a top researcher in Japan predicts if the crypto selloff could gain momentum bitcoin (btc) Unable to hold the $17,000 mark for a long time.
The claim was made by Yuya Hasegawa, market analyst at Japanese crypto exchange BitBank, and reported by Japanese media outlets. coinpost, Hasegawa said that “fortunately” for crypto holders, the market has not fallen “significantly” despite the recent pressures.
But, Hasegawa noted, if the price “fails to sustain the $17,000 level, selling could intensify in the near term.”
The analyst pointed out that monetary policy moves in Europe and especially the United States have had a direct impact on crypto prices. Hasegawa said that the BTC market has moved downward in an apparent direct reaction to rising interest rates in the United States.
However, some have claimed that interest rate policies are set for a change early next year. If this happens, a “stabilization” of inflation figures “during the first half of next year” could increase demand for BTC and other coins, South Korean analysts claimed,
Can Good News in Japan Stop the Crypto Selloff?
In Japan, Tokyo Electric Power Company (TEPCO), the country’s biggest energy provider, has been hit by a sharp price jump in the past few days.
Last week, media outlets reported that TEPCO was planning to enter the bitcoin mining sector – and that it wanted to use surplus electricity for power rigs.
Many Japanese mining companies are still looking for solutions to the slowdown in their operations – after it happened. Ordered to shut down mining operations in Russia earlier this year,
Electricity prices are relatively high in Japan, a fact that has restricted the development of the domestic BTC mining sector.
But a new development from TEPCO could change this picture. Media outlets said TEPCO had struck a deal with semiconductor firm Triple-1. A firm called Agile X is also reportedly participating in the project, which will take place at TEPCO’s Tokyo campus with a pilot.
Operators have talked about plans to build mining centers “across the country”.
Such positive news is likely to propel the BTC price in Japan. But Hasegawa cautioned that pressure from abroad will continue to pull in the opposite direction.
“In the medium term,” the analyst predicted that the pace of the Federal Reserve rate hike would be a tug-of-war between bearish expectations and concerns about the economy.
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