Main Takeaway: FOMC May Hike Rates & Signal A Pause
Evening US time the Fed will potentially announce the year’s final rate hike. Markets are anticipating that it will be a 75 bps increase. The other week the WSJ put out an article that the Fed was considering a pause in its interest rate hiking schedule in order to take some time to digest the data. Therefore, traders and investors should keep their eyes on Powell’s remarks to see if he signals any language about a pause. This is the main factor that will impact equity and crypto prices for the remaining two months of 2022.
Dogecoin has seen tremendous gains in the past week after Elon Musk took over Twitter and made a tweet with his dog dressed up as a twitter bird, causing the coin to drive up 28% at its highest. However, DOGE has since pulled back to $0.14. What this means is Dogecoin isn’t dead, especially if it becomes the governance token of Twitter one day.
Interestingly, there’s one coin that has gone parabolic d-o-d – and that’s XEN Crypto, a newly released coin this fall 2022. At the moment, it’s up over 200%.
The top five performing coins on Phemex d-o-d are Xen Crypto (XEN/USDT), Polymesh (POLYX/USDT), Dogecoin (DOGE/USDT), Phala Network (PHA/USDT), and Render Network (RNDR/USDT).