BTC, ETH and the Upcoming US CPI & FOMC Meeting (this Week)

BTC and ETH prices are again gaining momentum.
The US CPI announcement and FOMC meeting will be held this week.
Prices of major cryptocurrencies affected due to adverse market conditions.

BTC, ETH & Others

Bitcoin (BTC) was trading at the price of $17,176.38 (at the time of publication) in a consolidation phase. Ethereum (ETH) was trading at $1,265.86. Both are giving green signals with a 1.41% and 1.56% increase respectively, in the last 24 hours.

Among the top three cryptos in the top 100 coins, Toncoin, Bitcoin SV and GMX have performed well in the last 24 hours. At the time of writing, Toncoin (TON) was at $2.22 with 10.20% increase, Bitcoin SV (BSV) was at $46.58 with 7.88% hike, and GMX was at $58.99 with 6.10% increase in its prices.

On the other side, among the top 100 coins, three cryptos that have repeatedly raised red flags are Trust Wallet Token, Neutrino USD, and ApeCoin. Trust Wallet Token (TWT) was trading at $2.18 down by 17.68% in the past 24 hours; Neutrino USD (USDN) was at price of $0.776 with a decline of over 4.83%; and ApeCoin at $3.97 with an approx 7.80% drop in price.

Fed to make announcements soon

The main event to be held on December 13 is the US CPI (Consumer Price Index) announcement and another one is the FOMC (Federal Open Market Committee) meeting on December 14, 2022. In a Press Conference with Chairman of the Federal Reserve Board, Jerome Powell held on November 2 this year.

The main agenda as discussed by Jerome Powell, was being committed to “bringing inflation back down to our 2 percent goal.” Also, he stated that the 75 basis point increase in policy rates may prove to be appropriate. Also, over the past 12 months ending till September, total PCE (Personal Consumption Expenditure) Price Index hiked at 6.2%, and when not including the rapidly fluctuating categories such as energy and food, the overall PCE soared to 5.1%.

Chairman Jerome Powell pointed out that inflation was worse than expected. Also, he addressed that the “Price pressures remain evident across a broad range of goods and services.” Powell remarked that the Ukraine-Russia War has led to hikes in prices of food and energy and has backed the rising inflation.

Recent Stats

According to data from CoinMarketCap, BTC was trading at $17,176.38 with a total volume of $18.5 billion in the past 24 hours. As per the New York Times, in May 2022, the Terra Luna crash caused a domino effect in the industry which cost the crypto market a loss of a whopping $300 billion.

As per media reports, CEO of crypto derivatives firm BitMEX, Arthur Hayes, stated that “largest, most irresponsible entities” (representing FTX collapse) have pushed the BTC into its worst phase.

Data from CoinMarketCap shows ETH is trading at $1,265.86 with a trading volume of $5.054 billion in the last 24 hours. It has slumped 74.07% from its all-time high of $4,891.7 in November 2021.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing