Bitcoin operates below $30,000 after several days on the rise, while Ethereum falls to 6% and trades at $1,900.
The market of cryptocurrencies It hits the brakes and falls back to 8% this Wednesday, April 19. He Bitcoin It operates below US$30,000 after several days on the rise, while Ethereum falls to 6% and trades at US$1,900. In the rest of the market, notable falls in the main tokens led by Solana up to 8%, followed by Ethereum (-6%) and Dogecoin, Polygon and BNB by 5%.
“All eyes in the cryptocurrency market remain focused on the movement of the bitcoin price. The fact that the cryptocurrency price has started to consolidate is both positive and negative”, indicated Naeem Aslam, director of investments of Zaye Capital Markets in Bolsamanía.
According to this expert, there is concern that market momentum, especially in the queen cryptocurrency, could dissipate. On the plus side, “nobody wants bitcoin to go up exponentially” as it “increases the chances of a sudden death in the price movement”. “The ideal case would be to see higher sustained maximums, that we haven’t seen since the price moved past $30,000”, he pointed out.
According to Vetle Lunde, an analyst at K33 Research, the fall in bitcoin could be related to higher-than-expected inflation in the UK. “It may have weighed on risky assets, including BTC. But the severity of the reaction has been much more severe than in other asset classes”, she has indicated.
For his part, Edward Moya, a senior analyst at Oanda, believes that ‘cryptos’ “are losing some of their appeal” as risks from the March banking crisis appear to fade. Of the big US banks, only Goldman Sachs disappointed with earnings while JPMorgan and Wells Fargo fell sharply.
In this sense, Dessislava Aubert, a senior analyst at Kaiko, has indicated in an interview on ‘CoinDesk TV’ that the strength of this rebound will depend almost entirely on the market liquidity. “It started with the provision of emergency liquidity by the US Federal Reserve (Fed) to US banks. So, definitely, liquidity is playing a huge role”, has detailed this expert.
“We have seen that the markets expect big cuts in the second half of the year. So there is still a lot of uncertainty as to whether this will be the case or not. As a last resort, It will depend on how US monetary policy turns out.“, has added. According to the FedWatch tool, the probability that the Fed will execute a 25 basis point rate hike in its conclave on May 3 is 85%.
Source: Ambito
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