The cryptocurrency market has also declined further with Bitcoin leading the trademark below showing the decline. Markets are keenly waiting for the Federal Reserve’s decision on interest rates and it has expected to be influential in the next market movements.
Last week, the price of Bitcoin declined with over 4% to $66,475 as revealed by the Coin Metrics market data. This is following the drop that started last Friday when Bitcoin broke the $70,000 barrier. The reporting of lower profits might have been caused by a wave of long liquidations that brings traders into selling their assets at market prices to pay for their existing dues. According to CoinGlass data, 24h central net-long Bitcoin liquidations stand at $56 million.
Like the owners of shares at the stock exchange, BTC and other crypto currencies’ owners are worried at what pace the Federal Reserve will change the interest rates this year. The central bank is at the moment holding a two day meeting, the decision of which is expected to be released tomorrow. At the same time, the Dow Jones Industrial Average dropped 272 points today, and the S&P 500 declined by 0. 3%.
CEO of the crypto trading platform Cube Bartosz Lipiński. Exchange, provided some information regarding the scenario. “When stocks become worthless other risky assets quickly default as well, he noted. ” Lipiński mentioned that some tradž participants are getting less optimistic about the future further cuts in the interest rates by the Fed, thus, increasing more worries with regards to the long-lasting influence of higher rates.
Lipiński added that a look at option positions reveals long-term expectations for a rally: According to him, here we may witness fluctuations until the picture regarding further actions of the Fed for the rest of the year becomes clearer. He also mentioned today’s and the previous Friday’s sell-offs as the further indication of still existing market malaise: “Despite the imminence of physically settled ETH in the US, no positive impetus has been found to push the prices up while BTC’s bullish fundament, including ETFs holding supply, cannot overcome
Also Read:
RSS3 TOKEN REVIEW and analysis: Revolutionizing Content Distribution
Disclaimer: The information provided by CryptopianNews is for educational and informational purposes only. It should not be considered financial or investment advice. Cryptocurrency markets are highly volatile and speculative, and investing in them carries inherent risks. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.
Doc A is knowledgeable in content writing and freelancing in the field of cryptocurrency where there is so much changing at every exigent moment. Able to think strategically and analyze complex systems, Doc A is a masterful writer who can provide important information and analysis to help people navigate the world of crypto investments.