Bitcoin It is trading around $22,886 on Tuesday morning, which is continuously falling. On the other end, Ethereum Recently it has been able to maintain stability near the $1,600 mark. Market players are worried after Friday’s surprisingly positive jobs data. While investors await the Fed Chairman’s speech later today.
Bitcoin was in an uptrend in the first week of February, reaching new highs above $24,000. However, the coin was unable to sustain the $24,000 level, and the price declined below the $23,000 mark. Market experts believe that February will be less fruitful than January.
Market experts have warned that the current trend in crypto and stocks could reverse this month due to uncertainty about the possible impact of upcoming macroeconomic data from the United States on market sentiment. However, the negative trend can be attributed to the recent interest rate hike by the Federal Reserve.
What Could Powell’s Speech Mean For Crypto Prices?
US markets were relatively calm after last weekend, with interest rates unchanged and inflation data remaining weak. The increase in interest rates by the Federal Reserve in the near future will depend on how the economy develops over the coming period. People are expecting a deterioration in economic conditions, which may lead to policy easing. The dollar and US Treasury yields have enjoyed periods of appreciation, but that is likely to change now. This is reducing the effectiveness of the Fed’s hikes around the short end of the curve as it tries to maintain low levels of inflation in its system.
His appearance at the Economic Club of Washington on Tuesday, February 7, was a highlight for the week. If the Fed fails to meaningfully push back against the market reaction, it could mean that the Fed itself is getting too comfortable with what is happening. This risks pushing it towards pricing in future interest rate cuts. Several other Federal Reserve officials are scheduled to speak during the week.
Introducing The Most Powerful Crypto Miner Ever: What It Can Do For You
Riot just announced that they mined 740 bitcoins in January, a new annual record. The amount is proof that the company has been successful in its goal of generating more bitcoin and setting new records. Analysts say this was considered a key factor in stabilizing the BCH price.
Riot faced significant challenges to its business following the disastrous collapse of its competitor and the subsequent crypto winter. By 2022 the value of bitcoin was reduced by 64% affecting the mining difficulty and why it increased.
As the price of bitcoin rises, some companies are increasing their mining production. This is because they see an opportunity to make even more profit by using the newly provided resources. Riot was able to increase its bitcoin mining output by 62% from January 2022 to the present. He generated 740 BTC in January 2018, which is significantly higher than the 458 BTC he generated in January 2022.
Why is the US dollar losing its power?
The recent decline in the US Dollar is another important factor that could limit further losses in BTC. The US dollar fell from its early week’s gains on Tuesday but held near a one-month high as traders raised their forecasts of US Federal Reserve interest rate levels needed to limit inflation.
Markets were recovering from the surprise of Friday’s US jobs data, which indicated non-farm payrolls increased by 517,000 in January, showing a continued healthy labor market.
Although the report boosted the US dollar in earlier sessions, it gave back some of those gains in Tuesday’s Asian trade after it alerted traders with bets on the end of the Fed’s rate-hike cycle. Were applying
bitcoin price
in the last 24 hours, Bitcoin It has seen an increase of over 0.50% in value and a daily trading volume of $24 billion. It has a live market cap of $442 billion based on data from CoinMarketCap.
Bitcoin is finding immediate technical support near the $22,700 level. A candle close above this level could propel bitcoin price towards the next resistance at $23,200.
Moreover, the additional upside momentum could propel BTC price towards the $23,600 level.
Technical analysis tools such as the RSI and MACD are showing signs of a possible increase in buying momentum, which could propel BTC price towards $23,550.
The BTC/USD pair could find support near $22,750, and a break below this level could expose BTC towards the $22,400 level.
ethereum price
Live Ethereum Today’s price is $1,636, with a 24-hour trading volume of $6.7 billion. Ethereum is up 0.50% over the past 24 hours. The current Coinmarketcap ranking is #2 with a live market cap of $200 billion.
The ETH/USD pair is trading sideways, maintaining a narrow trading range from $1,620 to $1,660. On the upside, a break above $1,660 could expose ETH price towards the $1,680 and $1,720 levels.
On the downside, a break below the $1,620 level could expose BTC towards the $1,550 level.
bitcoin and ethereum options
The top 15 cryptocurrencies for 2023 were recently identified by Cryptonews Industry Talk. If you’re looking to invest in something more promising, there are many other options to consider.
The number of cryptocurrencies available and new ICOs (Initial Coin Offerings) increase 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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