Ethereum’s gains were higher than Bitcoin’s, even as the two coins remained largely flat on Thursday evening, with the global cryptocurrency market cap rising 0.7% to $983.3 billion at 8:20 p.m. EDT.
|Cryptocurrency||24-Hour % Change (+/-)||Price|
|Luna Classic (LUNC)||+17.04%||$0.00052|
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Why It Matters: Major coins were largely muted, in line with other risk assets. Stock futures were trading flat at the time of writing.
On Thursday, the European Central Bank raised interest rates by 75 basis points as expected and revised inflation projections to average 8.1% in 2022.
The same day, U.S. Federal Reserve Chair Jerome Powell cautioned strongly against loosening the monetary policy prematurely at the Cato Institute, a libertarian think tank, reported CNBC.
“I can assure you that my colleagues and I are strongly committed to this project and we will keep at it until the job is done,” he said.
The Fed’s next policy meeting is slated for Sept. 20-21.
“Bitcoin is giving back some of yesterday’s gains as risky assets declined following a double dose of hawkishness from Fed Chair Powell and ECB president Lagarde,” said OANDA senior market analyst Edward Moya, in a note seen by Benzinga.
“Bitcoin is trying to stabilize above the $19,000 level but that will be hard given consistent messaging about taking rates above the terminal rate needed by the major central banks.”
Michaël van de Poppe tweeted Bitcoin is “going so far so good” but needs continuation above the $19,500 mark.
#Bitcoin is going so far so good, but needs continuation above $19.5K.
Then, party time is on.
Today can be important with Lagarde and Powell speaking. pic.twitter.com/zZbIjhnoeu
— Michaël van de Poppe (@CryptoMichNL) September 8, 2022
Justin Bennett said earlier on Thursday that he would exercise caution on Ethereum as “volume is trailing off, and there’s nothing structurally bullish about markets like Ethereum.”
I’d be really careful with this bounce.
Volume is trailing off, and there’s nothing structurally bullish about markets like $ETH.#Ethereum pic.twitter.com/zUAc6FE7zp
— Justin Bennett (@JustinBennettFX) September 8, 2022
Glassnode said on Twitter that Ethereum speculative action continues with over $6.12 billion in outstanding Open Interest for Call Options.
The Put options stand at $1.5 billion, which makes a Put/Call Ratio of 0.25, according to the on-chain analysis firm.
#Ethereum speculative action continues, with over $6.12B in outstanding Open Interest for Call Options.
Put options account for a much smaller $1.5B, making for a Put/Call Ratio of 0.25.
This chart is now available as a new Workbench Pre-set:https://t.co/jBnP3xK2s2 pic.twitter.com/Hm8ZOhGkdg
— glassnode (@glassnode) September 8, 2022
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