Cryptocurrencies including leading currencies like Bitcoin and Ether continue to be strained following the massive bloodshot in months as the crypto space experience drop in prices with changing monetary policy in the United States.
Although, this year the sharp motion of prices was often seen due to uncertainties in the geopolitical and macroeconomic arena. Factors such as rising interest rates, war situation, inflation, and due to which, slower economic growth, have pushed investors back from exposing themselves to risks, particularly in the month’s first half.
Price moves in the last two weeks mirror the pullbacks that happened in the first half of February and March, for instance. This could be an indication of a recovery phase in crypto and stocks, alike, if an unseen situation doesn’t come along.
As of Tuesday, most crypto-assets stabilized, as there was a slowdown in volatility.
The prices of flagship currency were down 0.31% in the last 24 hours, reaching $40,071.97. Bitcoin prices dropped down close to $39,500 Tuesday. According to Dow Jones Market Data, prices of the asset class plummeted by 8% on Monday, marking the biggest drop for Bitcoin since mid-February.
Early last week, the leading cryptocurrency by market cap was exchanging hands at $47,000, and as of last Wednesday, it stumbled at the key technical level of $45,000.
Bitcoin remains far off from its all-time high of $68,990 recorded early last November.
The Bitfinex Trading Team has provided a market commentary on bitcoin, as given below:
“A sense of nervousness has crept into the market amid low volumes over the weekend. The prospect of more interest rate hikes and increasing concerns over the economic environment may become recurring themes for this year. As is the case with the stock market, we may see more outbreaks of episodic volatility in the months to come. Still, as bitcoin adoption continues to grow the underlying strength of the ecosystem could distinguish it from conventional markets.”
Bitfinex is a peer-to-peer crypto exchange and was founded in 2012. Bitfinex is well-known for offering its asset trading services to crypto traders worldwide. Over the decade, Bitfinex has created quite a space for itself in the industry. Besides, the Bitfinex Trading team consists of a bunch of crypto enthusiasts who have acquired valuable experience in cryptocurrency.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
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(see all)Source: https://www.thecoinrepublic.com/2022/04/13/commentary-the-bitfinex-trading-teams-market-commentary-on-bitcoin/
Commentary: The Bitfinex Trading Team’s Market Commentary On Bitcoin
Cryptocurrencies including leading currencies like Bitcoin and Ether continue to be strained following the massive bloodshot in months as the crypto space experience drop in prices with changing monetary policy in the United States.
Although, this year the sharp motion of prices was often seen due to uncertainties in the geopolitical and macroeconomic arena. Factors such as rising interest rates, war situation, inflation, and due to which, slower economic growth, have pushed investors back from exposing themselves to risks, particularly in the month’s first half.
Price moves in the last two weeks mirror the pullbacks that happened in the first half of February and March, for instance. This could be an indication of a recovery phase in crypto and stocks, alike, if an unseen situation doesn’t come along.
As of Tuesday, most crypto-assets stabilized, as there was a slowdown in volatility.
The prices of flagship currency were down 0.31% in the last 24 hours, reaching $40,071.97. Bitcoin prices dropped down close to $39,500 Tuesday. According to Dow Jones Market Data, prices of the asset class plummeted by 8% on Monday, marking the biggest drop for Bitcoin since mid-February.
Early last week, the leading cryptocurrency by market cap was exchanging hands at $47,000, and as of last Wednesday, it stumbled at the key technical level of $45,000.
Bitcoin remains far off from its all-time high of $68,990 recorded early last November.
The Bitfinex Trading Team has provided a market commentary on bitcoin, as given below:
“A sense of nervousness has crept into the market amid low volumes over the weekend. The prospect of more interest rate hikes and increasing concerns over the economic environment may become recurring themes for this year. As is the case with the stock market, we may see more outbreaks of episodic volatility in the months to come. Still, as bitcoin adoption continues to grow the underlying strength of the ecosystem could distinguish it from conventional markets.”
Bitfinex is a peer-to-peer crypto exchange and was founded in 2012. Bitfinex is well-known for offering its asset trading services to crypto traders worldwide. Over the decade, Bitfinex has created quite a space for itself in the industry. Besides, the Bitfinex Trading team consists of a bunch of crypto enthusiasts who have acquired valuable experience in cryptocurrency.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/04/13/commentary-the-bitfinex-trading-teams-market-commentary-on-bitcoin/