FOMC pain or FOMO? It’s crunch time for the US economy, stonks, Bitcoin and the crypto market, as the US Federal Reserve – da Fed – meets to discuss financial puppet mastery.

As Stockhead‘s most excellent Eddy Sunarto wrote this morning, a 75 basis points interest-rate hike is widely predicted and “it will be difficult for the Fed to deliver a dovish market (later tonight AEST) as fresh data releases continue to paint a buoyant economy”.

That said, if the Fed does deliver on the expectation of another hawkish hike this time around, but gives off even the slightest hint that it’s even a chance of easing things over coming months, then perhaps that could spark some upside movement in markets.

Analysts will be listening intently to the words from cautious Fed boss Jerome Powell’s tight-lipped mouth at the central bank’s FOMC meeting. Either way, strap in for volatility. Or just switch off your devices and try to get a decent night’s sleep for a change.

Meanwhile, there has been some confusion around something US President Joe Biden apparently said. Yeah, we know that statement alone is not head-turning news, but it’s still sorta amusing.

Chief Economist and Economic Policy Adviser to Vice President of United States, Jared Bernstein, reportedly confirmed the following:

“Biden has endorsed Fed’s policy pivot.”

Only to then clarify that the endorsement regarded the Fed’s earlier pivot this year – to, uh, tighten and hike rates. Great… way to get the hopes up, Joe. A warm cup of cocoa and back to bed, then.

Annnnyway, onto some crypto price action.

 

Top 10 overview

With the overall crypto market cap at US$1.06 trillion, trading pretty flat since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

Not much going on here, then – the crypto majors are all merely consolidating into the Fed announcement and patiently waiting to see wha… okay, yeah, we see you DOGE.

Dogecoin just won’t quit right now. Another 12% 24-hour gain has pushed its surge over the past week to a whopping 135%.

And it’s been bringing a few other doggy coin mates along for the ride. Another meme coin star Shiba Inu (SHIB) is now up about 30% over the past seven days, while Dogelon Mars (ELON), Baby Doge Coin (BABYDOGE), and Floki (FLOKI) are all enjoying stupidly slobbering success just lately, too.

Is anyone seeing a pullback on this stuff? Stupid question – of course they are. It can’t just keep going up in a straight line.

eToro analyst Simon Peters shared the following with Stockhead via email this morning, regarding the DOGE pump:

“Investors should treat such price spikes with care. The recent spike has catapulted Dogecoin to sixth largest cryptoasset by market cap, ahead of the likes of Cardano. Although it’s perfectly conceivable that Musk’s move has altered the investment case of the token, if you look at other businesses such as Tesla, adoption has been limited.”

Heed taken. Meanwhile, we’re still seeing plenty of rabid foaming at the mouth for Elon Musk’s favourite cryptocurrency, and some pretty wild predictions/targets.

 

Moving on, here’s an outlook on the total crypto market cap, from Dutch trader/analyst Michaël van de Poppe. Despite the Fed-related uncertainty, he’s quite positive.

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$7.8 billion to about US$422 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

DAILY PUMPERS

• Rocket Pool (RPL), (market cap: US$448 million) +13%

• BTSE Token (BTSE), (mc: US$598 million) +6%

• Shiba Inu (SHIB), (mc: US$7.6 billion) +4%

• Aptos (APT), (mc: US$1.07 billion) +4%

• Uniswap (UNI), (mc: US$5.4 billion) +3%

 

DAILY SLUMPERS

• WhiteBIT Token (WBT), (market cap: US$1.18 billion) -14%

• Tokenize Xchange (TKX), (mc: US$1.36 billion) -10%

• Zcash (ZEC), (mc: US$651 million) -5%

• EthereumPoW (ETHW), (mc: US$675 billion) -5%

• Klaytn (KLAY), (mc: US$756 million) -4%

 

Lower-cap wrap

There’s some definite chaff down here. Occasional wheat, too. Remember to DYOR.

• IdeaChain (ICH), (market cap: US$10.78 million) +701%

• MUSK Gold (MUSK), (mc: US$1.28 million) 201%

• Rarible (RARI), (mc: US$47 million) +57%

• Manifold Finance (FOLD), (mc: US$52 million) +37%

• Wilder World (WILD), (mc: US$25 million) +11%

 

DAILY SLUMPERS

• Enecuum (ENQ), (market cap: US$8.4 million) -21%

• Groestlcoin (GRS), (mc: US$31 million) -12%

• Dejitaru Tsuka (TSUKA), (mc: US$52 million) -8%

• Illuvium (ILV), (mc: US$96 million) -5%

• Ethereum Name Service (ENS), (mc: US$416 million) -5%

 

Around the blocks

A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse…

https://twitter.com/FredSchultz35/status/1587185023077195779

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