Cryptocurrencies fail to rally in March. Bitcoin loses more than 1% in the last 24 hours and operates around $22,000. In the middle of the day, it even fell below that value for the first time in a month.
The cryptocurrencies they fail to rebound in March. Bitcoin loses more than 1% in the last 24 hours and operates around $22,000. In the middle of the day, it even fell below that value for the first time in a month. Meanwhile, Ethereum cuts 0.3% and manages to hold above its support value at $1,500.
The words of Jerome Powellpresident of the Federal Reserve (Fed)before the Senate Committee on Banking, Housing and Urban Affairs they gave the market a kick in the stomach. The head of the Fed made it clear that the latest data did not give the Fed much leeway and therefore investors should prepare for a “higher than expected” interest rate terminal rate. This fact affects risky investments such as cryptocurrencies and some variable income actions, especially technological ones.
“Although inflation has been moderating in recent months, the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy,” he stressed. It should be remembered that Powell will once again appear before US political leaders this Wednesday, this time before the House of Representatives.
All experts are clear: the next data are key to reversing this situation. First of all, the ADP employment report to be released today Could you give me an idea of what it will be like? the official data that will be published on Friday, of which Ozkardeskaya notes that “we had better see a moderation.” Also, next Tuesday will be published the inflation data for February in United States.
Naeem Aslam, chief investment officer at Zaye Capital, believes that bitcoin “seems to continue to trend lower.” “Operators are concerned about the current situation at Silvergate. No one wants to see more doom news, but the reality is that so much was done under the table that it’s hard not to anticipate more and more skeletons coming out of the closet. At the moment, the sentiment in the market seems to be negative and it is likely that it will take time for things to get back on track,” he added.
Source: Ambito
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