The Bitcoin price rose along with traditional risky assets after hawkish comments by Federal Reserve Chairman Jerome Powell mixed with better-than-expected jobs data increased the probability of tighter monetary policy. At the time of writing, BTC is changing hands at $19,409.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price up slightly despite Fed Chairman’s Hawkish comments
As you know, Powell reiterated the Fed’s commitment to stemming inflation, which increased expectations for a 75 basis points rate hike in September. The August U.S. Consumer Price Index for release on Tuesday is the next key indicator that feeds into interest-rate decision-making at the Federal Reserve in its campaign against inflation. Interest rates in the U.S. are currently between 2.25%-2.5%.
Bitcoin rose quickly despite Powell’s hawkish comments. The largest cryptocurrency by market cap traded lower the hour prior to Powell’s comments but reversed course in the hours following. BTC’s daily trading volume was slightly below average when compared to its 20-day moving average volume.
In the midst of that market situation, not long ago, Crypto Quant also updated its latest report on older whales and miners are adding more sell pressure.
“Bitcoin is now seated in the 19K zone after breaking through the 20K support level. Whales and miners are driving this price movement”, Crypto Quant stated.
Weekly #Bitcoin Highlights (2022.09.09)
“Older whales and miners are adding more sell pressure.”
Read More 👇https://t.co/sTgTUJ5AE3
— CryptoQuant.com (@cryptoquant_com) September 9, 2022
Ether was 0.94% higher on the day, on above-average volume. ETH also fell before Powell’s comments and rose after them. ETH’s 30-day correlation to BTC remains strong, at 0.9.
Terra Classic (LUNC), the original network of the ill-fated Terra/Luna algorithmic stablecoin project, gained 15.78% to trade at $0.0005173, marking gains of nearly 90% over the past seven days. This comes as the world’s largest crypto exchange, Binance, announced support for a 1.2% tax burn for on-chain transactions of LUNC and USTC on the Terra Classic network.
The overall cryptocurrency market cap stands at $987 trillion, and Bitcoin’s dominance rate is 37.6%.
Read more:
- 47% Of Bitcoin Holders Remain In Profit At The Current Price While The Majority At 52% Are In A Loss
- Cryptos Rallied With Bitcoin Price Topping $19,000 Again And Ether Rising Above $1,600