus estimate of 200,000. This strong employment data has been a challenge for the Federal Reserve, as it seeks to reduce inflation from 6.4% to its target rate of 2%.

See more: Best Crypto Day Trading Strategies

Top news: At Cathie Wood’s Ark Invest just added over 213,000 Coinbase (NASDAQ:COIN) worth approximately $13 million to its ARK Innovation (ARKK) and Next Generation (ARKW) exchange-traded funds.

Coinbase launched Thursday Base, a Layer 2 network built using Optimism’s OP stack. The Base testnet has already been launched by the crypto exchange.

Spotify makes its first foray into the world of Web3 with a new driver involving “token-enabled playlists”. Thanks to this pioneering program, holders of non-fungible tokens can now connect their wallets and enjoy curated music from around the world.

Analyst Notes“As Wall Street revolves around expectation changes from the Fed rate hike, Bitcoin is teetering around the $24,000 area. The next few months will be key to seeing the rest of the world embrace crypto,” said Edward Moya, principal analyst at OANA, in a note seen by Benzinga.

The IMF has released a statement on the elements of effective policies for crypto-assets. “No big surprises came from this 1,131-word article, but it did describe what they are focusing on; protection of fiat currencies, excessive volatility in capital flows, surveillance, joint surveillance between regions and financial stability protections,” Moya noted.

“Bitcoin seems stuck in a range right now and that could only change if we see risk aversion run wild on Wall Street,” he added.

Crypto analyst Michael van de Poppe stated that Bitcoin fell towards the lower part of the $23,300 resistance zone. There has been a significant bounce in this area, indicating that further consolidation may be needed before the continuation towards the $30,000 mark.

Santiment’s the data suggests that the amount of Bitcoin held by the big players (the so-called “Shark and Whale” addresses) remains stable in the range of $23,000 to $25,000. However, the data also shows that the number of Bitcoin addresses with balances between 1,000 and 10,000 has increased over the past 3 months, as well as the 10-100 range and the 100-1000 range.

Analyst Advice said that BTC Chart looks ready for the next step “sooner than you think”.

Read more: Liquidators of bankrupt hedge fund Three Arrows Capital will sell non-fungible tokens to recoup losses

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