Dogecoin rises 18% on DOGE Future hopes Bitcoin reaches $68K

Crypto markets experienced volatility overnight as bitcoin and ether tumbled before recovering to trade 15% higher than their Wednesday lows.

Crypto markets down then climbed as regulatory headwinds and macroeconomic factors played their hand in a rollercoaster 24 hours.

Emotions changed after US Federal Reserve Chair Jerome Powell FOMC speech leading to a spike in BTC, ETH and other mega tokens particularly those of 2 layer platforms and meme coins.

Wednesday fall was due to profit taking from previous week rally and flush of leverage bets on inflated prices with few traders suggesting technical downfall.

The inherent volatility of crypto market was on display overnight as bitcoin BTC and ether ETH downfall, then recovered to trade as much as 15% ris above Wednesday fall.

Tokens of layer 2 platforms or blockchains based on Ethereum led as sector with average spike of 25% in past 24 hours.

ETH and BTC spike as much as 11% in past 24 hours. Solana’s SOL Cardano’s ADA and BNB Chain’s BNB added as much as 8%.

Meme coins followed with a 16% jump.

Dogecoin DOGE climber 18% after March 7 filing from prominent crypto exchange. Few traders think the move as possible precursor to spot DOGE exchange traded fund ETF.

Singapore based trading firm QCP Capital added that buying was led by spot transactions a better reflection of demand than futures led trading which is more speculative.

On Wednesday markets slip in early Asian hours amid profit taking from previous weeks rally and flush of levered bets on high prices.

Overall capitalization down 15% in past week.

Market reversed later in the day after US Federal Reserve Chair Jerome Powell FOMC speech hit a dovish tone.

The central bank keep its outlook for 3 rate cuts this year despite hotter than expected inflation figures.

Leave a Comment

Verified by MonsterInsights