Crypto Traders Wait While Fed Ponders, Bitcoin Downtrend to Continue – Novogratz, Market Fear WorsensAfter months of waiting, the Federal Reserve of the United States is relied upon to declare a strategy shift on Wednesday. The Fed will supposedly choose to drop quicker to unwind its security buys and signal on the off chance that it will begin raising interest rates next year. Venture capitalists and crypto investors are holding on to check whether the Fed would change its bond end date from June to March. Assuming that occurs, the central bank will begin raising loan costs to 2 or 3 out of 2022 and one more 3 to 4% in 2023.
The prolonged crypto downtrend has created the longest stretch of fear in the crypto market. The market has been in extreme fear for one straight month – the longest stretch since April 2021, when the market was in extreme fear for two months.
Cryptocurrency billionaire, Mike Novogratz, doesn’t see the light in the short-term for Bitcoin. Novogratz says the downtrend could continue until Bitcoin drops to $42,000. Then, he believes bitcoin would be ready to rally after finding support at the important $40k level.
For a brief moment, on Tuesday, December 14, the prices of cryptocurrencies surpassed even the most insane price predictions. Crypto prices were heavily inflated thanks to a glitch on popular trading app Coinbase and data provider CoinMarketCap.com.
Despite the negative outlook over the crypto market, assets are beginning to recover, with Bitcoin, , and Binance all recovering
Crypto Prices Reach Quintillions Due to Bug in Coinmarketcap & Coinbase
As a result of the glitch, data from CoinMarketCap showed that the price of Bitcoin was as much as $1.5 quadrillion, had a value of $338 million, $2 million, Wrapped Bitcoin had a price of $250 billion.
As a result, some investors believed that they had become trillionaires overnight. However, it was a short-lived victory as both Coinbase and CoinMarketCap acknowledged the glitch and fixed the situation.
Flipsider: Following the glitch, the crypto market has begun to recover with Bitcoin, Ethereum, Solana, Dogecoin, and all gaining
Elon Musk Announces Tesla Will Accept Dogecoin, DOGE Surges
A day after explaining how Dogecoin outperforms Bitcoin in processing transactions, Elon Musk has confirmed that his electric car company, Tesla, will begin accepting Dogecoin as payment for some of its merchandise. The tweet sparked a rally that saw Dogecoin (DOGE) gain as much as 20%, reaching an interday high of $0.2196 – its highest price in December.
Dogecoin’s 13% gain over the last 24 hours makes it the best performing top 10 cryptos. At the time of this writing, DOGE now trades at $0.1804. Dogecoin now has a $23.99 billion market cap – the 10th largest in the industry. Flipsider:
Despite the price boost, DOGE is the biggest top-10 underperformer, trading 77% less than its May 8 all-time high of $0.7376.
Why You Should Care While it originally was launched as a meme coin, Dogecoin’s impressive technology has caught the attention of the world’s richest man, getting more attention and in the process.
Robinhood Acquires Cove Markets, Nuvei Partners With Visa, Cash App to Allow Users Send Bitcoin On Tuesday, American no-fee broker Robinhood announced that it has acquired cross-exchange trading platform Cove Markets. Robinhood hopes to bolster our crypto trading platform and help us strengthen our leadership in the crypto industry.
- Fed Reflects on Policies, Market Fears Worsen, CMC & Coinbase Mistake, Tesla Grants Dogecoin, Robinhood Gets Cove, Cash App Bitcoin Feature, Anchorage Raises $ 350 Million
- Check all news and articles from the latest Business news updates.