Bitcoin Today increased, but it decreased continuously. Today’s value is only slightly better than Wednesday’s all-time low, when bitcoin declined by 4.5%. Ethereum fell with the price even lower than yesterday’s high; The decline was caused by inflation concerns and uncertainty in China’s cryptocurrency market.
However, the reason for its continuous decline can be attributed to the rising threats of hacking as the number of digital currencies increase.
North Korean hackers have been attacking cryptocurrency exchanges for several years and using phishing schemes to steal digital wealth. These attacks have become more frequent recently. This was considered one of the primary factors contributing to the loss of investor confidence and cryptocurrency.
In their official statements, Fed governors Joshua Rosner, Lael Brainard and Randall Quarles called the drop in bitcoin prices a good thing and insisted that central banks will continue to raise interest rates at a consistent rate. The Fed has indicated that it will soon be more accommodative, which is in line with expectations for crypto. Furthermore, it is seen as an important factor in keeping the crypto market low.
Risk-Off Crypto Market Sentiment
The global cryptocurrency marker has failed to prolong its previous upward rally and has lost some ground on the day below around $1.05 trillion. The agenda for the next Fed meeting is online and markets reacted quickly to the Fed’s decision on Wednesday to signal a rate hike later this year.
However, the latest rally in the market began to slow as it became more clear that we would see interest rates rising at a faster pace, following more comments from the Federal Reserve governors.
This has had a significant impact on the market. Bitcoin, the world’s most valuable cryptocurrency, bounced back from last month’s bearish slump every time it broke below its support level.
Other cryptocurrencies such as Dogecoin, Ripple, Litecoin and Solana saw some red as well as green movement with their prices.
Many central bankers at the Federal Reserve want interest rates to climb before things get even tougher.
Federal Reserve Governor Christopher Waller and New York Fed President John Williams both urged for such a move, because of concerns that high inflation is due to the persistence of a tight labor market.
Fed Chairman Jerome Powell has warned that inflation is falling but there is still room for further increases.
The US Consumer Price Index is due out on Wednesday, an indicator of inflation in the economy and will be one of the indicators that investors watch to determine future monetary policy, so they will be keeping an eye on it next week.
US SEC Plans to Monitor Crypto Brokers
The US Securities and Exchange Commission (SEC) has promised to start tracking cryptocurrency brokers and advisors, ensuring they maintain their respective standards when providing financial tips, referrals and advice to their clients.
Richard Best said the agency is dedicated to following regulations and protecting its clients’ funds. This will give investors peace of mind knowing that no one can steal their money. The plan can actually be considered as a positive factor for the cryptocurrency market as it will help them to improve audit, transparency and risk management standards.
new rules of dubai
Dubai is positioning itself as a hub for virtual assets and has attracted over 500 crypto firms to its digital asset ecosystem. Dubai seeks to become the hub of virtual assets by offering an international legal framework and support that can allow businesses to flourish.
VARA seeks to support these efforts by offering regulations and services so that businesses can maintain a competitive edge.
On Tuesday, February 7th, 2023, Dubai’s Virtual Assets Regulatory Authority (VARA) published its highly anticipated regulation rules for the local cryptocurrency market.
The 10 regulations are: Anti-Money Laundering, Marketing, Licensing and Purchase Requirements, Crypto Holdings Use Prohibition, and Self-Regulation with the Advertising Industry.
As a result, this was seen as another key feature that could aid the cryptocurrency sector in reducing hacking incidents and protecting investor assets.
bitcoin price
the current Bitcoin The price is $23,206, and the 24-hour trading volume is $26.9B. Bitcoin has gained 1.13% in the last 24 hours. With a live market cap of $447 billion, CoinMarketCap currently ranks first.
On the 4-hour time frame, bitcoin is now facing immediate resistance near the $22,750 level, a candle close below this level could take BTC price down to $22,300 or even $22,000.
As technical indicators such as RSI and MACD are in the sell zone, an increase in selling pressure could push bitcoin price towards the $21,500 mark.
Alternatively, the BTC/USD pair could face support at $22,750, a close above this level could propel BTC towards the $23,350 level.
ethereum price
current price of Ethereum $1,632, with a 24-hour trading volume of $8.7 billion. Ethereum is down 2.5% in the last 24 hours. Coinmarketcap is now ranked #2 with a live market cap of $199 billion.
The ETH/USD pair has broken out of a symmetrical triangle pattern that was expanding with resistance at $1,675, and a candle close above this level is expected to propel ETH price to $1,725 or $1,725.
On the other hand, a break below the $1,620 level could expose BTC towards the $1,550 level.
bitcoin and ethereum options
Cryptonews Industry Talk recently identified the top 15 cryptocurrencies for 2023. There are many other options to consider if you are looking to invest in something more promising.
The number of cryptocurrencies and ICOs (Initial Coin Offerings) available grows on a weekly basis.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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