Last week’s FTX crash led to a massive drop. Bitcoin and altcoin projects are losing value as the cryptocurrency space is already going through a “winter season”. Meanwhile, we now have FED minutes before us. The US Federal Reserve will release the minutes today. Therefore, another big movement may be coming. Here are the expectations and the latest price movements…
FED minutes are coming: How will the market be affected?
Developments in the traditional financial market are also echoing in the cryptocurrency space. At the moment, the biggest cryptocurrencies seem to be moving positively. Bitcoin, the largest cryptocurrency by market value, is changing hands at $ 16,540 with an increase of 5.5 percent. Ethereum, the largest altcoin, rose 7.3 percent. It changes hands at $1,166. BNB was up 16.3 percent, while DOGE was up 10.4 percent.
XRP gained 6.2 percent and ADA 5.6 percent. Polygon (MATIC) gained 9.4 percent. Litecoin (LTC) is up 27.5%. Meanwhile, the total cryptocurrency market cap has risen by 5.7 percent to stand at $862 billion.
What is the latest situation in the gold market?
Gold price (XAU/USD) is increasing bids early Wednesday morning in Europe to consolidate its intraday losses of around $1,738. By doing so, the yellow metal supports the weakness of the US dollar ahead of key data/events scheduled for release today. There may also be mixed signals from China despite the spread of coronavirus woes, which is likely to be in favor of metal prices lately. However, market cautiousness and hopes for hawkish central bank actions to keep XAU/USD bears hopeful are adding to the pessimism surrounding Beijing.
US dollar index (DXY) US Treasury yields remain under pressure as European markets become active. It received offers to renew the intraday low level to around 106.95. Bond coupons remained mostly stagnant. He let the DXY bears take a breather earlier in the day during a vacation in Tokyo. This may be due to Japan’s status as Asia’s largest bond trader.
Increasing US data lately and mixed comments from US Federal Reserve officials have challenged the US Federal Reserve’s hawkish expectations. This, in turn, reduced the safe-haven demand for the US dollar.
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