Bitcoin price held steady during U.S. trading hours, gaining 0.3%, even as the S&P’s 500 Index slipped
Bitcoin price and Ether were little changed in Wednesday morning trading in Asia along with most of the cryptocurrency top 10 by market capitalization, excluding stablecoins. At the time of writing, BTC is changing hands at $20,501.
BTC/USD 4-hour chart | Source: TradingView
DOGE Continues to Climb; Bitcoin Price Trades Flat
BTC and ETH were recently changing hands sideways, with the most prominent cryptocurrency in market value down a smidgen and ether in the green. Bitcoin held its place, snuggling above the $20,000 threshold it assumed more than a week ago amid hopeful signs the U.S. central bank will scale back its current diet of hefty interest rate hikes by early next year, if not sooner. The Federal Open Market Committee, which sets monetary policy, will likely announce a fourth consecutive 75 basis point increase on Wednesday.
Yet recent indicators suggest that inflation will soon be waning meaningfully without throwing the economy into a harsh recession. As CoinDesk analyst Glenn Williams wrote, investors hoping for a more dovish turn in monetary policy may look optimistically at a percentage decline in the M2 money supply growth from a year ago. The parabolic increase in the U.S. money supply during 2020 is mainly behind the current inflationary environment. The reduced supply growth could prove that recent Federal Reserve measures are working.
The world’s two leading meme coins, Dogecoin and Shiba Inu token were the exceptions, still buoyed by longtime proponent Elon Musk’s purchase of Twitter Inc. DOGE was not the only altcoin to surge as UNI recently rose 3.3%.
👑🐶 #ElonMusk‘s recent #Twitter purchase coinciding with massive $DOGE volatility hasn’t been a big surprise. But for those trading it, the challenging part is figuring out when this hype will die down. Read about address activity, sentiment, and more! https://t.co/vPVtjqUiNF pic.twitter.com/U80TA3pxp4
— Santiment (@santimentfeed) November 1, 2022
Decentralized exchange (DEX) Uniswap’s native token was up more than 5.1% at one point. Its native token, UNI was recently up 5.1% over the past 24 hours and has risen more than 10% during the past week. The gains have followed Uniswap’s closing of a $165 million Series B funding round earlier in October. Uniswap is a decentralized crypto exchange (DEX) that runs on the Ethereum blockchain.
Investors await the latest move by the U.S. Federal Reserve on interest rates, which is due to be released at 2 p.m. Eastern Time (U.S.) on Wednesday. The consensus is for another 75-basis point rise.
The Fed lifted interest rates from near zero in March to the current 3.25% as inflation reached a near 40-year high of 8.2% in September. The Fed indicated it would continue this policy until inflation returns to a target range of 2%.
Read more:
- Bitcoin Price Remained Comfortably Over The $20,000 Perch It Assumed Last Week
- Bitcoin Price Heads For Its First Monthly Gain Since July, But It’s Not Exactly The “Uptober”
- Analyst Opines On What May Help Bitcoin Price Finally Jump To $24,000 Level