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Bitcoin and other cryptocurrencies were lower Thursday after a selloff Wednesday following the latest interest-rates hike from the Federal Reserve. Crypto traders see continued momentum in the digital asset rallybut a pause for now.

The price of Bitcoin has fallen 1.5% in the past 24 hours to $27,700, tumbling from Wednesday highs above $28,500 but rebounding from the trough below $27,000 immediately after the Fed raised interest rates by a quarter of a percentage point. Wednesdays peak marked the highest level for Bitcoin...

Bitcoin and other cryptocurrencies were lower Thursday after a selloff Wednesday following the latest interest-rates hike from the Federal Reserve. Crypto traders see continued momentum in the digital asset rallybut a pause for now.

The price of Bitcoin has fallen 1.5% in the past 24 hours to $27,700, tumbling from Wednesday highs above $28,500 but rebounding from the trough below $27,000 immediately after the Fed raised interest rates by a quarter of a percentage point. Wednesdays peak marked the highest level for Bitcoin since the crypto bear market accelerated last June, with prices for the largest digital asset still up by more than two-thirds in 2023 in a rally that has spurred calls of a new bull market.

Bitcoins rally ahead of the Fed set us up for disappointment, and sure enough we saw Bitcoin retreat from just shy of $29,000 after Powells press conference, said Sam Yilmaz, co-founder of venture fund Bloccelerate. A cooling off period is overdue and allows Bitcoin and crypto to settle I still believe Bitcoin could go to $35,000 in a matter of weeks because, put simply, price action breeds price action in crypto.

Cryptos fell in line with the stock market after the Fed hiked rates, a return to Bitcoins correlation with equities after weeks of outperformance. While the rate hike of 25 basis points was priced in, digital assets dropped in step with the Dow Jones Industrial Average and S&P 500 as investors worried about how tightening financial conditions will continue to pressure the banking system.

Beyond Bitcoin, Ether the second-largest cryptofell 2% to $1,750, but was above late-Wednesday lows. Smaller cryptos or altcoins were more mixed, with Cardano up 1% and Polygon 1% lower. Memecoins were slightly weaker, with Dogecoin and Shiba Inu both down less than 1%.

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Write to Jack Denton at jack.denton@barrons.com

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Bitcoin Edges Lower. Crypto Traders Pause Before Another Rally. - Barron's

BitcoinBTC, ethereum and other major cryptocurrencies are currently trading far below their all-time highsthough one influential investor who saw the Covid pandemic coming thinks that could be about to change.

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster

The bitcoin price has added around 70% since the beginning of the year as traders brace for a potential Federal Reserve u-turn, helping the ethereum price rally.

Amid the brutal crypto winter that's erased almost $2 trillion of value from the market, two of the world's largest financial institutions with a combined $14 trillion in assets under managementFidelity and BlackRockBLKare quietly expanding into the world of bitcoin, ethereum and cryptocurrency.

It's at the beginning of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

"At BlackRock we continue to explore the digital assets ecosystem, especially areas most relevant to our clients such as permissioned blockchains and tokenization of stocks and bonds," Larry Fink, the chief executive of the world's largest asset manager wrote in his annual letter to shareholders, adding "very interesting developments are happening in the digital asset space."

Last year, Fink predicted crypto's blockchain technology will usher in "the next generation for markets" after signing a major deal with bitcoin and crypto exchange Coinbase.

Meanwhile, Fidelity Investments has now opened up its crypto trading platform to its 37 million users to buy and sell bitcoin and ethereum commission-free, it was first reported by The Block.

Sign up now for CryptoCodexA free, daily newsletter for the crypto-curious

The bitcoin and crypto market has traditionally moved cyclically, surging higher before crashing and then soaring higher again.

Some bitcoin, ethereum and crypto market watchers are pointing to bitcoin's next halving, when the flow of new bitcoin being created will be cut by half, as a potential catalyst for the next bitcoin price bull run.

"Were about a year away from bitcoins next halving," Alex Thorn, Galaxys head of research, said in emailed comments. "Historically, these have been bullish events for the digital asset."

The next bitcoin halving is scheduled for late April 2024 and will see the bitcoin block reward issued to miners cut to 3.1 bitcoin, down from 6.2 currently.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

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$14 Trillion Earthquake: Fidelity And BlackRock Are Quietly Laying The Groundwork For The Next Bitcoin, Ethereum And Crypto Price Bull Run - Forbes

Bitcoin price started a downside correction from the $28,500 resistance zone. BTC found support near $26,600 and is currently attempting a fresh increase.

Bitcoin price failed to clear the $28,500 resistance zone and reacted to the downside. The fed increased rates from 4.75% to 5%, which resulted in a bearish reaction. BTC declined below the $27,500 support zone.

Besides, there was a break below a key bullish trend line with support near $27,900 on the hourly chart of the BTC/USD pair. The pair even traded below the $27,000 level. A low is formed near $26,623 and the price is now correcting losses.

Bitcoin price climbed above the 23.6% Fib retracement level of the downward move from the $28,879 swing high to $26,623 low. It is still trading below $27,800 and the 100 hourly simple moving average.

On the upside, an immediate resistance is near the $27,750 level and trading below $27,800 and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the downward move from the $28,879 swing high to $26,623 low.

Source: BTCUSD on TradingView.com

The next major resistance is near the $28,000 zone. A close above the $28,000 resistance might start another major increase. In the stated case, the price could rise towards the $28,500 level. Any more gains might send the price towards the $28,850 resistance zone.

If bitcoin price fails to clear the $28,000 resistance, it could start anther decline. An immediate support on the downside is near the $27,000 zone.

The next major support is near the $26,600 zone. Any more losses might send the price towards the $26,000 support zone. The next major support is near the $25,200 level.

Technical indicators:

Hourly MACD The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is now below the 50 level.

Major Support Levels $27,000, followed by $26,600.

Major Resistance Levels $27,750, $28,000 and $28,500.

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Bitcoin Price Corrects But Uptrend Is Still Intact and BTC Could Rally Again - NewsBTC

What happened

The price of several cryptocurrencies moved higher today after the Federal Reserve concluded its March meeting yesterday, as well as due to some token-specific news.

Since late afternoon yesterday, the price of the world's largest cryptocurrency, Bitcoin (BTC 4.76%), traded about 4.8% higher as of 12:02 p.m. ET today, with Bitcoin above $28,700. Meanwhile, the price of XRP(XRP 4.84%) traded roughly 7.2% higher, and the meme token Dogecoin (DOGE 3.39%) was up close to 8%.

The Fed concluded its meeting yesterday with a quarter-point hike to interest rates, bringing the Fed's overnight benchmark lending rate, the federal funds rate, to inside a range of 4.75% and 5%. The Fed also seemed to take a more dovish tone and indicate that its rate-hiking campaign may soon come to an end.

Image source: Getty Images.

Bitcoin and the rest of the crypto market have been pummeled since the Fed began raising interest rates to combat some of the highest levels of inflation seen in about four decades. Rising interest rates have made short-term U.S. Treasury bills attractive to invest in, as well as riskier assets like Bitcoin much less favorable.

While the Fed had been a lot more hawkish earlier this month, the recent bank crisis, which resulted in several banks collapsing, has softened its tone. The main reason for this change is that banks are likely to tighten credit in the upcoming months as they further monitor liquidity and also brace for credit normalization in their existing loan portfolios. Fed Chairman Jerome Powell said during his press conference yesterday that this may have a chilling effect on the economy, doing some of the Fed's work for it.

Dogecoin seems to be benefiting from a tweet from Twitter CEO Elon Musk, who responded to another tweet from a user about visiting the U.S. and watching SpaceX's upcoming Starship launch. "Okay, but it will cost 3 Doge," Musk replied.

That seemed to incite some belief that Musk will eventually incorporate crypto payments into Twitter, including Dogecoin. Given Musk's influence over the Dogecoin community, it is not surprising to see investors getting excited over a Musk tweet.

XRP seems to be benefiting from the belief that a court ruling is soon coming in a closely followed lawsuit between Ripple, the company that created XRP, and the Securities and Exchange Commission (SEC). The SEC sued Ripple, claiming it sold unregistered securities when it issued $1.3 billion in XRP cryptocurrency many years ago. Many believe Ripple will win the case, setting a precedent that will make it harder for the SEC to classify many cryptocurrencies as securities, which has been a long-running debate between the crypto community and SEC.

I think the move among cryptocurrencies is largely because of the belief that the Fed will soon pivot and that interest rates are not going to rise to 6%, which seemed like a possibility prior to the banking crisis. Cryptocurrencies, which were started in response to the Great Recession and wider distrust in the mainstream financial system, also tend to rise when traditional banks or currencies like the U.S. dollar struggle.

I believe Bitcoin is going to be here for the long haul and will be a good long-term buy. I do think XRP and its network have some interesting capabilities and could stand to benefit from winning the SEC case. That said, I have no interest in Dogecoin because I don't think the cryptocurrency or blockchain network offers anything particularly unique.

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Why Bitcoin, Dogecoin, and XRP Are Rising Today - The Motley Fool

(Kitco News)-LunarCrush, a social intelligence company serving the crypto ecosystem, is preparing to send Bitcoin (BTC) on a moon mission literally with the launch of Nakamoto_1, a treasure chest of 62 BTC worth approximately $1.5 million that will be deposited on the moon in 2023.

According to the announcement from LunarCrush, the Bitcoin bounty will be unlocked by the first space traveler to reach the moon and obtain the wallet's private key, which will be etched onto a Lunar Outpost MAPP Rover launching into space later this year.

LunarCrush partnered with Lunar Outpost, a leader in commercial planetary mobility, animation studio Golden Wolf, and Bitcoin developer tools company Hiro to make Nakamoto_1 a reality. Together they have created an NFT collection that they plan to sell in order to fund the project.

The ultimate goal of the Web3-powered space race is to inspire the next generation of interplanetary exploration.

"When you put out a seemingly unachievable goal, the innovation that happens can be incredible, said Joe Vezzani, CEO of LunarCrush. Our goal is to inspire people to build communities that will unlock a new era of exploration. We envision classrooms, groups, companies, and even DAOs coming together to reach the Moon and split the treasure chest's rewards. It's like Willy Wonka's 'golden ticket' for the Web3 era, and we couldn't be more excited to see how it all unfolds.

The project plans to fully document the process of engraving the private key affixed to the rover as a way to ensure complete transparency and show that no one has access to the private keys.

Once Lunar Outpost's MAPP Rover lands on the moon, the bounty is available to anyone on Earth who can devise and execute a plan to reach it. A SpaceX rocket will deliver the rover to the moon in Q4 of this year, but the exact date has not yet been released for security reasons.

"What may sound outlandish to some will open new frontiers that haven't been explored outside the mind in a long time, said Dr. Forrest Meyen, Co-Founder and Chief Strategy Officer at Lunar Outpost. Future generations will look to us as pioneers of interplanetary exploration and adventure. LunarCrush is using modern blockchain technology to deliver a treasure instead of organizing a prize committee. This structure incentivizes exploration while unlocking the best of human ingenuity.

The Bitcoin bounty will be funded by a special collection of Bitcoin-secured NFTs that will go on sale beginning March 28. 25% of the proceeds will go towards funding the treasure chest and 25% will go into a Community Marketing Wallet, which will go toward funding Bitcoin core development and STEM education-related causes.

Each NFT will be priced at $250, and all secondary sales, along with any contributions to the public wallet, will be used to further increase the value of the treasure chest. In addition, the teams will inscribe some of the NFT concept art as Ordinals and will include them in the treasure chest, the press release said.

The NFTs were designed by Golden Wolf, an award-winning creative studio known for design and animation. We loved the idea that the art could inspire a new generation of young people to look to the stars, like a contemporary version of an Apollo 11 poster on a bedroom wall, said Ingi Erlingsson, Founder and CEO of Golden Wolf. We wanted the aesthetic to feel modern and unique, with a hint of vintage sci-fi art.

The team selected Bitcoin as the reward for the bounty because it's the most long-lasting, secure, and future-proof form of money. Hiro provided technical support for the creation of the Bitcoin-backed NFTs that will fund the treasure chest.

"We're excited to inspire a new generation of space explorers as they make that next small step for the world," said Alex Miller, CEO of Hiro.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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One giant leap for Bitcoin: Treasure chest of 62 BTC to be deposited ... - Kitco NEWS