When the US Federal Reserve Chairman speaks, markets listen and react – including Bitcoin and the broader crypto market. He spoke today, and the poll said… “So, you’re telling me there’s a chance…”
CoinDesk blogged live on Jerome Powell’s hearing before the US Senate Banking Committee today and we’ve rummaged through it to see what might be causing the positive lift in sentiment (and crypto prices).
TLDR on it, is basically…
Jay Powell now: pic.twitter.com/ni6qTz52I3
– theweeknd.eth (@LilMoonLambo) January 11 2022
In other words, Powell’s messaging was relatively neutral, not peppered with stern talk of massive, accelerating interest rate increases. Although that’s not necessarily off the table at some point, either, because it still pledges the Fed will do what’s necessary to contain inflation.
“If we have to raise rates more over time, we will,” Powell said. “We will use our tools to restore inflation.”
But, perhaps in his main sentence, the Fed chief also appears to be hinting that low interest rates are unlikely to go away anytime soon… “We have been and may continue to be in an era of ultra-low interest rates.”
Periods of high and accelerating interest rates by the way, can It leads to pent-up stock and crypto markets.
The crypto industry was also highly anticipating the US government’s cryptocurrency report, and Powell updated it by saying, “The report is really ready to go and I expect we’ll be dropping it – I hate to say this again – in the coming weeks.”
then so Not Actually all set, then. Oh, and it won’t contain a lot of specific situations. It will, sort of, ask more questions to be answered by the industry.
Powell on # encrypt The report on cryptocurrencies in the coming weeks will be more about “exercise in asking questions and seeking input from the audience, rather than taking a lot of positions.”
– Benjamin Quinn (@intocryptoverse) January 11 2022
Right then – cheers Jerome. So, in general…we refer you back to the image in the tweet above. Meanwhile, there is no particularly strong news from the Federal Reserve that is good short-term news for the cryptocurrency market…
Overview of the top 10
With the overall market cap of cryptocurrencies up 4.6% since it was in a recession below $2 trillion this time yesterday, here’s the state of play in the top ten by market cap at the time of writing – according to CoinGecko data.
Daily winners across the board are here, with altcoins leading the way – in particular, dotted (DOT) and Binance coin (BNB).
It feels like a long time between drinks for a DOT and double digit gains. Today, the first “fully functional” parachin layer of the blockchain, MoonbeamIt’s up and running – ready to bring smart contract and Ethereum interoperability to the Polkadot network.
GLMR, the Moonbeam token, is currently up 32% since it entered the markets (including Binance and Kucoin) about six or seven hours ago at the time of writing.
1 / Moonbeam is running @dotted! 🔥 We are happy to announce that Moonbeam is the first fully functional parachute on Polkadot. Moonbeam will bring many new integrations, activity, and users to light up the Polkadot ecosystem. ⚡ # Moonbeamhttps://t.co/yBhgyWwaRn
Moonbeam Network (MoonbeamNetwork) January 11 2022
Winners and Losers: 11-100
Sweeping a market cap range of about $21.7 billion to about $1.2 billion in the rest of the top 100, let’s find some of the biggest gainers and losers over 24 hours at press time.
• Oasis Network (Rose), (MC: $1.4 billion) + 25%
• near protocol (Nearby), (MC: 10.6 billion USD) +18%
• ribbed (Matic), (MC: $15.3 billion) +16%
• ghost (FTM), (MC: $6.4 billion) +14%
• Ikomi (OMI), (mc: $1.4 billion) +13%
Layer 1 sleeping giant blockchain Oasis Network (Maybe he’s not exactly sleeping anymore) Going from strength to strength lately. And it’s clear that the major VCs in the space, including Binance Labs, Hashed and Jump Capital, like what they’re seeing.
Binance Labs has joined other prominent venture capital firms in supporting the massive development fund of the Oasis Network. https://t.co/dKlJLc5Kvl
– Cointelegraph January 11 2022
• Olympus (ohm), (mc: 1.47 billion USD) -10%
• Share Frax (FXS), (MC: $1.25 billion) -4%
• chain link (link), (MC: 12.5 billion USD) -2%
• Liu Token (LEO), (market capitalization: $3.5 billion) -1%
• Regarding (QNT), (MC: $2.3 billion) -0.5%
Low-cap winners and losers
Moving below cryptocurrency unicorns (in some cases much less), here is a selection that catches our eye…
• Scream (SCREAM), (MC: 14 million USD) + 65%
• grave arrow (TSHARE), (MC: 696 million USD) + 45%
• looks rare (look), (market capitalization: $269 million) + 37%
Since it was airdropped to eligible OpenSea NFT traders the other day, looks rare (OpenSea’s new competitor in the NFT market segment) is steadily making its way and appears to be gaining some momentum with the decentralized crypto community.
Lots of love all the same.
– LooksRare – Market NFT (@LooksRareNFT) January 11 2022
• Unchained Gods (GODS), (market value: $95 million) -15%
• OpenDAO (SOS), (MC: $143 million) -8%
• Steem (STEEM), (MC: 167 million USD) -7%
– naive (naiiveclub) January 11 2022
Oh, and just for fun, this pretty much sums up the banter between crypto bulls and bears on Twitter now almost…
Twitter, explained in 15 seconds pic.twitter.com/4dp4qytgwf
– David Hobby (strobist) January 10 2022