Bitcoin, Ethereum, Dogecoin Dump Before FOMC Wednesday: Here's What They Did After Prior Meetings

Author: Khyathi Dalal | June 11, 2024 04:18pm

Cryptocurrency markets have sold off prior to the CPI data release on Wednesday, with major meme coins being hit particularly hard.

Prices as of 3.30 p.m. ET:

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$67,357.84	-3%
Ethereum (CRYPTO: ETH)	$3,494.13	-4.7%
Solana (CRYPTO: SOL)	$149.26	-6.9%
Dogecoin (CRYPTO: DOGE)	$0.1379	-4.5%
Shiba Inu (CRYPTO: SHIB)	$0.00002173	-5.4%

Notable Statistics:

• Coinglass data shows 104,055 traders liquidated in the past 24 hours, with total liquidations at $270.1 million. Bitcoin's open interest at $36 billion has continued to remain high since April 12.
• IntoTheBlock data reports a 66.6% surge in large transaction volume, alongside a 9.6% increase in daily active addresses. Transactions greater than $100,000 increased from 5,027 transactions on June 9 to 7,782 transactions on June 10. Total exchange inflows and outflows also increased.
• Crypto analyst Ali Martinez noted that historically Bitcoin has struggled in Q3, with an average return of 6.49% and a median return of -2.57%.

Notable Developments:

• Bitcoin Mining Stocks Marathon Digital, Riot Platforms And CleanSpark Are Moving: What’s Going On?
• Anthony Scaramucci Says Bitcoin Can Hit $700K, Predicting Match To Gold — ‘Could Bitcoin 10x In The Next 15 Years? I Believe It’
• Tether Plans To Invest More Than $1B In AI, Biotech, Financial Infrastructure
• Ethereum And Altcoins May ‘Quickly Rebound’ After FOMC Meeting, Trader Predicts
• Donald Trump Opens 21-Point Lead In 2024 Presidential Race, According To Crypto Bettors

Top Losers:

Cryptocurrency	Price	Gains +/–
Notcoin (CRYPTO: NOT)	$0.0159	-12.3%
Uniswap (CRYPTO: UNI)	$9.03	-12.2%
Arweave (CRYPTO: AR)	$33.32	-10%

#Bitcoin

FOMC tomorrow and $BTC forms a bullish inverse head & shoulders pattern here.

The past FOMC meetings have already marked the low of the left shoulder + head. Right shoulder next?

Probably just a coincidence.👀

So far, this meetings have mostly been bullish for BTC. pic.twitter.com/EbtYIkgswZ

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Posted In: $AR $BTC $DOGE $ETH $JASMY $ORDI $SHIB $SOL $UNI