shutterstock 725383297 750x406 1 What Does the Federal Reserve's Lack of Faith in Crypto Mean for Investors?

What Does the Federal Reserve’s Lack of Faith in Crypto Mean for Investors?

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– Bitcoin’s value decreased by approximately 4% this week after the Federal Reserve released excerpts from its July meeting suggesting that interest rate hikes may spark a recession in the United States.

– The Federal Open Market Committees July 26-27 meeting minutes revealed policymakers concern about hiking interest rates too aggressively, contributing to BTC’s decline.

– A report from Arcane Crypto shows that BTC miners dumped roughly 14,600 BTC in June and an additional 6,200 in July, contributing to BTCs struggle to sustain its latest trend higher.

– Altcoins followed BTC’s lead this week, with most pulling back after gaining ground over the prior few weeks.

– Ethereum’s (ETH) rally came to a halt this week, with ETH dropping by 2%, primarily in response to the FOMCs minutes.

– Among the top-ten altcoins, Solana (SOL) dropped by approximately 6.7%, echoed by Binances (BNB) near 6.4% decline. Additionally, Polkadot (DOT) lost its top-ten spot in the rankings by market capitalization after slumping 9.80%.

– The memecoin DOGE outperformed peers this week, reclaiming its position as the tenth-largest cryptocurrency by market capitalization. The value of DOGE pumped by approximately 13.00% over the last seven sessions.

– Chiliz (CHZ) and Ankr (ANKR) were the biggest gainers this week, with CHZ surging by nearly 45.3% and ANKR climbing 32%.

 

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