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Bitcoin Rollercoaster on Powell Speech, SAND and ROSE Rally Above 25% (Market Watch)
The last 24 hours have been quite turbulent in the cryptocurrency market as major large caps went through a roller coaster ride during the speech by Federal Reserve Chairman – Jerome Powell. Meanwhile, some altcoins are attempting new multi-week highs, posting gains of over 25% on the day. Let's dive in. Bitcoin and Large-Caps Pump, Dump and Pump Again Yesterday, the Chairman of the US Federal Reserve – Jerome Powell – spoke about inflation issues, the current and future state of the US economy. He said little that he hadn't already done, repeating his comments from the previous week that disinflation (or inflation,...
Bitcoin Rollercoaster on Powell Speech, SAND and ROSE Rally Above 25% (Market Watch)
The last 24 hours have been quite turbulent in the cryptocurrency market as major large caps went through a roller coaster ride during the speech by Federal Reserve Chairman – Jerome Powell.
Meanwhile, some altcoins are attempting new multi-week highs, posting gains of over 25% on the day. Let's dive in.
Bitcoin and Large-Caps Pump, Dump and Pump Again
Yesterday, the Chairman of the US Federal Reserve – Jerome Powell – spoke about inflation issues, the current and future state of the US economy.
He said little that he hadn't already done, repeating his comments from the previous week that the disinflation (or inflation, in his words, slowing down) of the economy was still in its very early stages - particularly in the housing sector.
As always, this caused the market to move. Initially, the price rose to a high of over $23,300, but almost immediately after the speech, all gains were wiped out, which turned out to be a blow.
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Fortunately, bulls were able to regroup and regain control, pushing the price back above $23,000 in the following hours.
This entire rodeo ended with about $84 million worth of positions liquidated in the last 24 hours.
SAND and ROSE Rally Ahead
Altcoins experienced even more volatility than BTC. Most of the market is painted green. The larger market capitalization cryptocurrencies failed to achieve significant gains. These include ETH, XRP, SOL, SHIB, ATOM, LTC and others – all of which represent increases between 0.5% and 2%.
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However, at the same time, the value of some altcoins exploded. The best performer of the day is SAND – the native cryptocurrency of the Sandbox ecosystem. The team revealed some sort of partnership with Saudi Arabia, which drove up the price of the coin. Oasis Protocol (ROSE) also followed suit with around 25% gains in the last 24 hours.
Meanwhile, the cryptocurrency’s Fear and Greed Index continues to improve and currently stands at 58 points. According to the metric, the market is in a state of greed, which is an improvement from yesterday when it was neutral.
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