Mooners and Shakers: Bitcoin tries to hold on as Fed calls emergency Monday meeting
Coinhead
Coinhead
As usual in crypto, all eyes are on spotlight hog Bitcoin as it looks to maintain some strength into the weekend.
At the time of writing, the orange one is managing to hover above US$43k, having briefly dipped below that mark several hours ago. According to the trader and analyst Rekt Capital, it’s where BTC needs to hold or reclaim to fulfil a bullish weekly close on Sunday. It’s currently looking a bit shaky.
If #BTC loses this 4HR Range Low as support in the short-term, that could jeopardise a bullish Weekly Close
At this stage, $BTC needs continued consolidation at these highs for the next few days to secure a favourable Weekly Close#Crypto #Bitcoin pic.twitter.com/bAzNDWqivB
— Rekt Capital (@rektcapital) February 11, 2022
Michaël van de Poppe, another popular trader/analyst on Crypto Twitter, is meanwhile looking ahead to more US Federal Reserve inflation-combatting action, given the new data released by the Consumer Price Index yesterday (7.5% – a 40-year US-inflation high).
The analyst believes any rate hikes coming from the Fed in March, as expected, are already “priced in”. Although anything else the Fed throws at the US economy in the meantime, however, could have a dramatic dumping effect.
The markets have priced in rate hikes.
However, if we suddenly get an emergency rate hike in the coming week or an acceleration of the rate hikes, that's going to be harmful for the markets and potentially give a shock reaction.
Therefore, remaining relatively calm on trading.
— Michaël van de Poppe (@CryptoMichNL) February 11, 2022
As the Bitcoin-focused podcaster Marty Bent points out, an “emergency meeting” has been called by the Fed for Monday. Not so sure about his “end game” call (below), but there’s certainly expectation building that the crypto market (and of course all other financial markets) could be in for some pretty wild volatility next week.
What else is new, right?
The Fed is calling an emergency meeting for Monday. They are sweating bullets over the 7.5% CPI print and will likely move to raise rates before the next meeting.
It feels like the end game is upon us. Will rate hikes be enough to combat the public's collapse of confidence? pic.twitter.com/Uas14Icnfz
— Marty Bent (@MartyBent) February 11, 2022
And “Pentoshi”, head of partnerships over at crypto gaming guild Merit Circle, also seems pretty adamant that none of the Fed’s likely rate-hiking action is priced in, judging by a thread of tweets he posted on the topic today…
https://twitter.com/Pentosh1/status/1492152295026483202
Sigh… guess it’s pushing aside dog-meme-coin aping, treading carefully and waiting to see what Jerome Powell and mates have to say next week. Not financial advi… ah, you know.
With the overall crypto market cap down about 1% over the past 24 hours, here’s the state of play in the top 10 by market cap right now – according to CoinGecko data.
It’s all red on the daily price action in the top 10 today, even XRP, which is at least still crushing it on the weekly with a 35% gain, closely followed by one of the leading layer 1 platforms in the space, Avalanche (AVAX).
Sweeping a market-cap range of about US$21 billion to about US$1 billion in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
DAILY PUMPERS
• Elrond (EGLD), (market cap: US$4.2b) +10%
• IoTeX (IOTX), (mc: US$1.1b) +9%
• Klaytn (KLAY), (mc: US$3.24b) +1.5%
• Zcash (ZEC), (mc: US$1.5b) +1.2%
• Humans.ai (HEART), (mc: US$1.37b) +1%
Either there's some serious demand coming in or a whale fat fingered the hell out of an order.
Either way, this is one of the few setups I have been watching and, of course, remains one of my largest longterm bags, staked on MAIAR. pic.twitter.com/dVYNC0qf05
— The Wolf Of All Streets (@scottmelker) February 11, 2022
DAILY SLUMPERS
• Kadena (KDA), (market cap: US$1.4b) -9%
• NEXO (NEXO), (mc: US$1.2b) -8%
• ThorChain (RUNE), (mc: US$1.35b) -7%
• Theta Fuel (TFUEL), (mc: US$1.25b) -6.5%
• Waves (WAVES), (mc: US$1.1b) -6%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
DAILY PUMPERS
• Hector DAO (HEC), (market cap: US$98m) +42%
• QI DAO (RBN), (mc: US$78m) +30%
• Clover Finance (CLV), (mc: US$148m) +28%
• FEG Token (FEG), (mc: US$257m) +26%
• Maple Finance (MPL), (mc: US$72m) +22%
DAILY SLUMPERS
• Smooth Love Potion (SLP), (market cap: US$1 billion) -24%
• Maps (MAPS), (mc: US$58.5m) -16%
• DigitalBits (XDB), (mc: US$305m) -14%
• Bonfida (FIDA), (mc: US$140m) -12.5%
• Oxygen (OXY), (mc: US$140.5m) -12%
https://twitter.com/tedtalksmacro/status/1492162848230977544
$1million painting ruined after faceless figures gets a pair of eyes.
BAYC #NFT holders gets another 20 ETH when BAYC is mutated. 🤷♂️ https://t.co/MRYv903mhb
— CoinGecko (@coingecko) February 10, 2022