Bitcoin, Ethereum, Dogecoin Retrace Morning Pump After FOMC Press Conference: ‘Cold Glass Of Water On The Bulls’

Cryptocurrency markets pumped on positive CPI data but retraced the move after an unexpectedly hawkish FOMC press conference.

Prices as of 3.30 p.m. ET:

Cryptocurrency Price Gains +/-
Bitcoin BTC/USD $67,412.07 -0.1%
Ethereum ETH/USD $3,516.92 +0.7%
Solana SOL/USD $152.28 +1.8%
Dogecoin DOGE/USD $0.1437 +3.9%
Shiba Inu SHIB/USD $0.00002197  +0.96%

Notable Statistics:

  • Coinglass data shows short liquidations at $23.6 million, the highest since June 6. Open interest tallies at $36 billion, the highest since mid-April.
  • IntoTheBlock data shows a 19% increase in large transactions volume, while the number of Bitcoin active addresses is up 4%. Transactions greater than $100,000 spiked from 7,782 transactions on June 10 to 9,074 transactions on June 11.

Notable Developments:

Top Gainers:

Cryptocurrency Price Gains +/
Livepeer LPT/USD $24.16 +18.8%
Injective INJ/USD $30.07 +12.1%
Notcoin NOT/USD $0.01757   +10%
Trader Notes: Bitcoin rallied on CPI data but retraced on the FOMC’s decision to keep rates unchanged, as well as forecasting only one rate cut for the rest of 2024.

Crypto trader Kevin highlighted in his tweet that Powell’s speech was like “throwing a cold glass of water on the bulls right now. The statement was hawkish and he’s relatively hawkish.”

He is worried how the crypto markets will react and unsure about further bullish catalysts.

Another trader highlighted an event that has supposedly only happened three tiimes in Bitcoin’s history, leading to the “most euphoric time in crypto.”

Everyone is watching FOMC today, but did you know that $BTC is about to do something that has only happened 3x times in history?

It’s about to leave the 0.5 line🔵(MZ BTC Bottom-Indicator).🤯

In 2012, 2017 and 2020 this was the start signal for the most euphoric time in crypto.

Market News and Data brought to you by Benzinga APIs

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