The agenda in the cryptocurrency markets is intense, and this week is set to be one of the most exciting in terms of macro developments. Throughout 2023, we brushed aside some Fed meetings, while we counted the minutes for others. For instance, during the period of the banking crisis, every minute was critical. However, at the previous meeting, everything was clear, so it wasn’t a big deal. But this week’s meeting is crucial.
Fed Meeting and BTC
By the end of Wednesday, we will have learned everything from November inflation to the Federal Reserve’s interest decision and the 3-year interest expectations of the members. The most curious issue is the non-binding 3-year interest expectations of the members, which reflect their opinions. In addition, whether inflation fell in November will determine the tone of Powell’s speech.
If the employment and wage increase data on Friday weren’t so bad, markets wouldn’t be as nervous today (like at the previous meeting). Investors prefer to be cautious because they are worried about possible surprises in inflation, interest projections, and Powell’s tone.
In addition, we saw the details of a very strict crypto KYC proposal that seemed absurd in part of the U.S. When we look at the latest developments from a broad perspective, we see that a 3-day chaotic atmosphere that could even undermine ETF optimism has enveloped us.
What Will Be the Price of LUNC Coin?
After reaching $0.000278, the price of Terra Classic lost nearly 40% of its value, and the loss could deepen if BTC fluctuates. That’s why we were talking about the possible increase in the price of LUNC Coin, if BTC allows. Even though LUNC doesn’t serve much of a purpose amid burns and speculations, it is attracting demand and rising like a meme coin.
Following the acceptance of a proposal aimed at helping the ecosystem tokens of LUNC and TerraClassicUSD (USTC) regain their former glory before the LUNA crash in May 2022, the Terra Classic community increased token demand.
As of the time this article was written, Terra Classic had lost its $0.00018 support. The bull flag formation on the four-hour chart suggests that a breakout could occur after ongoing consolidation, and the price of LUNC could climb to $0.00038. However, the BTC price needs to rise above $42,000 soon, and the panic atmosphere needs to calm down for this to happen.
BTC is unlikely to do this until Wednesday is over. If LUNC Coin can’t make a positive divergence, we might see a drop to $0.00015.
