Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Major cryptocurrencies traded mixed on Friday morning as the number of Americans filing new claims for unemployment benefits dropped last week.
| Cryptocurrency | Gains +/- | Price (Recorded 12:00 a.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -0.79% | $66,175 |
| Ethereum (CRYPTO: ETH) | +0.57% | $3,512 |
| Dogecoin (CRYPTO: DOGE) | +4.06% | $0.15 |
What Happened: The initial claims for state unemployment benefits fell by 2,000 to a seasonally adjusted 210,000 for the week ending March 16, according to the Labor Department.
Optimism in the crypto market grew following the Federal Open Market Committee (FOMC) meeting on March 20.
Fed Chair Jerome Powell highlighted the importance of waiting for more evidence of decreasing inflation rates. He also indicated the possibility of initiating the easing of monetary policies in late 2024.
The CME FedWatch Tool currently indicates a 68.3% likelihood of a rate cut in June. This prediction was reinforced by a 0.94% decrease in the U.S. Dollar Index (DXY) following the Fed's remarks, signaling a change in investor sentiment.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 12:00 a.m. EDT) |
| Ronin (CRYPTO: RON) | +16.50% | $4.25 |
| JasmyCoin (CRYPTO: JASMY) | +14.86% | $0.021 |
| Internet Computer (CRYPTO: ICP) | +13.66% | $13.30 |
The global cryptocurrency market cap now stands at $2.53 trillion, showing a 8.00% increase in the past 24 hours.
The Dow Jones Industrial Average soared by 269.24 points, or 0.68%, closing at 39,781.37. The S&P 500 also saw a 0.32% increase, ending at 5,241.53, while the Nasdaq Composite inched up by 0.20%, ultimately finishing at 16,401.84.
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Analyst Notes: Cryptocurrency analyst Michael Van de Poppe suggests that Bitcoin is currently experiencing a period of consolidation. He notes that prior to the FOMC meeting, Bitcoin began to correct.
"After FOMC, the upward bounce is now a continuation of the consolidation. I think we’ve found our local bottom and will have sideways action. Slowly but surely, altcoins to wake up."
#Bitcoin in a period of consolidation.Pre-FOMC, it started to correct.
After FOMC, the upward bounce is now a continuation of the consolidation.
I think we've found our local bottom and will have sideways action.
Slowly but surely, altcoins to wake up. pic.twitter.com/8pvQPlQecR
— Michaël van de Poppe (@CryptoMichNL) March 21, 2024
Cryptocurrency analyst Kevin Svenson predicts that Bitcoin could experience a significant surge, potentially reaching triple-digit growth from its current level. Svenson mentioned on X that, drawing from historical patterns, Bitcoin’s value may increase by approximately 50% to 201%.
"…based on the ratio of past gains gives me $95,000 as the minimum target… …and the median target of $142,000. And if things go really well, we will hit $190,000. But anywhere you know closer to $142,000 maybe… but it could be between $95,000 and $142,000, could be like $124,000. Something along those lines. But these are the areas that I'm looking at just based on a rough estimate."
On -chain analyst Ali Martinez warned, "We’re in a bull market, but you continue shorting $BTC! As a result, around $31 million will be liquidated across the board if #Bitcoin jumps to $68,500!"
We're in a bull market, but you continue shorting $BTC!