Upcoming Fed Meeting May Deliver a Massive Blow to the Market
CoinEdition
Published Nov 21, 2022 02:32AM ET
Updated Nov 21, 2022 03:00AM ET
Upcoming Fed Meeting May Deliver a Massive Blow to the Market
- The upcoming Fed meeting is expected to have a negative outcome.
- Crypto prices have dropped substantially over the last 24 hours.
- BTC’s 4-hour chart turns slightly bearish as investors brace for the Fed’s meeting.
Following the impact that the FTX downfall had on the crypto markets last week, the crypto market may be preparing for another knock this week as the U.S. Federal Reserve is set to release its next minutes this week Wednesday (November 23, 2022). The upcoming Federal Reserve minutes are expected to deliver a massive blow to the financial markets.
Any movement in the traditional financial market will be echoed in the cryptocurrency market. It seems that the crypto market has already anticipated a negative outcome due to the upcoming minutes as the global crypto market cap is down 4.03% over the last 24 hours, according to CoinMarketCap. This takes the total to approximately $802.03 billion at press time.
At press time, the crypto market leader is also down 3.15% over the last 24 hours. Ethereum (ETH), the largest altcoin by market cap, is down 7.25% over the same time period as well. As a result, BTC is trading at $16,166.01 and ETH is trading at $1,130.68 at press time.
The rest of the top ten altcoins by market cap are also down. Binance Coin (BNB) is down 4.19%, Ripple (XRP) is down 8.79%, and the price of Cardano (ADA) is down 6.69%. Meanwhile, Dogecoin (DOGE) and Polygon (MATIC) are at dip by 10.02% and 7.08% over the last 24 hours.
4-hour chart for BTC/USDT (Source: CoinMarketCap)
The 4-hour chart for BTC/USDT shows that investors are waiting in anticipation of the upcoming Federal Reserve minutes given the flat price movement.
The chart is slightly bearish as the 9 EMA crossed below the 20 EMA over the last 24 hours. This slight bearishness could be a result of investors with a low-risk appetite exiting their positions in BTC to safeguard themselves from a negative outcome.
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