Powell's "cold" spread to the currency circle, Bitcoin fell below $20,000

time:2023-01-30 05:29:05source:chakarski.com author:Trend
Powell's "cold" spread to the currency circle, Bitcoin fell below $20,000

After Federal Reserve Chairman Jerome Powell released a hawkish "chill" at the central bank's annual meeting last Friday, the cryptocurrency market fell sharply along with U.S. stocks. Bitcoin fell about 8 percent on Friday, after falling as low as $19,684 last Sunday. On Monday, Bitcoin continued to hover below the $20,000 level. As of press time, Bitcoin rose 1.4% to $19,845 per piece. Before the crash, Bitcoin had continued to rise in recent weeks, never falling below $20,000 since July 14 and even surpassing $25,000 in early August. Cryptocurrency prices have tumbled this year as the Federal Reserve has steadily raised interest rates, with bitcoin down 58% year-to-date. Riskier assets have seen wild swings amid uncertainty over the path and magnitude of Fed rate hikes. Cici Lu, CEO of consultancy Venn Link Partners, said: “Funds are flowing out of risky assets. Cryptocurrencies follow U.S. stocks sharp correction after Powell’s speech. The market doesn’t like his speech and Bitcoin is returning to a high-beta asset.” Many Strategies Shi believes that $20,000 is a key support level for Bitcoin, although support levels could be lower as well. Katie Stockton of independent research provider Fairlead Strategies sees long-term support for Bitcoin between $18,300 and $19,500. While Mark Newton, a strategist at crypto research firm Fundstrat Global Advisors, marked key areas in the $19,000 range, the “really important area” was around $17,500, near the June lows. Ethereum, the second-largest cryptocurrency, fell about 9 percent after Powell’s speech and is down 60 percent this year. It has risen 1.5% so far on Monday, at $1,451.7 per piece. Its price has been fluctuating in recent weeks ahead of the much-anticipated "merge" upgrade, which will take place on September 15, 2022. This article is from Wall Street News, welcome to download the APP to see more
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