In the world of cryptocurrency, Bitcoin It remains one of the most popular and widely traded assets. Recently, as chairman of US Federal ReserveJerome Powell warns of higher-than-expected interest rates, with many investors questioning whether this will drive crypto prices down.
In this update, we’ll take a closer look at the current state of the cryptocurrency market, analyze recent bitcoin price trends, and predict what the future holds for the world’s most famous digital asset.
Bitcoin failed to contain its losses and remained in the red amid uncertainties surrounding Powell’s bullish stance and Silvergate Bank
Bitcoin Price Prediction: Quick Fundamental Outlook
Bitcoin (BTC), the world’s largest cryptocurrency, has been unable to gain any positive traction and continues to glow red within the $22,000 range. The decline can be attributed to comments made by US Federal Reserve Chairman Jerome Powell regarding interest rate hikes.
It is important to note that the cryptocurrency market declined following Powell’s comments and the uncertainty surrounding Silvergate Bank.
This has created a sense of uncertainty among traders and investors who are now trying to understand the potential impact of Powell’s comments on the market.
In addition to Powell’s comments, the uncertainty surrounding Silvergate Bank also played a role in the decline in the cryptocurrency market.
The tension surrounding the bank has increased the sense of uncertainty among investors, which has led to a decline in cryptocurrency prices.
This has affected other well-known cryptocurrencies, such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Solana (SOL), which also experienced losses on the day.
Fed Chair Powell warns of higher interest rates than expected
Federal Reserve Chairman Jerome Powell concluded His second and final day of congressional testimony kicked off with a relatively uneventful three-hour hearing before the House Financial Services Committee. Markets held steady throughout the Q&A session, in contrast to Tuesday’s Senate Banking Committee hearing, where stocks tumbled after Powell suggested the possibility of higher interest rate hikes to combat persistent inflation.
On Wednesday, Powell sought to allay investors’ concerns by insisting that no decision had been made regarding a faster rate hike. “If – and I emphasize that no decision has been made on this – if the totality of the data indicates that faster tightening is necessary, then we will look to increase the pace of rate hikes,” he said. Will be ready.”
BTC closes to $20,000 amid US Federal Reserve pressure on cryptocurrencies
Bitcoin (BTC) is currently at risk of falling below the $20,000 mark for the first time in two months due to the aggressive stance of the United States Federal Reserve.
The chairman of the US Federal Reserve, Jerome Powell, has said that recent economic indicators have come in better than predicted, leading to expectations that the final level of interest rates will be higher than previously estimated.
This has created uncertainty in the market and put pressure on cryptocurrencies like bitcoin.
Powell’s remarks significantly impacted the US Dollar, which hit a two-month high on the US Dollar Index (DXY), and subsequently contributed to a decrease in BTC price.
It is important to note that the rising value of the US dollar has made bitcoin and other cryptocurrencies more expensive for investors holding other currencies, thereby reducing demand.
This recent development highlights the volatility of the cryptocurrency market. This emphasizes the importance of keeping a close eye on geopolitical developments and economic data that can significantly impact the market.
Uncertainty Around Silvergate Bank and Its Impact on the Cryptocurrency Market
In addition to Powell’s comments, the market’s decline was further exacerbated by the uncertainty surrounding Silvergate Bank. The bank is famous for its strong support for crypto companies, but rumors suggest that it has faced some regulatory issues.
This has caused traders and investors to worry about the bank’s future support for bitcoin companies.
bitcoin price
the current Bitcoin The price is $21,700, and the 24-hour trading volume is $22 billion. Bitcoin is down by over 1.50% in the last 24 hours. Bitcoin is now the market leader with a live market cap of $420 billion.
In technical analysis, bitcoin currently has immediate support near the $21,550 level. A breakout of this level has the potential to trigger a bullish bounce-off.
On the upside, an immediate resistance for bitcoin lies at the $22,000 mark. A bullish breakout of this level could propel BTC price towards the $22,500 or $22,850 levels.
Conversely, a breakout of the $21,550 level could extend the selling trend towards the $20,550 mark.
Top cryptocurrencies to watch in 2023
You can head over to Cryptonews’ Industry Talk team’s thoughtful list of the top 15 altcoins to keep an eye on in 2023. This list is frequently updated with new ICO projects and altcoins, so be sure to check back often to stay up to date with the latest developments. ,
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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