Cryptocurrency markets are trading lower on Wednesday despite the Federal Reserve announcing a 0.25% rate cut in its latest FOMC meet.
Cryptocurrency | Price |
|
Bitcoin (CRYPTO: BTC) | $102,173.74 | -3.9% |
Ethereum (CRYPTO: ETH) | $3,714.81 | -5.5% |
Solana (CRYPTO: SOL) | $210.29 | -7.3% |
XRP (CRYPTO: XRP) | $2.36 | -9.3% |
Dogecoin (CRYPTO: DOGE) | $0.3654 | -8.4% |
Shiba Inu (CRYPTO: SHIB) | $0.00002458 | -8.2% |
Notable Statistics:
IntoTheBlock data shows large transaction volume decreasing by 3.4% and daily active addresses falling by 12.8%. Transactions greater than $100,000 are down from 16,509 to 14,557 in a single day. Exchanges netflows are up by 94%.
Coinglass data reports 148,690 traders were liquidated in the past 24 hours for $367.69 million.
Crypto chart analyst Ali Martinez noted that in last three FOMC meetings, BTC dominance dropped and altcoins rebounded. He is curious to see what happens now.
Notable Developments:
Hong Kong Approves Four New Crypto Exchanges, 'Positioning Itself As A Key Hub,' Expert Says
Token-Based M&A Deals Face Growing Hurdles As Crypto Firms Seek Survival Options
MicroStrategy's Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community
Bybit Suspends Crypto Operations In France Amid Rising Regulatory Tensions
CleanSpark Is Outpacing Bitcoin Mining Peers Wednesday: What's Going On?
Top Gainers:
Cryptocurrency | Price | Gains +/- |
Pudgy Penguins (CRYPTO: PENGU) | $0.03542 | +14.4% |
Bitget Token (CRYPTO: BGB) | $4.17 | 6.6% |
Virtuals Protocol (CRYPTO: VIRTUAL) | $2.67 | +2.7% |
Trader Notes: With Bitcoin prices continuing to drop after the Federal Reserve's 0.25% interest rate cut, crypto trader Jelle notes that Bitcoin is still holding key support levels, stating, "Time to let the post-event dust settle, and then we can get this show on the road; price discovery."
Trader Scient highlighted Bitcoin's rejection at the channel top near $108,000, an expected move. However, he remains optimistic about the bullish trend within the uptrend channel, adding, "These tend to break to the upside."
Scient suggests bidding around the $99,000-$100,000 range if a breakdown occurs. For a breakout, he is targeting $118,000 and $130,000 as potential local tops by January 2025.
Crypto chart analyst Ali Martinez outlined three correction phases leading to a potential bull market peak at $220,000, drawing parallels to Bitcoin's patterns from 2017 and 2020.
If #Bitcoin $BTC behaves like in 2017 and 2020, then there will be a brief correction after reaching $110,000, a steep correction after hitting $125,000, a big correction at $150,000, and the end of the bull market at $220,000! pic.twitter.com/zcWG75SYvL
— Ali (@ali_charts) December 18, 2024
In another tweet, Martinez identified $105,400 $105,400 as a critical level for invalidating the bearish outlook, noting that Bitcoin has already "broken out of a head-and-shoulders pattern, projecting a target of $99,000."