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Leading cryptocurrencies lifted late on Wednesday after a House Committee moved forward with a bill to establish a Strategic Bitcoin Reserve.
Crypto Market’s Late Rally
Bitcoinsurged late in the evening as the Strategic Bitcoin Reserve bill passedthe House Financial Services Committee for congressional consideration. Ethereumand other altcoins also recorded a spike.
Cryptocurrency-related stocks also fell, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing down 2.64% and 3.35%, respectively.
Over $330 million was liquidated from the cryptocurrency market in the last 24 hours, with $185 million in bearish short bets evaporated, accordingto Coinglass data.
Bitcoin’s open interest rose 0.68% over the last 24 hours, in line with the spot price increase. Smart money sentiment, which refers to the collective outlook and capital allocation of institutional investors, turned “extremely bullish.”
Cryptocurrency market capitalization sits at $2.58 trillion after a 0.79% drop in the last 24 hours.
Stocks Slide After Rate Hike
The stock market sank deeper on Wednesday. The Dow Jones Industrial Averageshed 631.21 points, or 1.21%, to close at 51,461.90.The S&P 500 fell 0.45% to end at 7,551.81,while the Nasdaq Composite closed 0.01% lower at 25,978.42.
As widely expected, the Fed raised the federal funds target range by 25 basis points to 3.75%-4.00%, marking its first rate hike since 2023.
The Federal Open Market Committee noted “elevated” inflation in its policy statement.
What’s the Next ‘Major’ Accumulation Zone?
Ali Martinez, a widely followed cryptocurrency analyst and trader, said they’re not panicking due to the rate hike. Instead, they viewed the Short-Term Holder Realized Price near $71,200 as the “next major accumulation zone.”
“If the market gives me that opportunity, I’ll be ready,” he added.
On-chain analytics firm Santiment noted that crowd sentiment for BTC has moved from “FOMO” back into “Fear.”
“But when expectations become this one-sided, remember that markets typically always move in the opposite direction of the extreme group-think,” the firm added.
Photo Courtesy: Champ008 on .com
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