In Asia, Bitcoin was stuck below 30,000 dollars on Wednesday as the investors were waiting for the resumption of the rate-hike campaign by the U.S. Federal Reserve. The rise in Dogecoin by 7% showed optimism about the facts that were mentioned in the tweets of Elon Musk for the meme coin.
Bitcoin moved above 30,000 dollars over a month ago when the finance giant BlackRock made the application about a Bitcoin ETF and made speculations that if the largest asset manager of the world wins the approval, they could funnel a big amount of money from the investors and turn those into digital assets.
But it was stuck there ever since, partially due to the decision of the Fed on July 26, which is likely to increase at a rate of 25 bps. Bitcoin stooped even below 29,000 million dollars on Monday after the report from the Wall Street Journal that The CEO of Binance, Changpeng “CZ” Zhao, suggested the crypto exchange has associated and conducted wash trading years ago, and the policymakers from China warned a twisting economic recovery.
Noelle Acheson wrote in her Tuesday newsletter that “Inflation and rate concerns could be what [has been] keeping crypto prices depressed. BTC drop was sharp, which normally suggests a programmatic sale. These usually recover relatively quickly, but the new lower BTC level seems to be holding, reinforcing the idea that there are just not enough new buyers ready to take positions yet.”
DOGE has gone up recently by 0.08 dollars, a level that it could not reach since April. The price got up Tuesday after the story which CoinDesk published, suggesting the tweets of Elon Musk could broaden the use of meme coins and other cryptos.
The second-largest crypto Ether by market value was changing hands recently, at around 1,850 dollars which was 0.4% more than what it was 24 hours ago. XRP and SOL also went up by 1.3% and 0.9% respectively.
The CEO of the Yield app, Tim Frost, wrote to CoinDesk, “Some investors may be taking profits as they bet on hawkish language from the U.S. Fed following reports of rising house prices in the world’s biggest economy, which will likely give the [Federal Open Market Committee] reason to continue hiking rates throughout the year.”
