Bitcoin, ether, altcoins, crypto stocks are all buzzing pre-market ahead of Fed minutes

Quick Take

  • Bitcoin was trading up 3% to $16,500, while ether was up almost 5.6%.
  • Altcoins experienced even larger gains, with Binance’s BNB increasing 13% and LTC rising 15%.
  • Coinbase and Silvergate rallied in pre-market trading, while Block also traded higher. 

Altcoins led a rally across crypto asset prices, with some adding double-digit gains. Binance's BNB rose 13%, and Litecoin's LTC was up over 15%.  

Bitcoin rose 3.2% over the past 24 hours, trading above $16,500; ether tacked on 5.6% as it changed hands for $1,164 at 8:00 a.m. ET, according to CoinGecko data. Cryptocurrencies rose in line with equities. 

We'll get a flurry of economic indicators shortly, as well as the minutes of the Fed's meeting, which could provide clues for the next interest rate decision in three weeks. Yet another increase could prompts the dollar to drop further and bitcoin to keep rising. 

The DXY — which measures the U.S. dollar versus a basket of other currencies — was down 0.18% today to 106.951. Bitcoin's price in dollars moves higher when the dollar weakens.

Equities rise

U.S. stock index futures were up pre-market. S&P 500 futures rose 0.15%, while Nasdaq 100 futures jumped 0.23%.

Coinbase gained 3.5% to trade around $45, according to Nasdaq data via TradingView. Shares in the crypto exchange had traded higher on Tuesday, closing up 5%, after trading at an all-time low on Monday.

Crypto bank Silvergate was up more than 5% in pre-market today, trading around $27. The La Jolla-based bank tacked on 4% on Tuesday. 

Ark Invest's Cathie Wood — who doubled down yesterday on her prediction that bitcoin would reach $1 million by 2030 — also added Silvergate and Coinbase shares last week. 

Jack Dorsey's Block was up 1%, and MicroStrategy was unchanged in pre-market trading. 

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

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