He Bitcoin (BTC)The main cryptocurrency in the world, rises after once again exceeding, in the last 24 hours, the ceiling of the $28,000. The rest of the cryptocurrencies follow the trend. However, at monthly levelmost continue to record a positive balance.
Bitcoin appreciates 0.1% and operates at $28,036. Thus, it accumulates, in the last 24 hours, a rise of 0.7%. In addition, in monthly terms, the leading asset registers a rise from 29.4%.
For his part, Ethereum operates stable and is trading at $1,869. However, on a weekly basis, it registers a rise of 2.4% and accumulate a 21.7% appreciation in the last 30 days.
The sector is showing a rebound after marking a 2022 in sharp decline. Last year, the rates interest rates had tightened at the fastest rate in history and this sucked liquidity out of the system. As a result, high-risk sectors went through a particularly critical situation.
Expectations about cryptocurrencies
He rise of cryptocurrencies is mainly produced in response to a change in expectations about the future of the economy. More specifically, expectations around the actions of the Federal Reserve.
Besides, 2022 was a difficult year for the cryptocurrency sector since interest rates were tightened, generating complications for high-risk investments.
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This year shows a different trend. The inflation HE softened globally in the last two quarters, despite maintaining high levels, while fears of a global recession are emerging, exacerbated by the bank swings of the last month. Within this framework, the market indicates that the Federal Reserve don’t raise interest rates as aggressively as you had anticipated.
On the other hand, the conditions of the crypto sector also suffered some complications as a result of regulatory advances. In that framework, BUSD closed in February as its New York-based issuer, Paxoswas forced to stop minting the stablecoin.
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In that sense, Binancetogether with its CEO, Changpeng Zhaois being sued by the US Commodity Futures and Exchange Commission. The accusation indicates that exchanges were made outside of what is indicated in federal laws from the country. there was also bankruptcies. Genesis sank in January, as a result of the ftx drop in November 2022.
Source: Ambito
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