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ETH/USD shed around 8% last week, which puts it in a precarious position, but tries to defend critical technical levels
Bitcoin has dropped to around $29,140 as the markets turn risk-off, which suggests that cryptocurrencies are still sensitive to macroeconomic factors. Bitcoin passed $30,000 last week, hitting close to $31,000, but has struggled to maintain these gains amidst profit-taking and consolidation.
Bitcoin has broken above the psychological $30,000, reaching its highest point since the crypto crash last year. The surge has been defining 2023, with Bitcoin up 80% since the start of the year, leading many to suggest a new bull market is underway. Investors are likely to experience "fear of missing out" as a result of the current price trend, which is expected to generate a lot of attention. While…
Bitcoin's rally is largely based on an expectation that the Fed will shift from a tightening policy to possibly cutting rates. According to the CME FedWatch Tool, markets see a potential decline of rates to 4.25% by year-end. In effect, there has been a repricing of rate-hike bets as market participants focus on financial stability risk.
DOGE/USD rallies as Elon Musk removed the blue bird as the logo of Twitter and replaced it with an image of a Shiba Inu dog, which is the logo of the Dogecoin cryptocurrency
The Commodity Futures Trading Commission charged crypto exchange Binance with “willful evasion” of Federal law, in the latest episode of regulatory crack down on the industry, creating headwinds for BTC/USD
The US02Y has declined markedly over the last eight trading days from a high of 5.09% to current levels of 3.74%. This has proven to be a tailwind for bitcoin. The cryptocurrency is up over 25% over the last week.
Bitcoin jumped almost 9% yesterday and 7% on Sunday. This is in response to the confidence crisis across the US banking sector following the SVB failure. The cruptocurrency is also sensitive to front end of the yield curve repricing yields downwards.
Silvergate Bank will wind down its operation and liquidate. The liquidation includes the full repayment of deposits. Last week it said it would delay the filing of its annual report as it was assessing its ability to “continue as a going concern.”
Bitcoin dropped by over $1,200 in an hour, before finding support at the S3 pivot
The bitcoin daily chart has dropped into its neutral channel between its blue bands. The H4 chart is more granular. Here, the cryptocurrency has charted a lower peak followed by a lower trough. This is a defined downtrend.
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