Cryptocurrencies are on the hold for FED!
The cryptocurrency market has been turbulent for a long time. In this context, the decision of the FED can change many things.
Stocks closed Tuesday with low trading volume, with market data and the Federal Reserve's expectation of an increase higher than 75 basis points expected this week. The short-term interest rate, which is more sensitive to the next moves of the Fed, reversed its course, reaching 4.5% during the day.
Cryptocurrencies are on the hold for FED!
The crypto market closed with minor losses on Tuesday, despite this, major cryptocurrencies managed to stay above key thresholds. As the assessment is being prepared, Bitcoin is trading just below the $20.5k level in the last 24 hours. Looking at Bitcoin's seven-day performance before and after the FOMC, the data shows that the price action of the largest cryptocurrency by market cap tends to change direction soon after the Fed's rate decision is announced throughout 2022. If November enters the FOMC meeting with an uptrend, we can expect volatility even if there is no imminent market reversal following the rate decision.
Moving with Bitcoin, Ethereum is slowly deviating from the $ 1,600 level after experiencing small decreases in the same period. Medium-to-large altcoins have mostly turned red, with a few exceptions like CHZ and EGLD. CHZ and EGLD have outperformed similar altcoins, gaining 2% to 4% in the last 24 hours. DOGE and SHIB took a breather from their multi-day rallies, losing around 5% of their respective market caps in a similar time frame.
Less than a week before he takes over Twitter, Elon Musk, now known as the "Head Twit", is proposing changes to unleash free speech and defeat spam bots. On Tuesday, Musk said Twitter plans to charge $8 a month for its subscription service called "Twitter Blue," guaranteeing an enviable blue checkmark to anyone who pays. He compared the status quo to a "lords and peasants system" and proclaimed "People's power" at a reasonable "$8/month" price.
