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Bitcoin, Ethereum, Dogecoin Retrace Morning Pump After FOMC Press Conference: ‘Cold Glass Of Water On The Bulls’

Cryptocurrency markets pumped on positive CPI data but retraced the move after an unexpectedly hawkish FOMC press conference.

Prices as of 3.30 p.m. ET:

Cryptocurrency Price Gains +/-
Bitcoin (CRYPTO: BTC) $67,412.07 -0.1%
Ethereum (CRYPTO: ETH) $3,516.92 +0.7%
Solana (CRYPTO: SOL) $152.28 +1.8%
Dogecoin (CRYPTO: DOGE) $0.1437 +3.9%
Shiba Inu (CRYPTO: SHIB) $0.00002197  +0.96%

Notable Statistics:

  • Coinglass data shows short liquidations at $23.6 million, the highest since June 6. Open interest tallies at $36 billion, the highest since mid-April.
  • IntoTheBlock data shows a 19% increase in large transactions volume, while the number of Bitcoin active addresses is up 4%. Transactions greater than $100,000 spiked from 7,782 transactions on June 10 to 9,074 transactions on June 11.

Notable Developments:

Benzinga future of digital assets conference

Top Gainers:

Cryptocurrency Price Gains +/
Livepeer (CRYPTO: LPT) $24.16 +18.8%
Injective (CRYPTO: INJ) $30.07 +12.1%
Notcoin (CRYPTO: NOT) $0.01757   +10%
Trader Notes: Bitcoin rallied on CPI data but retraced on the FOMC’s decision to keep rates unchanged, as well as forecasting only one rate cut for the rest of 2024.

Crypto trader Kevin highlighted in his tweet that Powell’s speech was like “throwing a cold glass of water on the bulls right now. The statement was hawkish and he’s relatively hawkish.”

He is worried how the crypto markets will react and unsure about further bullish catalysts.

Another trader highlighted an event that has supposedly only happened three tiimes in Bitcoin’s history, leading to the “most euphoric time in crypto.”

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