Bitcoin Price Drops According to Coinmarketcap Data
Rancakmedia.com – Bitcoin price is falling and there is no visible evidence of a strong reversal, says hedge fund risk manager. Bitcoin (BTC-USD) is down about 7 percent this year and was around $43,000 on Thursday at 10 am ET according to Coinmarketcap market cap data.
Crypto investors have cashed in over $ 135 billion dollars from the asset class in 2022. “There are no significant reversal signals in sight,” Mikkel Morch, executive director at digital asset hedge fund Ark36, told Yahoo Finance when asked about the biggest cryptocurrency price moves. recently compared to his withdrawals over the past two months.
After the minutes of the Federal Reserve's December meeting were published, Bitcoin and other cryptocurrencies began to fall. After the larger stock markets fell, especially Nasdaq-100-listed tech growth companies (NDX) (NDX).
Morch told Yahoo Finance that the parallel between current price action and that experienced in Mid-May and August suggests reasons for "cautious optimism in the medium term."
“In any case, only a clear break above $50K would signal a substantial reversal in trend and investors should bear in mind the intrinsically unpredictable character of the digital asset market,” said the fund's director.
Bitcoin Price Drops Below $43,000 For Bitcoin
Bitcoin is currently trading below its 200-day moving average (DMA) for the first time since September, a signal of market volatility.
Tokyo-based Bitbank analyst Yuya Hasegawa told Yahoo Finance that the downward pressure on Bitcoin prices is likely to persist due to market prices in the future tighter monetary policy.
Hasegawa highlighted that a further drawdown to $40,000 in the near future remains a possibility.
“The Fed's hawkish approach may be justified by the good jobs data on Friday, which could lead to a fresh sell-off. CPI and PPI figures from the US might help prices bounce next week” he told Yahoo Finance.
The price of the Shiba Inu coin (SHIB-USD) fell by around 8%, making it one of the worst performing “memecoins”.
Conclusion:
Bitcoin (BTC-USD) is down about 7 percent this year and hovering around $43,000 on Thursday at 10 am ET. Crypto investors have cashed in over $135 billion dollars from the asset class in 2022. Bitcoin is trading below its 200-day moving average (DMA) for the first time since September, a signal of market volatility.