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Mooners and Shakers: Bitcoin and crypto market slightly up but hawkish Fed looms in background

It’s pretty green across the crypto majors today and that’s nice to see. But, yet again, it appears the US Federal Reserve is trying its best to keep markets at bay.

Macro-minded eyes have been on the release today of the US Fed’s most recent FOMC meeting minutes, with mild hopes at play that there might be some kind of sign of a pivot in 2023 – an easing of the inflation-combatting rate-hiking that drove much of the narrative for markets in 2022.

According to several reports and pundits, though, the American central bank is still sounding fairly hawkish for the forseeable.

That’s not amazing news for markets, but then again, as Sven “Northman Trader” Henrich points out here… there have been plenty of instances in the past where the Fed hasn’t exactly stuck to its guns.

Meanwhile, as Aussie market analyst Tony Sycamore shows, US stocks have actually somewhat gained since the Fed’s minutes were released a few hours ago. Go figure, eh?

 

And, ahem, just leaving this here, too…

 

Top 10 overview

With the overall crypto market cap at US$853 billion, up about 1.5% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

While Bitcoin coyishly toys with the idea of a return to US$17k, it’s the layer 1 and layer 2 smart contract platforms that appear to be performing the best over the past 24 hours, including Ethereum, BNB, Cardano and Polygon.

The latter, as we yesterday thought it might, has reclaimed it’s spot in the to 10, bumping out the exchange token OKB.

Polygon’s growth in terms of partnerships and adoption both within and outside of crypto was a sight to behold in 2022, even if its MATIC token’s price action (like most other projects) wasn’t.

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$6.9 billion to about US$287 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

DAILY PUMPERS

Ethereum Classic (ETC), (market cap: US$2.6 billion) +21%

• Near Protocol (NEAR), (mc: US$1.3 billion) +16%

Lido DAO (LDO), (mc: US$1.15 billion) +16%

• Filecoin (FIL), (mc: US$1.2 billion) +15%

Rocket Pool (RPL), (mc: US$431 million) +8%

 

DAILY SLUMPERS

OKB (OKB), (market cap: US$6.9 billion) -3%

Huobi (HT), (market cap: US$847 million) -2%

 OKC (OKT), (mc: US$475 million) -1%

Litecoin (LTC), (mc: US$5.4 billion) -1%

 

Around the blocks

Some randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse…

More trouble brewing with DCG and Genesis?

 

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