bitcoin
Bitcoin (BTC) $ 24,001.43
ethereum
Ethereum (ETH) $ 1,891.57
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 317.76
xrp
XRP (XRP) $ 0.389092
cardano
Cardano (ADA) $ 0.561247
binance-usd
Binance USD (BUSD) $ 1.00
solana
Solana (SOL) $ 43.70
dogecoin
Dogecoin (DOGE) $ 0.085115

Sideways Crypto Markets Provide Buying Opportunities, Bitcoin and Ethereum Prices Remain Steady

With the weekend upon us, cryptocurrency markets continue to trade sideways as the global crypto market cap remains above the $900 billion level, BTC holds above $20k, and ETH remains above $1.2k. With the stock market closed this Saturday, it is no surprise that crypto markets remain relatively quiet with little volatility.


Key Points:

  • Markets remain quiet this Saturday, providing an excellent buying opportunity.
  • miners band together to help Texas’ power grid.
  • Potential 100 basis points interest rate hike by the FED is looming ahead.
  • Earnings season next week could spell significant movement in crypto and stock markets.

Crypto & Stock Market News

Major crypto assets remain relatively flat this Saturday, almost suspiciously calm as the market prepares for its next moves on Monday. Today makes for an excellent opportunity to buy underrated and currently underpriced assets for those looking to capitalize Dollar-Cost Average on their investments and lower the cost basis for their long-term crypto positions.

When it comes to relevant crypto and market news, The Washington Post released a report last night that due to the immense heat in Texas, many crypto miners complied with the State’s request to conserve electricity and voluntarily halted mining operations, which provided the relief the power grid required to continue operating with no issues.

In an email written to The Washington Post, Lee Bratcher, president of the Texas Council, said:

“The miners were able to push over 1,000 [megawatts] back into the grid for ten-hour plus periods multiple times during the week.”

It’s refreshing to see a community of miners band together to help fellow residents during such a critical time.

In other less positive news, the Fed’s next rate hike could be the biggest one yet, as there have been talks of a 100 basis-point hike later this month.

Such a drastic interest rate hike will cause the cost of borrowing money to become much more expensive, likely causing another surge in mortgage interest rates but might provide a break from the scorching inflation. Moreover, higher interest rates mean negative impacts on the stock market, causing additional bearish pressure on already highly volatile and uncertain markets.

After the CPI data released earlier this month, which suggested inflation is rising, a 100 basis point interest rate hike could significantly slow down the rising prices. However, the caveat is that the rate hike could cause deflation, which usually leads to depression.

Final Thoughts

Next week could cause a substantial correction for stock markets, creating a cascade effect affecting and prices. It makes sense that the markets are quiet today as crypto is preparing to react to next week’s price action.

Earnings season will be in full effect next week, providing critical information regarding major companies and their performance for the second quarter of 2022. The market is also waiting for companies to release their profits for Q2 before considering their next move.

Next week will be interesting, and this weekend could be the calm before a market storm on Monday.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any stocks.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: peshkov/123RF

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bitcoinBitcoin (BTC)
$ 24,001.43
ethereumEthereum (ETH)
$ 1,891.57
tetherTether (USDT)
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xrpXRP (XRP)
$ 0.389092
litecoinLitecoin (LTC)
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dogecoinDogecoin (DOGE)
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bitcoinBitcoin (BTC)
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ethereumEthereum (ETH)
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xrpXRP (XRP)
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litecoinLitecoin (LTC)
61,50
dogecoinDogecoin (DOGE)
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bitcoinBitcoin (BTC)
19,902.65
ethereumEthereum (ETH)
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tetherTether (USDT)
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xrpXRP (XRP)
0.322646
litecoinLitecoin (LTC)
51.83
dogecoinDogecoin (DOGE)
0.07058

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