The world’s largest cryptocurrency by market capitalization fell in sync with the decrease in the value of technology equities.
On Thursday, Bitcoin (BTC) dipped, wiping away the day’s gains but remaining within the $40,000-$44,000 trading range.
Due to these developments, bitcoin mining businesses appear to be increasing their cryptocurrency stocks, indicating they’re unwilling to sell at current prices.
According to a top Wall Street commodities analyst, Bitcoin will overtake oil and copper in the next decade.
Tether locked USDT on the Ethereum blockchain and CoinDesk’s David Morris on bitcoin, inflation, and the expectations game.
On Thursday, the Nasdaq 100 fell as investors worried about the Federal Reserve’s plans to hike interest rates for the first time since 2018.
According to Mary Daly, head of the Federal Reserve Bank of San Francisco, hiking rates in March looks reasonable.
This may reduce the attraction of bitcoin, which many investors acquired as an inflation hedge.
Is that a positive or negative sign? I don’t know yet.
In a market update on Thursday, Oanda’s analyst said it seemed like markets are hitting peak concern about US monetary policy, which might make relief rallies more likely. However, the markets are generally uneasy, leading to price volatility soon.
An upward breach of $45,500 would signal Erlam that the worst of the crisis had passed.
After buyers took some profits near the $44,000-$45,000 resistance zones, bitcoin fell back in value.
Although support at approximately $40,000 could moderate the downturn, the cryptocurrency remains in a short-term slump.
BTC has fallen nearly 2% in the last 24 hours and has been essentially unchanged over the last seven days. The price must decisively break over $45,000 by the Asian trading day to reverse the short-term downturn.