Lately, bitcoin prices have been struggling, often falling below the $ 43,000 mark, and then failing to grow significantly.
At around 9:20 a.m., EDT, the world’s most popular crypto asset, retreated to $ 42,777.20, CoinDes data showed on Saturday.
Most cryptocurrencies traded less early Saturday morning. The global market capitalization of the crypto market has fallen by almost 3% to $ 1.15 trillion in the last 24 hours, while the total volume of the crypto market has grown by 9.3 percent to $ 89.50 billion.
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Bitcoin short stay close to 44 thousand dollars
Bitcoin was able to withdraw shortly thereafter, reaching $ 43,962.01 around 10 a.m. EDT. After this return, he retired again, falling to about $ 42,840 at 1:30 p.m.
On the other hand, the total volume of stable coins amounted to 74.34 billion dollars, or 83.06% of the total 24-hour volume of the cryptocurrency market.
Bitcoin recently traded at an average price of about $ 43,500, roughly where it was 24 hours ago and well below the $ 47,000 barrier it crossed just days earlier, while investors continued to aspire to a new Federal Reserve hawk heat and ongoing turnaround. economic development caused by the Russian attack on Ukraine.
BTC total market cap at $805.46 billion on the weekend chart | Source: TradingView.com
Unrest over the tightening of the Fed’s monetary policy
According to an e-mail from Oand, senior Americas market analyst Edward Moy:
“Bitcoin is not safe in its direction because Wall Street is worried about the central bank’s aggressiveness in tightening monetary policy.”
Following these recent price fluctuations, various experts have expressed their predictions for the future direction of cryptocurrency.
Ben McMillan, chief information officer at IDX Digital Assets, gave his opinion, pointing to critical levels of support and opposition.
“$ 43,000 is a critical level of support in the near future as bitcoin tries to build its recent relative strength,” he noted.
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Cryptocurrency prices deviated somewhat from the performance of major stock markets, which were marginally positive. The Nasdaq, which is largely geared towards the technology sector, gained less than a tenth of a percentage point.
The US Federal Reserve has strongly communicated over the past week, both collectively and through individual governors, that it will step up efforts to curb inflation, which has reached about 8%, the highest level in four decades.
The correlation coefficient between bitcoin and U.S. stocks has risen over the past 90 days as investors have become more risk-averse in response to the Federal Reserve’s withdrawal from the pandemic era attributed to catalyzing the rise of cryptocurrency.
Featured image from Research Affiliates, chart from TradingView.com