Despite macroeconomic concerns, pre-FOMC volatility and investor confidence in purchasing the drop have lifted Bitcoin beyond $67,000K. The memecoin market cap exceeds $55 billion as memecoins rise.
During Monday's Asian trading hours, Bitcoin {{BTC}} traded at approximately $67,800 amid pre-FOMC volatility, causing major digital assets and memecoins to rise.
"The weekend was filled with both fear and greed as BTC was driven down to $64,500 lows," Singapore-based QCP Capital posted on Telegram. "BTC has since bounced back above $67,000, and we've seen heavy BTC put selling, which suggests that ‘fear’ has dissipated in BTC, and investors are happy to buy the dip."
BTC investors are also worried about FOMC risk, which has returned macroeconomic concerns to an asset class bolstered by bitcoin ETF approval euphoria over the last month. U.S. economic data showed continuing inflation, which raised interest rates and strengthened the dollar, hurting risk assets.
Interest rates are 99% likely to remain steady, according to CME Fed Watch polls and Polymarket contracts. Memecoins were popular over the weekend, boosting the sector's market valuation up 11% to $55 billion, according to CoinGecko.
{{SHIB}} up 10.8%, DogWifHat WIF up 30%, and CORGIAI up 8.5% were top movers. Also rising are the tokens underpinning these meme coins' chains. According to CoinDesk Indicies statistics, Solana's {{SOL}} is up 10.8% to $205, while Avalanche's {{AVAX}} is up 15% to $61.
Solana has once again exploded as the trendiest crypto asset among traders with new meme tokens popping nearly every minute," ContentFi Labs COO Nick Ruck told CoinDesk.
The CoinDesk SCPXX, which covered smart contract platforms excluding ether, rose 8.2%, topping the CD20 index, which tracked the largest digital assets, which rose 3.5%.
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