Major cryptocurrency surged on Thursday evening, despite hawkish comments from Minneapolis Fed President Neel Kashkari.
| Cryptocurrency | Gains +/- | Price (Recorded 12:00 a.m. EDT) |
| Bitcoin BTC/USD | +3.39% | $67,836 |
| Ethereum ETH/USD | +0.57% | $3,298 |
| Dogecoin DOGE/USD | +1.42% | $0.17 |
What Happened: Bitcoin, which dropped to as low as $65,000 overnight, surged during much of the U.S. day, reaching a high point of over $69,000 at one stage.
“If we continue to see inflation moving sideways, then that would make me question whether we [need] to do those rate cuts at all,” said Kashkari during a virtual event on LinkedIn.
Given that Kashkari has been one of the more hawkish members of the Fed, his comments shouldn’t have come as a complete surprise, but they prompted a swift downturn in stocks. Furthermore, his remarks contradicted statements from Fed Chairman Jerome Powell, who expressed his ongoing anticipation of rate cuts at some point this year.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 12:00 a.m. EDT) |
| Pendle PENDLE/USD | +26.85% | $6.25 |
| Bitcoin Cash BCH/USD | +13.77% | $694 |
| eCash XEC/USD | +10.89% | $0.0000688 |
The global cryptocurrency market cap now stands at $2.53 trillion, showing a 2.28% increase in the past 24 hours.
Stocks took a hit on Thursday amidst volatile trading, with concerns over the upcoming March jobs report. The Dow Jones Industrial Average concluded the day with a loss of 530.16 points, or 1.35%, settling at 38,596.98. This marked the index’s most substantial decline since March 2023, extending its streak of consecutive losses to four days. The S&P 500 also saw a 1.23% drop, closing at 5,147.21, while the Nasdaq Composite experienced a 1.40% dip to end at 16,049.08.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe suggests that Bitcoin has been trading within a range for over three weeks.
"Breaking through $69K and we’ll get an ATH test, but ultimately the volatility is going down and we’re likely rotating towards altcoins."
Pseudonymous analyst TechDev said Bitcoin could be preparing for a significant breakout, citing a combination of aligning indicators.
TechDev believes that the Wyckoff accumulation schematic points to a bullish trend for digital assets. The Wyckoff accumulation schematic indicates potential trend reversals from bearish to bullish in cryptocurrency markets, suggesting a period of accumulation before an upward price movement.
"This is usually the place where things go vertical."
According to Rekt Capital, Bitcoin is currently going through a correction phase in anticipation of the upcoming halving, set to take place in a little over two weeks.
Rekt Capital said "So this pre-halving retrace began around 30 days before the halving and so we are in the thick of the danger zone…Because we're still in the danger zone anything can still go. This is still volatility that's supposed to get us closer to establishing a re-accumulation range at these highs. So any volatility around this danger zone [between $73,800 and mid $60,000s] is still all within historical norms."
The analyst also mentioned that it’s “very unlikely that we’re going to see a 40% pullback in this cycle for Bitcoin."
Photo by Igor Faun on Shutterstock
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
