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Review: Bitcoin Recovers $19K And Ethereum Rises Too

Review: Bitcoin Recovers $19K And Ethereum Rise Too
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On Monday, Bitcoin and Ethereum went their separate ways, with Bitcoin down and Ether up.

Bitcoin (BTC) is up 0.30% on strong daily volume. There were strong fluctuations throughout the day as the main cryptocurrency fell below $19,000.

A sharp 3.47% drop occurred at 0200 GMT (6:00 AM ET), but prices reversed course as US markets opened.

The fall was six times the average trading volume and implied an overreaction to the fall, which was subsequently corrected. But unfortunately, there was not enough information in the reports that could explain the decline.

Binance
Binance

The price of Ether (Ethereum) was 1.72% higher, ending the decline that began after the successful Ethereum merger last week.

Looking at the hourly chart of Ethereum, one can see a similar pattern to BTC in that it also fell on higher volume at 02:00 UTC but reversed course later. Ethereum fell by about 17% after the merger.

The CoinDesk Market Index (CMI) a broad market index is down 0.35% – it measures the performance of cryptocurrencies in a basket of currencies.

Economic calendar

The main event of the economic calendar this week will be the meeting of the Federal Open Market Committee (FOMC) on Wednesday and its expected decision on the interest rate.

Markets are suggesting an 80% chance that the Fed funds rate will increase by 75 basis points and a 20% chance that it will increase by 100 basis points, or 1%. The Fed rates have not increased by 1% for more than 40 years.

From 1978 to 1981, the Federal Reserve raised rates by 1% 7 times during the tenure of then chairman Paul Volcker due to skyrocketing inflation.

Дневной график биткойн/доллар США (Гленн Уильямс-младший/Комиссия по торговле товарными фьючерсами)

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