Bitcoin, Ethereum, Dogecoin Spike As FOMC Minutes Foster Slower Rate Hike Expectations: Analyst Says 'Retail Investors Are Accumulating At A Rapid Pace'

Bitcoin, Ethereum, Dogecoin Spike As FOMC Minutes Foster Slower Rate Hike Expectations: Analyst Says 'Retail Investors Are Accumulating At A Rapid Pace'

Bitcoin and Ethereum were seen deep in the green on Wednesday evening as the global cryptocurrency market cap rose 3.1% to $830.4 billion at 9:07 p.m. EST.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin (CRYPTO: BTC) 3.35% 0.45% $16,767.37
Ethereum (CRYPTO: ETH) 6.4% -1.2% $1,204.75
Dogecoin (CRYPTO: DOGE) 7.1% -3.3% $0.08
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Dash (DASH) +16.7% $43.14
BNB (BNB) +13.6% $302.03
The Graph (GRT) +12.7% ​​$0.06

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Why It Matters: The release of the Federal Open Market Committee minutes on Wednesday indicated that policymakers at the U.S. central bank judged that “slowing in the pace of increase would likely soon be appropriate.”

Risk assets were seen buoyant as expectations of a pivot by the Federal Reserve mounted. Cryptocurrencies spiked and stocks were in positive territory for two days in a row.

The S&P 500 and Nasdaq closed 0.6% and 1% higher respectively in intraday trading. At the time of writing, U.S. stock futures were in the green.

“Bitcoin and crypto markets bounced back today following the continuation of a relief rally in the S&P 500,” said Marcus Sotiriou, an …

Full story available on Benzinga.com