Bitcoin, Ethereum, Dogecoin mixed on Fed fears

Major coins saw mixed trading late Thursday night as the market cap fell 0.20% over the past 24 hours to $1.10 trillion, recorded at 8:30 p.m. EST.

What happened: Apex crypto Bitcoin (CRYPTO: BTC) was trading below $25,000 as investors continued to assess the Fed’s ongoing dialogue on monetary policy and scrutinize jobs data.

Ethereum (CRYPTO:ETH) traded up close to 1% but under $1,700. Dogecoin (CRYPTO: DOGE) was trading at $0.084, down 0.90% in the past 24 hours.

US stocks rose on Thursday as investors showed support for the Federal Reserve’s rate hikes despite volatile trading. The S&P 500 rose 0.53% to close out the day at 4,012.32, recovering from its four-day losing streak. The Nasdaq Composite gained 0.72% to end the session at 11,590.40.

The US Labor Department reported that initial jobless claims for the week ending Feb. 18 fell by 3,000 to 192,000, which is lower than the consensus estimate of 200,000. These strong job numbers have challenged the Federal Reserve as it tries to push inflation back from 6.4% to the target rate of 2%.

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Top News: Cathie Woods Arch Invest just added over 213,000 Coin base (NASDAQ:COIN) shares worth approximately $13 million in its ARK Innovation (ARKK) and Next Generation (ARKW) exchange-traded funds.

Coin base launched on Thursday base, a layer 2 network built with Optimism’s OP Stack. Base’s testnet has already been started by the crypto exchange.

Spotify takes its first foray into the Web3 world with a new pilot of token-enabled playlists. With this groundbreaking program, non-exchangeable token holders can now connect their wallets and enjoy curated music from around the world.

Notes from the analyst: “As Wall Street twirls about the expected shifts from the Fed’s rate hike, Bitcoin is teetering around the $24,000 area. The next few months will be crucial in getting the rest of the world to embrace cryptos,” said Edward Moya, senior analyst at OANA, in a note viewed by Benzinga.

The IMF has released a statement on elements of effective crypto asset policy. “No big surprises came out of this 1,131 word paper, but it did outline what they are focusing on; protection of fiat currencies, excessive volatility of capital flows, supervision, joint monitoring between regions and protection of financial stability,” Moya noted.

“Bitcoin seems to be stuck in a range right now and that could only change if we see risk aversion on Wall Street go wild,” he added.

Crypto Analyst Michael van de Poppe said Bitcoin fell to the lower part of the $23,300 resistance area. There is a significant uptick from this area, indicating that further consolidation may be needed before the course continues towards the $30,000 mark.

We fell into the lower part of the area and previous resistance around $23.3K.

Significant bounce from that area for #Bitcoinprobably some more consolidation and from there on towards $30K. pic.twitter.com/prmQFXB5oY

— Michael van de Poppe (@CryptoMichNL) February 23, 2023

Santiments data suggests that the amount of Bitcoin held by major players (so-called “Shark and Whale” addresses) remains stable in the $23,000-$25,000 range. However, the data also shows that the number of Bitcoin addresses with balances between 1,000 and 10,000 has increased over the past 3 months, along with the 10-100 range and the 100-1000 range.

The amount of shark and whale #Bitcoin addresses remain the same as the $23,000 to $25,000 price range continues. If the 1K-10K $BTC addresses are starting to rise like the 10-100 and 100-1K $BTC addresses in the last 3 months, this would be a sign of a breakout. https://t.co/xs7D99BzQ1 pic.twitter.com/P7HwCGeMoT

— Santiment (@santimentfeed) February 23, 2023

analyst Accompaniment said BTC Chart looks ready for the next leg “sooner than you think”.

#Bitcoin / $BTC

The chart looks ready for the next leg sooner than you think. pic.twitter.com/23kc3TtqfB

— KALEO (@CryptoKaleo) February 24, 2023

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