Bitcoin Back Above $67K as Memecoins Push up SOL and AVAX

  • Bitcoin has rebounded above $67,000K amid pre-FOMC volatility and investor confidence in buying the dip, despite macroeconomic concerns.
  • Memecoins surge, driving the sector’s market cap over $55 billion

During the Asian trading hours on Monday, Bitcoin (BTC) was traded at approximately $67,800. This occurred as the volatility that occurred before to the Federal Open Market Committee (FOMC) pushed its way through the cryptocurrency market, causing major digital assets to move and driving memecoins higher.

“The weekend was filled with both fear and greed as Bitcoin was driven down to $64,500 lows,” stated QCP Capital, which is based in Singapore, in a note that was posted on Telegram during the weekend. “BTC has since bounced back above $67,000, and we’ve seen heavy BTC put selling, which suggests that ‘fear’ has dissipated in BTC, and investors are happy to buy the dip.”

An asset class that has been lifted over the course of the past month by excitement about the approval of bitcoin exchange-traded funds (ETFs) is experiencing a resurgence of macroeconomic worry as a result of the risk posed by the Federal Open Market Committee (FOMC). Recent economic data from the United States indicated that inflation would continue to be a problem, which would result in higher interest rates and a stronger dollar, both of which are detrimental to risk assets.

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There is a 99% likelihood that interest rates will remain constant, according to polls conducted by CME Fed Watch, and a Polymarket contract indicates that the same odds are present.

Meanwhile, memecoins were all the rage over the weekend, which resulted in the market value of the sector increasing by more than $55 billion, which is an increase of 11%, according to statistics provided by CoinGecko.

(SHIB) achieved a 10.8% increase, DogWifHat WIF achieved a 30% increase, and CORGIAI achieved an 8.5% increase.

The tokens that are hidden behind the chains that these meme coins are released on are also moving in the same direction, which is upward. According to statistics provided by CoinDesk Indicies, the value of Solana (SOL) has increased by 10.8% to $205, while the value of Avalanche (AVAX) has increased by 15% to $61.

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