The writer of the article discusses the upcoming FOMC meeting and the current state of the crypto market. The writer highlights that crypto is facing difficulties in the US due to the Coinbase lawsuit against the SEC and the comments made by tech billionaire Chamath Palihapitiya. However, the writer notes that D dollarization is taking place and there is a shift away from the US dollar, which could benefit the crypto market. The writer also discusses various charts and trends in the crypto market, including demand zones and a major moving average, and notes that major whales have recently woken up, sending large amounts of cryptocurrencies.
H2: FOMC Meeting and Cryptocurrency Charts
We are just eight days away from the FOMC meeting, and the current focus is also on the cryptocurrency charts- Bitcoin, XRP, and Ethereum. The situation regarding the US dollar is concerning as the authorities move against it in a significant way. Additionally, the cryptocurrency sector is in trouble in the US, with Chemath Palio stating that crypto is dead in America, as the authorities have not done their job.
H2: Korea’s Crypto Authority and XRP
While the crypto sector struggles in the US, over in Korea, banks have been granted more authority to investigate local cryptocurrency companies. An expert has warned against selling XRP before the SEC lawsuit ends, as it could be the worst possible move.
H2: Latest from the Crypto World
Terraform Labs co-founder Daniel Shin and nine others have been indicted in South Korea, while Binance has integrated chat GPT into its website, and Visa is hiring more crypto developers to drive mainstream adoption.
H2: The D-Dollarization Trend
The D-dollarization trend is something to watch. The dollar share has decreased from 73% in 2001 to 55% in 2020, and it is now 10 times faster than the previous two decades. However, dedollarization is good news for the crypto sector, as it allows people to invest in assets denominated in other currencies like cryptocurrencies and gold.
H2: Major Crypto Price Areas to Watch
There are three significant areas to watch in terms of crypto prices. There are two demand zones and a major moving average that investors are monitoring closely. While the ascending broadening wedge is concerning, the major reversal is something to consider for traders. The ultimate goal is to wait for the major bull run, and investors should consider purchasing now while it is relatively cheap.
H2: Stacking Up on Crypto
It makes sense to stack up on crypto during this particular time, especially during the four-year cycle of the halving. Despite concerns about major whales waking up in the market, investors should not be discouraged as stacking up on crypto is a smart move in the long run.