When the Fed chief speaks, the markets listen and react – Bitcoin and the broader crypto market included. Today he spoke and the poll says … “So you’re telling me there is a chance …”
CoinDesk created a live blog today about Jerome Powell’s Q&A session with the U.S. Senate Banking Committee, and we went over it to find out what could have caused a positive surge in sentiment (and crypto prices).
The TLDR on it is basically this …
Jay Powell now: pic.twitter.com/ni6qTz52I3
– theweeknd.eth (@LilMoonLambo) January 11, 2022
In other words, Powell’s message was relatively neutral and was not interrupted by harsh talk of accelerated and vigorous rate hikes. However, he still promised that the Fed would do whatever it takes to contain inflation.
“If we need to keep raising rates over time, that’s what we will,” said Powell. “We will use our instruments to get inflation back.”
But possibly the Fed chairman also hinted in what is possibly the most important sentence that low interest rates will not go away anytime soon … “We were and will likely remain in an era of very low interest rates.”
Incidentally, phases of high and accelerated interest rates can lead to suppressed stock and crypto markets.
The crypto industry has also been eagerly awaiting the Federal Reserve’s digital currency report, and Powell updated, “The report is really ready to go and I expect we will – I hate to say that again – in the drop the coming weeks. “
So … it’s not quite finished yet. Oh, and it won’t have too many final positions in it. It will raise more questions for industry to answer.
Powell on #crypto – The digital currency report for the coming weeks will focus more on “practice asking questions and soliciting public input rather than taking many positions.”
– Benjamin Cowen (@intocryptoverse) January 11, 2022
Right – cheers Jerome. So, all in all … we refer to the picture in the tweet above. Meanwhile, not particularly strong news from the Fed is good news for the crypto market in the short term …
Top 10 overview
With crypto market cap up 4.6% overall since it was in a sub-two trillion lull this time yesterday, here’s how things stand in the top 10 by market cap at the time of writing – according to CoinGecko data.
Daily winners across the board, with the altcoins leading the way – in particular Speckle (DOT) and Binance coin (BNB).
It feels like a long time between drinks for DOT and double-digit profits. Today is the “first fully functional” parachain of the Layer 1 blockchain, Moonbeam, went live – and is ready to bring smart contracts and interoperability with Ethereum to the Polkadot network.
GLMR, the Moonbeam token, is currently up about 32% since it hit the markets (including Binance and Kucoin) about six or seven hours ago at the time of writing.
1 / 🚀 Moonbeam is LIVE on @Polkadot! 🔥 We’re excited to announce that Moonbeam is the first fully functional parachain on Polkadot. Moonbeam will bring many new integrations, activities, and users to illuminate the Polkadot ecosystem. ⚡ #MoonbeamLightsUphttps: //t.co/yBhgyWwaRn
– Moonbeam Network (@MoonbeamNetwork) January 11, 2022
Winners and losers: 11–100
Looking at a market cap range of about $ 21.7 billion to about $ 1.2 billion in the rest of the top 100, we find some of the biggest winners and losers in the 24-hour period at press time.
• Oasis network (ROSE), (mc: $ 1.4 billion) + 25%
• Near protocol (NEAR), (mc: USD 10.6 billion) + 18%
• Polygon (MATIC), (mc: USD 15.3 billion) + 16%
• phantom (FTM), (mc: $ 6.4 billion) + 14%
• Ecomi (OMI), (mc: $ 1.4 billion) + 13%
Sleeping giant Layer 1 blockchain Oasis network (maybe not asleep anymore) has gotten stronger and stronger lately. And big venture capitalists in the industry, including Binance Labs, Hashed, and Jump Capital, clearly like what they see.
Binance Labs has joined other well-known VC firms to support Oasis Network’s massive development fund. https://t.co/dKlJLc5Kvl
– Cointelegraph (@Cointelegraph) January 11, 2022
• Olympus (OHM), (mc: 1.47 billion USD) -10%
• Frax share (FXS), (mc: $ 1.25 billion) -4%
• Chain link (LINK), (mc: USD 12.5 billion) -2%
• Leo token (LEO), (Market Cap: $ 3.5 billion) -1%
• What (QNT), (mc: $ 2.3 billion) -0.5%
Small capitalization winners and losers
Below the crypto unicorns (well below them in some cases), here’s just a selection that catches our eye …
• Scream (SCREAM), (mc: USD 14 million) + 65%
• Tomb shares (TSHARE), (mc: $ 696 million) + 45%
• Looks rare (LOOKS), (Market Cap: $ 269M) + 37%
Since it was recently sold to eligible OpenSea NFT resellers, Looks rare (a new OpenSea competitor in the NFT marketplace sector) is climbing pretty steadily and seems to be gaining traction with the decentralization-loving crypto community.
While I understand this is satire, it’s still important to point out that the only actual members of the team on Twitter are @GutsLooksRare and @ZoddLooksRare.
Still a lot of love.
– LooksRare 👀💎 – NFT Marketplace (@LooksRareNFT) January 11, 2022
• Gods unleashed (GODS), (Market Cap: $ 95M) -15%
• OpenDAO (SOS), (mc: $ 143 million) -8%
• Steem (STEEM), (mc: $ 167M) -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 right now …
Twitter, explained in 15 seconds pic.twitter.com/4dp4qytgwf
– David Hobby (@strobist) January 10, 2022
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