The crypto markets have seen huge swings over the past few weeks, with Bitcoin and Ethereum prices suddenly rising and falling. This has been a turbulent time for investors in the digital currency space.
Bitcoin (BTC) fell below $23,000 on Monday as investors waited to hear from Federal Reserve Chair Jerome Powell. Other digital assets like Ethereum were also flat, with BTC falling 2.05% and ETH down 2.36%.
The biggest factors influencing the cost of bitcoin and other assets have been an increase in fears of the pandemic and a choppy crypto market. The combination of these elements has led to increased trading activity in digital currencies.
The bullish US dollar had a significant impact on the crypto space, contributing to the crypto market struggles and bringing about an end to the crypto boom.
Recently, many negative factors have caused the cryptocurrency market to decline. These include heightened worries about potential currency tightening and Sri Lankan opposition to using bitcoin.
Going forward, traders are extra cautious about investing due to upcoming talks between Federal Reserve Chair Jerome Powell and the Economic Club of Washington DC on Tuesday. The talk is intended to give investors new insights into the economic landscape. Comments on the path of inflation and the latest labor market data are received with great attention.
Bullish US Dollar Dampening Crypto Market Bull Run – Where Now?
The global crypto market failed to sustain last week’s bullish rally and turned bearish on Monday. BTC prices fell 2.5% as the jobs report noted that US job opportunities had risen more than expected in January.
This created uncertainty about the Fed’s decision to raise interest rates, thus negatively impacting crypto prices.
Many cryptocurrencies tumbled over the weekend after US stocks fell on Friday’s surprise uptick in job growth numbers. This has increased concerns about expected rate hikes, which ultimately put pressure on the crypto market.
Investors are still waiting and watching as they anticipate the Fed Chair’s remarks this week. The US Federal Reserve Chairman has said more aggressive policy action is expected to fight inflation.
Last week the Fed hiked rates as predicted and indicated it will do so again soon; It’s worth remembering. Looking ahead, markets are awaiting more economic direction from Chairman Jerome Powell’s speech at the Washington, DC Economic Club on Tuesday.
In addition, they will keep a close eye on any remarks about the course of inflation and the latest labor market data.
What you need to know about bitcoin in Sri Lanka
Nandalal Weerasinghe, the central bank governor, believes that the introduction of decentralized cryptocurrencies will worsen the country’s economic situation. American millionaire Tim Draper recently traveled to Sri Lanka and proposed using Bitcoin as legal tender to combat the corruption that has caused the island nation’s hyperinflation.
During a TV shoot in Sri Lanka, Draper met with President Ranil Wickremesinghe and Weerasinghe to propose Bitcoin as a practical solution to solving financial problems.
Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka – a key authority figure – thought this would worsen the nation’s economic situation. Consequently, this news has not had any significant impact on bitcoin prices so far.
bitcoin price
As of today, the value of Bitcoin is $22,877. In the last 24 hours, the trading volume was $21.8 billion, down 2.17%. It currently ranks first in terms of market capitalization with a value of $441 billion.
Recently, bitcoin has been on a downtrend and it is currently hovering around the $22,700 support level. If it breaks this level, further price decline is expected and it could eventually settle at $22,400, which is highlighted by a rising trend line and can be seen as a potential support point.
Technical analysis using tools like the RSI and MACD have shown signs of a possible surge in selling pressure that could subsequently see the value of BTC fall to $22,350 as the next bottom.
Bitcoin price chart – Source: Tradingview
According to the 50-day exponential moving average, BTC/USD could face resistance near $23,250 and below this selling, the trend remains strong. If it surpasses $23,250, it could potentially reach the $23,500 level. This suggests that appreciation is likely.
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Ethereum price
Ethereum is currently trading at $1,633 and is down 2.02% in the last 24 hours. The 24-hour trading volume is $7.5 billion and ranks 2nd by market cap with a live market cap of $199 billion according to CoinMarketCap rankings.
The ETH/USD pair has not seen any significant change in price for the past few days, and it is trading in a range of $1,610 to $1,650. If this level is breached, ETH price can surge as high as $1,720.
The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) indicators have been providing conflicting signals lately, which could mean that the trend is about to change. One suggests buying, the other selling.
Ethereum price chart – Source: Tradingview
The 50-day exponential moving average has indicated a possible uptrend for cryptocurrencies. Values above $1,620 suggest that there could be a surge in coin prices.
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Alternatives to Bitcoin and Ethereum
CryptoNews Industry Talk recently identified the top 15 cryptocurrencies for 2023. If you’re looking to invest in something more promising, there are plenty of other options to explore.
The number of available cryptocurrencies and new ICOs (Initial Coin Offerings) continues to increase on a weekly basis.
Disclaimer: The Industry Talk section features insights from crypto industry players and is not part of Cryptonews.com editorial content.
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Cryptocurrency Price Tracker – Source: crypto news
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