{"id":24517,"date":"2023-06-19T09:39:06","date_gmt":"2023-06-19T13:39:06","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-stalls-over-long-weekend-how-the-fed-could-shake-up-cryptos-this-week\/"},"modified":"2023-06-19T09:39:07","modified_gmt":"2023-06-19T13:39:07","slug":"bitcoin-stalls-over-long-weekend-how-the-fed-could-shake-up-cryptos-this-week","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24517","title":{"rendered":"Bitcoin Stalls Over Long Weekend. How the Fed Could Shake Up Cryptos This Week."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies were little changed on Monday amid a quiet day for global trading, with U.S. markets closed for the Juneteenth holiday. <\/p>\n

However, a macro catalyst lies in the days ahead as cryptos continue to stagnate in a familiar range.<\/p>\n

\n

The price of Bitcoin has fallen less than 1% over the past 24 hours to $26,400, losing ground from a weekend peak near $27,000. A rally last Friday\u2014after money manager BlackRock (BLK) filed to create a Bitcoin exchange-traded fund\u2014carried the largest digital asset back up above $26,000. Bitcoin is now back in the trading range from $26,000 to $27,000 that has dominated for much of the period since the token hit a 10-month high in April above $30,000\u2014a level that has since proved hard to reclaim.<\/p>\n

Federal Reserve chairman Jerome Powell is set to testify before Congress this week, speaking before the House Financial Services Committee and Senate Banking Committee on Wednesday and Thursday, respectively. Powell\u2019s remarks have the possibility to be the next major catalyst for cryptos, prices of which have risen and fallen in response to the outlook for U.S. monetary policy.<\/p>\n

\u201cMore downside risks could push Bitcoin lower, leaving it within the bearish trend,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cOnly a rally above $27,200\u2014the area of previous local highs and the 50-day moving average\u2014can effectively break this trend.\u201d<\/p>\n

The Fed\u2019s campaign of interest-rate hikes over the past year was a key force driving down digital assets from their late 2021 peak, and Bitcoin\u2019s rally of some two-thirds in 2023 has come amid expectations that the central bank\u2019s work is almost finished. Last week the Fed hit the pause button on rates for the first time in this tightening cycle, but signaled that more rate increases could be ahead.<\/p>\n

How hawkish Powell is before Congress\u2014how much the Fed chief telegraphs more rate-hikes\u2014will be a focus for investors across markets this week, crucial for cryptos just like the
\n Dow Jones Industrial Average
\n and
\n S&P 500.<\/span>\n <\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014lost less than 1% to $1,725. Smaller cryptos, or altcoins, were weaker, with
\n Cardano
\n dropping 3% and
\n Polygon
\n slipping 2%. Memecoins were more mixed, with
\n Dogecoin
\n down less than 1% and
\n Shiba Inu
\n up less than 1%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies were little changed on Monday amid a quiet day for global trading, with U.S. markets closed for the Juneteenth holiday. However, a macro catalyst lies in the days ahead as cryptos continue to stagnate in a familiar range. The price of Bitcoin has fallen less than 1% over the past 24 […]<\/p>\n","protected":false},"author":1,"featured_media":22958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-24517","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBitcoin Stalls Over Long Weekend. 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