Bitcoin Price Falls According to Coinmarketcap Data

Lutfi

Bitcoin Price Falls According to Coinmarketcap Data
Bitcoin Price Falls According to Coinmarketcap Data

Rancakmedia.com – Bitcoin price is falling and no evidence of a strong reversal is visible, says hedge fund risk manager. Bitcoin (BTC-USD) is down about 7 percent this year and was around $43.000 on Thursday at 10 a.m. ET according to Coinmarketcap market cap data.

Crypto investors have cashed out more than $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 its withdrawals over the past two months.

After the minutes of the Federal Reserve's December meeting were made public, Bitcoin and other cryptocurrencies began to plummet. After the larger stock market fell, especially Nasdaq-100 (NDX) listed technology growth companies (NDX).

Morch told Yahoo Finance that the parallels between current price movements and those experienced in Mid-May and August suggest reason for “cautious optimism in the medium term.”

“However, only a clear break above $50K would signal a substantial reversal in trend and investors should keep in mind the intrinsically unpredictable character of digital asset markets,” said the fund director.

Bitcoin Price Drops Below $43.000 For Bitcoin

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 downward pressure on Bitcoin prices is likely to persist as the market prices in future tighter monetary policy.

Hasegawa highlighted that a further drawdown to $40.000 in the near term remains a possibility.

“The Fed's hawkish approach may be justified by good employment data on Friday, which could lead to a fresh sell-off. CPI and PPI numbers from the US may help prices soar next week” He told Yahoo Finance.

The price of 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 was hovering around $43.000 as of Thursday at 10 a.m. ET. Investors Cryptocurrency has cashed out more than $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.

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Lutfi

Hi, let me introduce myself, Lutfi Hulasoh, I am a writer and techno blogger. I started creating a personal blog writing informative articles about the latest trends and developments in technology. My writing covers a wide range of topics, from mobile applications to artificial intelligence, and I can also provide easy-to-understand explanations to help readers understand complex concepts.