Bitcoin continues to cling to the $20,000 threshold after FED

The impact of the Fed's interest rate decision on the markets was discussed yesterday: After Fed Chairman Jerome Powell said it was "too early to think about a pause" in rate hikes, the S&P 500, January 2021, after the Fed made it clear that it would continue its aggressive tightening campaign. It was the biggest daily drop since . At the time of writing, Bitcoin continues to hold above the psychological threshold of $20,000 despite losing in the last 24 hours.

Bitcoin continues to cling to the $20,000 threshold after FED

The largest cryptocurrency seems to be supported by solid on-chain price walls in the region. At the same time, chain-linked whale activity is starting to establish a recognizable pattern that could help gauge the bottom of the current bear run. Historical data shows that whales tend to dump their coins at the start of a bearish cycle and accumulate again when a market bottom occurs. If the savings point for whales starts to warm up in the coming weeks, the market may have entered a recovery phase.Ethereum lost more than Bitcoin, down 2.54% over the same period, but still managed to stay near $1,550. With the exception of MATIC and LTC, mid-to-large altcoins have mostly turned red. Both challenged market-wide sales with double-digit percentage increases over a similar time frame.

Social media platform Instagram is developing an NFT mint and sell feature through its app, according to an announcement Wednesday by its parent company Meta. Meta's Head of Commerce and Fintech, Stephane Kasriel, says that when the app launches for trial runs, it will allow a small group of creators to create digital collections (NFTs) and sell them directly on Instagram. The advanced NFT minting functionality will be powered by the Polygon blockchain. Meanwhile, Instagram has also added support for the Solana blockchain and Phantom wallet, joining the long list of blockchains and wallets the social media platform already supports.