Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Major cryptocurrencies experienced a surge on Tuesday evening, in anticipation of the upcoming Federal Reserve decision.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +2.10% | $27,289 |
| Ethereum (CRYPTO: ETH) | +0.80% | $1,646 |
| Dogecoin (CRYPTO: DOGE) | +1.37% | $0.062 |
What Happened
The Federal Reserve is expected to maintain steady interest rates during its meeting on Wednesday. However, investors will carefully analyze the new economic projections and Chairman Jerome Powell’s press conference.Although Bitcoin’s attempt at a significant rally was unsuccessful on Tuesday, the apex cryptocurrency managed to maintain its position above $27,000.
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Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Conflux | +5.77% | $1.14 |
| GMX | +5.68% | $3.34 |
| Flare | +4.84% | $0.0344 |
Currently, the global crypto market capitalization stands at $1.09 trillion, a 0.87% increase in the last day.
On Tuesday, stocks experienced a retreat as investors awaited the outcome of this week’s Federal Reserve policy meeting.
The S&P 500 declined by 0.22% to 4,443.95, while the Nasdaq Composite registered a slight decline of 0.23% to reach 13,678.19.
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Analyst Notes
Crypto analyst, Michael Van de Poppe said on Tuesday there is a possibility of a correction on Bitcoin that goes below $26,700."The fact that we’re back towards $27,400 is actually a strong signal. Wouldn’t count too much on it, but the odds of the bottom to be in has increased substantially," Van de Poppe tweeted.
Usually you'll get a correction on #Bitcoin deeper than $26,700.The fact that we're back towards $27,400 is actually a strong signal.
Wouldn't count to much on it, but the odds of the bottom to be in has increased substantially.
— Michaël van de Poppe (@CryptoMichNL) September 19, 2023
In another post he said Bitcoin holds a crucial level at $26,700-26,800 and rallies further. "This is strong and looks like we’ve got a continuation of the uptrend here. New range established, new uptrend, new altcoins breaking out."
Based on crypto analyst Benjamin Cowen’s analysis, BTC dominance continues to rise as liquidity from altcoins flows back into BTC.
According to Crypto Tony, it is unlikely that Bitcoin will reach $20,000 in a short period of time if a dump occurs. "Will take awhile IMO, just going by classic BTC price action."
If #Bitcoin does in fact dump to $20,000, do not expect it to happen in a few weeks. Will take awhile IMO, just going by classic $BTC price action