Bitcoin, Ethereum, XRP, Dogecoin Gain After BTC Reserve Bill Advances: Analyst Says He's Not 'Panicking' Despite Rate Hikes — 'Ready for Anything'

Leading cryptocurrencies lifted late on Wednesday after a House Committee moved forward with a bill to establish a Strategic Bitcoin Reserve.Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:17 p.m. EDT)Bitcoin (CRYPTO: BTC)+1.27%$76,441.89Ethereum (CRYPTO: ETH) +1.53%$2,429.43XRP (CRYPTO: XRP) +2.08%$1.30Solana (CRYPTO: SOL) +2.67%$99.24Dogecoin (CRYPTO: DOGE) +1.73%$0.08103Crypto Market’s Late RallyBitcoin surged late in the evening as the Strategic Bitcoin Reserve bill passed the House Financial Services Committee for congressional consideration. Ethereum and other altcoins also recorded a spike.Cryptocurrency-related stocks also fell, with Strategy Inc. ) and Bitmine Immersion Technologies Inc. ) closing down 2.64% and 3.35%, respectively.Over $330 million was liquidated from the cryptocurrency market in the last 24 hours, with $185 million in bearish short bets evaporated, according to Coinglass data.Bitcoin’s open interest rose 0.68% over the last 24 hours, in line with the spot price increase. Smart money sentiment, which refers to the collective outlook and capital allocation of institutional investors, turned "extremely bullish."Top Gainers (24 Hours)Cryptocurrency (Market Cap>$100 M)Gains +/-Price (Recorded at 9:17 p.m. EDT)Bedrock (BR) +158.76% $0.6487Derive (DRV) +94.18% $0.2637Lisk (LSK) +53.92% $0.5270Cryptocurrency market capitalization sits at $2.58 trillion after a 0.79% drop in the last 24 hours. Read Also: Stocks Slide After Rate HikeThe stock market sank deeper on Wednesday. The Dow Jones Industrial Average shed 631.21 points, or 1.21%, to close at 51,461.90. The S&P 500 fell 0.45% to end at 7,551.81, while the Nasdaq Composite closed 0.01% lower at 25,978.42.As widely expected, the Fed raised the federal funds target range by 25 basis points to 3.75%-4.00%, marking its first rate hike since 2023.The Federal Open Market Committee noted “elevated” inflation in its policy statement.What’s the Next ‘Major’ Accumulation Zone?Ali Martinez, a widely followed cryptocurrency analyst and trader, said they’re not panicking due to the rate hike. Instead, they viewed the Short-Term Holder Realized Price near $71,200 as the “next major accumulation zone.”“If the market gives me that opportunity, I’ll be ready,” he added.READY FOR ANYTHING!If the rate hike triggers a Bitcoin sell-off, I’m not panicking.I’m watching the Short-Term Holder Realized Price near $71,200 as my next major accumulation zone.If the market gives me that opportunity, I’ll be ready. On-chain analytics firm Santiment noted that crowd sentiment for BTC has moved from “FOMO” back into “Fear.”“But when expectations become this one-sided, remember that markets typically always move in the opposite direction of the extreme group-think,” the firm added.🚀 August 19-21 marked the first mood flip. Bitcoin raced toward $80K as Treasury buybacks eased yields and more than $4B in crypto shorts were liquidated, while social chatter became heavily focused on higher prices. The rally then flattened as enthusiasm caught up with price.… Read Also: Strategy Stock Falls as Bitcoin Extends Pullback After Senate Vote Photo Courtesy: Champ008 on Shutterstock.com