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21 September 2021

Ethereum pares gains, Bitcoin pushed under $40K as Fed set to reveal tapering plans

Ethereum pares gains, Bitcoin pushed under $40K as Fed set to reveal tapering plans


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Ether, whose 30-day correlation with Bitcoin stands at 89% positive, moved in tandem with Bitcoin.

Brian O’Reilly, head of market strategy for Mediolanum International Funds, noted that there are no signs of inflation cooling down in the sessions ahead so the Fed might just start looking into the rising consumer prices, if not putting a pause on their bond-buying program.

The Ethereum and Bitcoin markets' biggest vulnerability is that their valuations may not be sustained without expanding liquidity from the Fed.

Meanwhile, the strong underpinning is that there is substantial capital sitting on the sidelines to enter the market, with a DataTrek Research report noting that retail investors on Robinhood alone hold $400 billion to enter markets on the next big dip.

He told Cointelegraph that the markets could resume their downtrend following "a brief rally," wherein Bitcoin falls to as low as $20,000, taking Ethereum lower alongside, adding that:

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Basel Committee Crypto Rules Face Backlash
published: 28 minutes ago
Crypto holding requirements proposed by the Basel Committee have faced backlash from several trade groups and asset managers.

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cointelegraph.com
Market data feeds provided by cryptocompare.com
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