Bitcoin, Ethereum, Dogecoin Rise Despite Hawkish Fed: Analyst Says Wait for ‘The Bigger Drop’ Will Be Longer – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Bitcoin and Ethereum traded in the green Thursday evening, as the global cryptocurrency market capitalization rose 4.9% to $943.7 billion at 8:19 PM EDT.


Price performance of large coins
Coin 24 hours a day 7 days Price
Bitcoin BTC/USD 4.7% -1.6% $19,386.98
Ethereum ETH/USD 6.6% -9.6% $1,330.52
Dogecoin DOGE/USD 4.2% 1.6% $0.06

Top 24-hour winners (data via CoinMarketCap)
Cryptocurrency 24-hour % change (+/-) Price
XRP (XRP) +22.1% $0.5
Chili (CHZ) +19.1% $0.3
ONCE BUT ONCE (LEO) +14.1% $4.92

See also: How to get free crypto

Why it matters: Major cryptocurrencies moved in the opposite direction of stocks, which closed lower on Thursday.

The S&P 500 and Nasdaq closed down 0.8% and 1.4%, respectively. At the time of writing, US stock futures were seen marginally higher.

Meanwhile, 10-year Treasury yields rose from four-month lows in early August as investors expect the U.S. Federal Reserve will continue to maintain its hawkish stance and keep rates higher even as it affects economic growth, Reuters reported.

The yield curve between 2- and 10-year government bonds is the most inverted since the year 2000. The inversion reached as far as negative 58 basis points, which shows the growing anxiety about a coming recession.

“Bitcoin is doing well as the global bond market heats up. Recently, it looks like Bitcoin will go sharply lower if Wall Street sees Treasury yields skyrocket and stocks sell off, but that’s not happening. Bitcoin’s bottom may be in place if through all this market volatility it can hold the $18,000 level,” said Edward Moyaa senior market analyst with OANDAin a note seen by Benzinga.

Cryptocurrency trader Justin Bennett said that we are likely to see some bullish reclaims, namely for Bitcoin.

“I think everyone will have to wait a while longer for the big drop,” he said on Twitter.

Cryptocurrency trader Michael van de Poppe said that the overall cryptocurrency market capitalization has regained the 200-week moving average, which is positive for the markets.

Jon Haspela senior institutional trading partner at BlockFi, tweeted that regardless of the prevailing macro landscape, Ethereum has seen pronounced selling pressure due to a number of factors such as reduced whale wallets, miner sales and Ethereum Pow (ETHW) trading.

Meanwhile, the XRP/BTC price ratio hit a one-year high of 0.000025 as optimism builds around Ripple settling a lawsuit with the US The Security and Exchange Commissionsaid Santiment.

“Active shark and whale baits that hold 1m to 10m [XRP] has been in an accumulation pattern since late 2020,” the market intelligence platform said on Twitter.

Read next: Broken record? JPMorgan CEO continues to rage about Bitcoin, calls it a ‘Ponzi scheme’

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