{"id":31876,"date":"2022-10-13T09:47:43","date_gmt":"2022-10-13T09:47:43","guid":{"rendered":"https:\/\/egrowonline.com\/?p=31876"},"modified":"2022-10-13T09:47:43","modified_gmt":"2022-10-13T09:47:43","slug":"bitcoin-ethereum-gain-dogecoin-down-after-fed-minutes-analyst-says-quiet-period-for-crypto-about-to-end-bitcoin-btc-usd-ethereum-eth-usd-dogecoin-doge-usd","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=31876","title":{"rendered":"Bitcoin, Ethereum Gain, Dogecoin Down After Fed Minutes: Analyst Says ‘Quiet Period For Crypto About To End’ – Bitcoin (BTC\/USD), Ethereum (ETH\/USD), Dogecoin (DOGE\/USD)"},"content":{"rendered":"


\n<\/p>\n

\n

Bitcoin<\/strong> and Ethereum<\/strong> were seen trading in the green on Wednesday evening as the global cryptocurrency<\/a> market cap stayed largely flat at $921.5 billion at 9:16 p.m. EDT.<\/p>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Price Performance Of Major Coins<\/caption>\n

<\/p>\n

Coin<\/th>\n

<\/p>\n

24-hour<\/th>\n

<\/p>\n

7-day<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Bitcoin<\/strong> BTC\/USD<\/span><\/td>\n

<\/p>\n

0.4%<\/td>\n

<\/p>\n

-5.7%<\/td>\n

<\/p>\n

$19,149.87<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Ethereum<\/strong> ETH\/USD<\/span><\/td>\n

<\/p>\n

1%<\/td>\n

<\/p>\n

-5.5%<\/td>\n

<\/p>\n

$1,297.55<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Dogecoin<\/strong> DOGE\/USD<\/span><\/td>\n

<\/p>\n

-0.8%<\/td>\n

<\/p>\n

-7.8%<\/td>\n

<\/p>\n

$0.06<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Top 24-Hour Gainers (Data via CoinMarketCap)<\/caption>\n

<\/p>\n

Cryptocurrency<\/th>\n

<\/p>\n

24-Hour % Change (+\/-)<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Huobi Token<\/strong> (HT)<\/td>\n

<\/p>\n

+25.1%<\/td>\n

<\/p>\n

$7.41<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Terra<\/strong> (LUNA)<\/td>\n

<\/p>\n

+13.1%<\/td>\n

<\/p>\n

$2.77<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Hedera<\/strong> (HBAR)<\/td>\n

<\/p>\n

+4.7%<\/td>\n

<\/p>\n

\u200b\u200b$0.06<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

See Also: <\/em>Best Crypto Debit Cards<\/em><\/a><\/p>\n

Why It Matters:<\/strong> The two largest coins were seen higher on an intraday basis on Wednesday evening even as U.S. Federal Reserve<\/strong> minutes for September indicated that interest rates may remain higher for longer.<\/a><\/p>\n

Many of the Federal Open Market Committee<\/strong> participants indicated that once the policy rate had reached a sufficiently restrictive level it would be \u201cappropriate to maintain that level for some time until there was compelling evidence that inflation was on course to return to the 2% objective.”<\/p>\n

Meanwhile, U.S. producer prices rose more than expected<\/a> in September, with the producer price index (PPI) rising 0.4% in September, according to the Bureau of Labor Statistics<\/strong>. Economists were expecting an increase of 0.2%.<\/p>\n

Wednesday\u2019s PPI data comes just a day ahead of key consumer price index data. PPI measures wholesale inflation, while CPI is a barometer of consumer prices.<\/p>\n

U.S. stock futures were seen trading marginally higher as investors await CPI numbers along with weekly jobless claims data, which is also expected on Thursday.<\/p>\n

Micha\u00ebl van de Poppe<\/strong> said there was \u201cmassive volatility\u201d at the PPI number, while tomorrow the \u201cvolatility will be higher.\u201d<\/p>\n

<\/p>\n

Massive volatility at this number of PPI.<\/p>\n

Atleast inflation not acceleration.<\/p>\n

But, tomorrow, during CPI, the volatility will be higher. Tonight during FOMC minutes as well.<\/p>\n

Don’t use high leverage during those events!<\/p>\n


\n\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) October 12, 2022<\/a><\/p><\/blockquote>\n

The trader warned followers on Twitter, \u201cDon’t use high leverage during those events!\u201d<\/p>\n

Edward Moya<\/strong>, a senior market analyst with OANDA said investors should expect a 75 basis points hike at the second FOMC decision in November.<\/p>\n

\u201cThe Fed is giving us subtle dovish hints here and that is good news for risky assets.\u00a0 Officials saw slowing the pace of hiking at some point and that could easily happen after the November FOMC meeting.\u201d<\/p>\n

Moya said on the apex coin, \u201cBitcoin could break out after the inflation report as Wall Street will have a better idea if the Fed needs to maintain an aggressive tightening stance beyond the November FOMC meeting. If inflation stays hot, Bitcoin could be vulnerable to test last month\u2019s lows just ahead of the $18,000 level.\u201d<\/p>\n

Cryptocurrency trader Justin Bennett <\/strong>said on Twitter that this \u201cquiet period for [cryptocurrencies] is about to end.\u201d<\/p>\n

<\/p>\n

This quiet period for #crypto<\/a> is about to end.<\/p>\n

The longer a market coils, the more explosive the breakout. Get ready. #Altcoin<\/a> market cap\u00a0 pic.twitter.com\/qxrZmZaYAC<\/a><\/p>\n


\n\u2014 Justin Bennett (@JustinBennettFX) October 12, 2022<\/a><\/p><\/blockquote>\n

\u201cThe longer a market coils, the more explosive the breakout. Get ready.\u201d<\/p>\n

CryptoQuant CEO Ki Young Ju<\/strong> said that institutional adoption of cryptocurrencies could happen \u201cin a few years.\u201d<\/p>\n

\u201c\u200b\u200bCrypto market cap divided by M1 shows crypto adoption in asset allocation. It seems crypto is still in the retail-adoption phase for now. Institutional-grade infra seems almost ready to bring new capital.\u201d<\/p>\n

<\/p>\n

Institutional adoption could happen in a few years.<\/p>\n

Crypto market cap divided by M1 shows crypto adoption in asset allocation. It seems crypto is still in the retail-adoption phase for now.<\/p>\n

Institutional-grade infra seems almost ready to bring new capital.<\/p>\n

h\/t @intocryptoverse<\/a> pic.twitter.com\/q9E1RkG0ik<\/a><\/p>\n


\n\u2014 Ki Young Ju (@ki_young_ju) October 12, 2022<\/a><\/p><\/blockquote>\n

M1 refers to mostly liquid money supply comprising currency, demand deposits and other liquid deposits, which include savings.<\/p>\n

Meanwhile, on the Ethereum front, the second-largest cryptocurrency has turned deflationary as over the last four days a total of 11,200 ETH has been burned as users rush to mint XEN tokens \u2014 related to a mysterious and recently launched project, said Delphi Digital<\/strong>, in a note seen by Benzinga.<\/p>\n

Daily Net Supply Change and Total Supply For ETH Since The Merge \u2014 Courtesy Delphi Digital<\/em><\/p>\n

The XEN token was launched by the \u201cFair Crypto Foundation\u201d with the project\u2019s website stating that it was founded by Jack Levin<\/strong>, an early engineer at Google, according to Delphi Digital.<\/p>\n

\u201c\u200b\u200bUsers have spent a total of [4,100] ETH to interact with the XEN token contract. At one point since the token\u2019s launch, the contract accounted for more than 48% of the gas used on Ethereum,\u201d said the independent research firm.<\/p>\n

Delphi noted that since the successful merge in mid-September<\/a> ETH has remained inflationary. It said that many are pointing out that deflation caused by XEN is evidence that a sustained increase in on-chain activity during the next bull market could lead to massive deflation in ETH.<\/p>\n

Read Next: <\/em>Crypto.com \u2014 Of Matt Damon Lore \u2014 Laid Off Hundreds And Now Is Spending $150M On A New HQ In Paris<\/em><\/a><\/p>\n<\/div>\n


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Bitcoin and Ethereum were seen trading in the green on Wednesday evening as the global cryptocurrency market cap stayed largely flat at $921.5 billion at 9:16 p.m. EDT. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC\/USD 0.4% -5.7% […]<\/p>\n","protected":false},"author":1,"featured_media":31877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[46],"tags":[646,50,6612,62,85,4961,158,2693,1858,254,299,1574,10928],"class_list":["post-31876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-analyst","tag-bitcoin","tag-btcusd","tag-crypto","tag-dogecoin","tag-dogeusd","tag-ethereum","tag-ethusd","tag-fed","tag-gain","tag-minutes","tag-period","tag-quiet"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/10\/shutterstock_1900947658.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/31876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31876"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/31876\/revisions"}],"predecessor-version":[{"id":31878,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/31876\/revisions\/31878"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/31877"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31876"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}