Upcoming Fed Meeting May Deal Huge Blow To Market By CoinEdition

The upcoming Fed meeting could deal a huge blow to the market
  • The next meeting of the Federal Reserve is expected to have a negative outcome.
  • Cryptocurrency prices have dropped significantly over the past 24 hours.
  • The 4 hours chart for BTC is turning slightly bearish as investors prepare for the Federal Reserve meeting.

After the impact that the FTX drop had on cryptocurrency markets last week, the cryptocurrency market may be preparing for another hit this week as the US Federal Reserve is scheduled to release its next minutes this week (November 23, 2022). The minutes of the upcoming Federal Reserve meeting are expected to deal a heavy blow to the financial markets.

Any movement in the traditional financial market will echo in the cryptocurrency market. It appears that the cryptocurrency market has already anticipated a negative outcome due to the upcoming minutes as the global cryptocurrency market capitalization fell by 4.03% over the past 24 hours, according to CoinMarketCap. This brings the total to approximately $802.03 billion at the time of publication.

At press time, the crypto market leader is also down 3.15% in the last 24 hours. (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 the time of writing.

The rest of the top ten altcoins by market capitalization also declined. (BNB) decreased by 4.19%, (XRP) decreased by 8.79%, and (ADA) price decreased by 6.69%. Meanwhile, shares (DOGE) and Polygon (MATIC) declined by 10.02% and 7.08% over the past 24 hours.

4-hour chart for BTC/USDT (Source: CoinMarketCap)

The 4 hours chart for BTC/USDT shows that investors are waiting in anticipation for the next Fed minutes given the steady price action.

The chart is slightly bearish as the 9 EMA has crossed below the 20 EMA over the past 24 hours. This slight downside could be the result of investors with a low appetite for risk exiting their positions in Bitcoin to protect themselves from negative outcomes.

Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

The upcoming meeting of the Federal Reserve may deal a massive blow to the market for the first time issuance of coins.

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