Dogecoin DOGE/USD is trading lower by 7.2% to the $0.092-level Monday afternoon as major cryptocurrencies experience a pullback during Monday's session. Bitcoin BTC/USD also appears to be correcting, falling as low as $40,200 Monday afternoon, after a significant surge nearing $45,000 a week earlier. Monday's dip suggested traders might be securing profits.
Leading up to the recent strength in crypto, the SEC's recently opened forum for comments on the potential introduction of an Ethereum ETH/USD ETF by Fidelity signifies a growing institutional interest in cryptocurrencies beyond Bitcoin. Approval of an Ethereum ETF could further validate the legitimacy and acceptance of cryptocurrencies in traditional finance.
This news might lead investors to anticipate increased accessibility and investment options in the crypto market, positively impacting the prices of various altcoins, including Dogecoin.
What's Going On With Crypto Monday?
The crypto market is eagerly awaiting the final FOMC meeting of 2023 on December 12th to 13th and upcoming inflation data. Analysts predict improved core inflation and expect the Fed to keep rates steady at 5.25% to 5.5%.
If this happens, it'll be the third time rates remain unchanged. In the previous meeting when rates held, Bitcoin prices rose by about 1.7%...Read More
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