As traders wait for the next announcement from the Federal Open Market Committee, crypto markets are once again trading in a rather stable range (FOMC). Bitcoin’s price has increased by 0.1% in the past day to $28,163, while Ether’s price has increased by 1.5% to $1,794. In the meantime, the price of Dogecoin has increased by 4% in the past twenty-four hours, making it one of the tokens with the fastest increasing market price.
At 103.19, the value of the U.S. Dollar Index (DXY) is very close to reaching a low point for the first time in five weeks. One thing that has been noticed is that the individuals that appear to have the largest stacks of sats are the mini-whales. These individuals have wallets that hold more than 10 bitcoins. This co-hort is increasing at a rate that is quicker than the mega-whales, which are users who have a bitcoin balance of more than 10,000 bitcoins. (Glassnode)
In view of recent macroeconomic developments, this seems to point to the formation of a new degree of conviction regarding cryptocurrencies.
As traders wait for the Federal Open Market Committee to reveal its next decision about interest rates, the market’s overall trading volume remains unchanged. Ahead of the Fed’s policy decision, the stock market is also trading flat.
The prediction markets are pricing in an 85% chance of a 25 bps increase after the March meeting; however, the survey findings from CME’s FedWatch placed that number at 89%, which is an increase from the previous week’s figure of 69%.
The results of a study conducted by CNBC show that traders’ perspectives on rate hikes by the Fed are currently divided, with only 52% believing that rate hikes should be implemented.