As traders get ready for the busiest week of corporate earnings and learn more about potential future Federal Reserve interest rate hikes, the majority of crypto assets, including Bitcoin, dipped on Monday after a favourable week for the major averages.
Investors anticipate a jam-packed week of earnings next week, which will feature reports from Alphabet, Amazon, Apple, and Microsoft, as well as other key tech firms, keeping an eye on the cryptocurrency market.
On Wednesday, the Federal Reserve will wrap up its two-day policy meeting. Most economists anticipate a three-quarter point increase.
What you should know
- At the time of writing, the flagship crypto was about $22.8K, down 1% for the day. On Wednesday, Bitcoin broke the $24K mark and was still comfortably trading above $23K on Thursday. Early on Friday, investors turned away from riskier assets due to renewed concerns about inflation and the economy.
- The price of Ether, the most widely used altcoin was $1,560, which was also somewhat lower than the prior day. Other crypto assets were mostly down, with XRP and BNB both down more than 5%.
- The bitcoin Fear & Greed Index has improved over the last two weeks, but it still shows significant worries about circumstances that could have an impact on crypto.
- Certainly, given an unusually high consumer price index (CPI) this month, sluggish economic data, and low earnings, market watchers have seen bitcoin’s recent endurance above $22,000 favourably.
- The decision by the world’s most valuable car company, Tesla, to sell $936 million worth of its bitcoin holdings, the most recent reversal in the ever-evolving relationship between Elon Musk, the CEO of the firm and a prominent figure in the cryptocurrency community, and digital assets, baffled the crypto markets this week.
- A growing number of external factors, such as the dramatically falling stock prices this year, have had an impact on bitcoin.