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Bitcoin and crypto staged an underwhelming rally earlier, on the back of the Fed’s highest rate hike in nearly 30 years. It seems to have tapped out now, though… or has it?

BTC’s mild enthusiasm was curbed just under US$23k, with the no.1 crypto since steadily skulking back to its present, vaguely supported position around US$21k. Meh.

Other recent interest-rate-jacking moves from the Fed have seen the crypto market plummet, though… and maybe more of that fun’s in store yet. The tech-heavy Nasdaq 100 (-4%) and S&P 500 (-3.25%) are both well down at the time of writing, and Bitcoin has been closely tied to their fortunes of late.

But then again, the US Dollar Index (-1.4%) ain’t exactly in top form today, either. Crypto has certainly been know to favour that scenario, so it’s a somewhat confusing day for correlation and inverse-correlation narratives.

“Veteran US trader”  Peter Brandt (as we often see him described) thinks Bitcoin could stage a decent relief rally, though…

… with the heavily implied caveat that he doesn’t see a genuine BTC recovery any time soon.

Still, some chart watchers, such as Bloomberg’s Mike McGlone, seem to think it’s not unreasonable to find meaningful bottoming-out support around US$20k.

Others want lower, of course…


With the overall crypto market cap at roughly US$942 billion, down 0.5% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

Perhaps some of those crypto-chart-gazing experts mentioned further above will get their sub-$20k Bitcoin levels. The fact probably is, there’s really not a big case for being much of a crypto bull in the short-mid term – not when global macro factors are so heavy and look like remaining that way for the foreseeable.

However, while US$21k BTC and US$1,100 ETH might not be the very best deals you’ll get in the next few months, do you believe these prices will look ridiculously cheap, say, two years from now? In it for the short-term-trading drama or the long haul?



Uppers and downers: 11–100

Sweeping a market-cap range of about US$7.6 billion to about US$364 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.


Elrond (EGLD), (market cap: US$1.18 billion) +19%

• Helium (HNT), (mc: US$1 billion) +15%

Theta Network (THETA), (mc: US$1.22 billion) +13%

Arweave (AR), (mc: US$454 million) +12%

• TRON (TRX), (mc: US$5.6 billion) +11%



• Chain (XCN), (mc: US$1.86 billion) -6%

• Gate (GT), (market cap: US$594 million) -3%

• DeFiChain (DFI), (mc: US$587 million) -2%

Bitcoin Cash (BCH), (mc: US$2.1 billion) -2%

• Monero (XMR), (mc: US$1.98 million) -1%


Around the blocks

To finish, a selection of randomness that stuck with us on our daily journey through the Crypto Twitterverse…