Bitcoin, Ethereum, Dogecoin Trade Lower After Fed Minutes Indicate Rate Hikes: Tom Lee Predicts King Crypto At $180,000 Only If Spot ETF Gets Approved

Major cryptocurrencies have faced a considerable drop in value, with the summer slump in trading activity exerting pressure on digital assets.

Cryptocurrency	Gains +/-	Price (Recorded 9:30 p.m. EDT)
Bitcoin BTC/USD	-2.13%	$28,592
Ethereum ETH/USD	-1.74	$1796
Dogecoin DOGE/USD	-4.61%	$0.067

What Happened: Bitcoin, the leading cryptocurrency, experienced 9% drop from its all-time high of 2023, reaching a low of $28,592.

This comes as Securities and Exchange Commission (SEC) is currently evaluating multiple applications for spot BTC ETFs, including one from financial powerhouse BlackRock. 

Top Gainer (24 Hour)

Cryptocurrency	Gains +/-	Price (Recorded 9:30 p.m. EDT)
Rocket Pool	+4.18%	$27.24
USUS SED LEO	+1.46%	$4.03
Synthetix	+0.14%	$2.33

Currently, the global crypto market capitalization stands at $1.13 trillion, a 2.18% decrease in the last day.

Stocks took a downturn on Wednesday as investors processed the key takeaways from the Federal Reserve’s July meeting. According to the meeting’s summary, there is a possibility of rising interest rates. As a result, the S&P 500 saw a decline of 0.76%, while the Nasdaq Composite dropped 1.15%.

See More: Best Crypto Day Trading Strategies

Analyst Notes: Crypto analyst Michael Van De Poppe emphasized the significant positive impact on the Bitcoin and Crypto markets with Coinbase securing NFA approval for Crypto futures.

Coinbase getting NFA approval for #Crypto futures is extremely positive for the #Bitcoin and #Crypto markets.

— Michaël van de Poppe (@CryptoMichNL) August 16, 2023

Bitcoin bull Tom Lee of Fundstrat Global Advisors predicts a potential surge of almost 420% in the crypto king’s price if the right fundamentals align. "If the spot Bitcoin [ETF] gets approved, I think the demand will be greater than the daily supply of Bitcoin, and so the clearing price… Is over $150,000. It could even be like $180,000…

Crypto analyst Jason Pizzino expresses a potential surge of more than 40% for Bitcoin by September 2024, providing a positive outlook for the flagship cryptocurrency.  "It's possible that we see a test of $42,000 happen within the period between now and September of 2024. So in basically 12,13 months, a test of the 50% level, $42,200, and then a retreat."

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