Major coins were recovering smartly on Wednesday night as the global cryptocurrency market capitalization rose 6.16% to $1.94 trillion.
What Happened: The apex cryptocurrency, Bitcoin BTC/USD, rose 3.18% to $43,289.24 over 24 hours. For the week, BTC is down 9.82%.
The second-largest coin by market cap, Ethereum ETH/USD was up 7.13% at $3,045.13 over 24 hours. ETH has fallen 15.39% over a seven-day period.
Dogecoin DOGE/USD shot up 7.65% to $0.22 over 24 hours. The Shiba Inu-themed coin has fallen 10.06% over seven days.
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: On Wednesday, the U.S. Federal Reserve maintained its target fed funds rate range of between zero and 0.25%. The central bank said it may soon begin tapering monthly asset purchases.
Some analysts are of the view that a coming tighter monetary policy might impact volatile assets like cryptocurrencies.
“With so little room for additional central bank accommodation, given an already depressed interest rate environment, the prospect for sustainable runs to the topside on stimulus, should no longer be as enticing to investors,” said Joel Kruger, currency strategist at LMAX Group, in a report.
Meanwhile, Skew data indicates that a total of 73,700 cryptocurrency options contracts worth $3.14 billion are due for expiry on Friday. Of these 50,000 are call options and the remaining are puts, as per CoinDesk.
Monthly expiration is reportedly not expected to have a notable impact on BTC.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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