Analytics / Forex and Crypto News
Today the Fed ended its meeting, at which it kept the interest rate at the current level. However, this was not the main news of the meeting. At the Fed meeting, 11 of 18 officials pointed to two rate hikes in 2023. This speaks of a change in the thinking of members of the Fed and a change in the situation in general. This means that the discussion on the reduction of quantitative easing may start a little earlier than expected, and end sooner.
This news negatively affected the cryptocurrency market and the stock market. As a result, the BTC/USD pair dropped below $40000. Ethereum and Binance Coin fell to $2419 and $358, respectively.
This news did not affect the mood of the holders. They continue to hold coins purchased 3-12 months ago. The Glassnode report states that Bitcoins acquired earlier remain in the wallets of long-range investors.
In addition, the researchers found that during the last four stages of BTC strengthening, addresses containing less than one coin accumulated up to 5% of the total cryptocurrency supply.
Investment bank JPMorgan has released a report on the state of the cryptocurrency market in the second quarter of 2021. The report noted that as a result of a sharp decline in the price of cryptocurrencies in April and May of this year, institutional investors began to massively sell Bitcoins