Ethereum may have reached a bottom in the bear market and is expected to break out from an ascending triangle pattern, according to crypto strategist Credible Crypto, who predicts a consolidation between $1,600 and $2,000 for the rest of the year before a surge in early 2024. However, they also hold a bearish view for ETH/BTC in the short term.
Bitcoin, Ethereum, and Dogecoin remained relatively stable as the global cryptocurrency market cap increased slightly, while the Financial Accounting Standards Board endorsed regulations for accounting fair values of companies' cryptocurrency holdings.
Bitcoin (BTC) experienced a short squeeze, leading to a rally in prices and a decline in open interest in futures and perpetual swaps trading. However, the lack of immediate bullish catalysts may cap the price recovery.
Coinbase CEO Brian Armstrong believes that "flatcoins," which track inflation instead of being pegged to a currency or asset, are the next evolution of stablecoins and offer better retention of value.
Stocks traded flat on Monday as investors focused on the upcoming Federal Reserve meeting where the central bank will issue its next interest rate decision, with expectations of a rate hold solidifying and a 99% probability that the Fed will pause its rate hikes.
Bitcoin and other cryptocurrencies experienced a rise in value as traders made bullish bets in anticipation of the Federal Reserve's interest rate decision, though this surge may be premature.
Bitcoin and other cryptocurrencies experienced a decline in prices due to the Federal Reserve's monetary policy decision, signaling an anticipated return to range-bound trading.
The Federal Reserve's decision to maintain interest rates and raise its long-term forecast for the Federal Funds Rate surprised many market participants, causing a slight pullback in the stock and cryptocurrency markets while highlighting the need for investors to focus on the actual health and viability of companies and the utility of the crypto ecosystem. Additionally, the article speculates on the impact of the U.S. Securities and Exchange Commission's ruling on Bitcoin spot ETF applications and the potential for cryptocurrency to become a mainstream alternative investment.
The Federal Reserve's decision to hold interest rates and the possibility of rates remaining higher for longer may have triggered a sell-off in the US equities and cryptocurrency markets, with risk assets typically underperforming in a high-interest-rate environment.
Bitcoin and Ethereum saw gains in the crypto market driven by factors such as the announcement of an Ethereum futures ETF, a rise in the S&P 500 index, and short liquidations, with the rest of the market also experiencing bullish gains.
Bitcoin BTC/USD was consolidating during Friday's trading session following a cooling of the core PCE for August, while Ethereum and Dogecoin showed slight strength and Bitcoin formed an inside bar pattern indicating a period of consolidation.
Stocks on Wall Street opened flat as investors analyzed a crucial consumer inflation report that could impact the Federal Reserve's decision on interest rates.
Over the weekend, major cryptocurrencies experienced a mixed trading pattern influenced by factors such as the Israel-Hamas conflict, inflation concerns, and the ongoing trial of Sam-Bankman Fried, with Bitcoin and Ethereum showing modest gains while Dogecoin saw a slight decrease.
Bitcoin BTC/USD led the crypto sector higher as the approval of a spot Bitcoin ETF is expected, while Ethereum and Dogecoin remain in symmetrical triangle patterns, indicating equal control between bulls and bears.
