{ }
Dogecoin and Shiba Inu prices have dropped over 5% in the last 24 hours, influenced by Fed Chair Jerome Powell's bearish speech despite a 25 basis point rate cut. Powell's hawkish stance and comments on Bitcoin's status contributed to investor skepticism, leading to further declines in these meme coins, which are correlated with Bitcoin's performance. Analyst Kevin Capital noted a negative short-term outlook for Dogecoin but remains optimistic about a potential recovery as market reactions stabilize.
Solana's price has dropped to around $210 following a Federal Reserve rate cut, raising concerns about a potential dip below the critical $200 mark. The broader crypto market is experiencing significant sell-offs, with many altcoins facing notable corrections. Despite bearish pressure, there are indications that strong fundamentals and whale activity could present recovery opportunities for investors.
Dogecoin is showing signs of a bullish reversal, with analysts highlighting key support at $0.385 and resistance at $0.42. Despite a recent 6.06% correction, increasing investor interest and favorable macroeconomic conditions suggest potential for new highs, possibly reaching $1 by early 2025. The memecoin's holder count has surged to 6.68 million, reflecting its growing community support.
US stock futures indicated a rebound from a sell-off driven by a hawkish Federal Reserve outlook on interest rates. S&P 500 futures rose 0.5%, Nasdaq futures increased by 0.6%, and Dow futures also gained around 0.5%. The Dow is facing its longest losing streak in 50 years, with a potential 11th consecutive down day looming.
The crypto market is facing significant turmoil, with a 3.4% drop in total market value. Bitcoin briefly fell below $100K, while Floki plummeted 13.95% in a day, reflecting a broader sentiment shift. Ethereum saw a 5.08% decline but experienced a 40% surge in trading volume, indicating underlying investor interest amidst the chaos.
The Federal Reserve's recent hawkish stance, signaling a slower pace of interest rate cuts, has led to a surge in the US dollar, causing significant pressure on major currency pairs like AUD/USD, EUR/USD, GBP/USD, and USD/JPY. Traders are adjusting positions as the dollar strengthens, with AUD/USD nearing 2 ¼ year lows and USD/JPY sensitive to the divergence in monetary policy between the Fed and the Bank of Japan. Market expectations now reflect a reduced outlook for rate cuts in 2025, influenced by strong US inflation and economic indicators.
IG
Fartcoin, a Solana-based meme coin, has surged to a market cap of over $1 billion, making it the ninth largest meme coin despite a 9.3% decline in the broader meme coin market. With a remarkable 108.6% growth in the past week and support from 47,000 new holders, its popularity has been fueled by viral discussions in 'Infinite Backrooms' chat rooms.
The Federal Reserve's hawkish stance following a 25 basis point rate cut has unsettled key risk assets, including the AUD/USD and Bitcoin, leading to a surge in the US dollar and yields. The AUD/USD plummeted to a two-year low of 0.6199, while Bitcoin fell to $99,997, reflecting weakened risk sentiment. Analysts suggest that both assets need to reclaim critical support levels to counter ongoing downside risks.
IG
Federal Reserve Chair Jerome Powell has firmly stated that the Fed cannot hold bitcoin due to legal restrictions outlined in the Federal Reserve Act, which limits its assets to U.S. government bonds. He reiterated his cautious stance on cryptocurrencies, labeling them as speculative and volatile, while distinguishing them from central bank digital currencies (CBDCs). Meanwhile, President-elect Donald Trump has proposed establishing a national bitcoin reserve, aiming to enhance the U.S.'s position in the cryptocurrency market, which has led to a surge in bitcoin's value.
Market participants are adopting a defensive stance ahead of the Federal Reserve and Bank of Japan meetings, with expectations for a 25 basis point rate cut from the Fed to return rates to neutral amid rising unemployment and stagnant inflation. The US dollar shows resilience despite less hawkish Fed rate bets, while the EUR/USD faces downside risks unless it breaks above 1.062. Meanwhile, diminished BoJ rate-hike expectations are weighing on the yen, with USD/JPY maintaining upward momentum within a rising channel.
IG
Trending
Subcategory:
Countries:
Companies:
Currencies:
People:

MachinaCore is a highly modular and scalable system that allows users to build custom widgets and tools tailored to their specific financial data needs, while seamlessly integrating with other MachinaLabs products, like Machinary, MachinaAI Modules and MachinaTrader.

Address

Waitlist

We’re granting exclusive early access to the first 500 users from december 20.

© 2024 by Machinary.com - Version: 1.0.0.0. All rights reserved

Layout

Color mode

Theme mode

Layout settings

Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.