The cryptocurrencies have been doing a seesaw act as the market tries to get a grip of the good or the worse. The past few days have seen the continuation of losses, a decrease in the value of Bitcoin and Ethereum, as well as the altcoins. This may be due to expectations that the US Federal Reserve might go through the minutes of its July meeting to push back against hopes of slower rate hikes and liquidity easing. The crypto market had reacted positively after the Feds raised the interest rate b6 75 basis points in July.
Bitcoin is holding onto $23,455. It lost 2.74% in the last 24 hours. Ethereum is down by 3.19% and trading at $1,850. BTC got a jolt near $24,500 on August 17, showing that there is stiff resistance from the bears. Analysts say bears are defending the level aggressively. If Bitcoin manages to rebound off the current level and break above the $25,200 mark, it will indicate that the bulls are back in command. Then the BTC price could rally to $28,000 but the bears would again play strong defence. As for Ethereum, it is likely to retest the resistance at $2,030. Analysts highlight a break and close above this level could clear the path for a rally to the downtrend line.
It should be noted that corporate investors have increased their investments in the blockchain industry, including the crypto space. According to Blockdata, top 40 publicly traded companies invested approximately $6 billion into blockchain startups between September 2021 to June 2022. This is more than thrice the $1.9 billion invested by corporations between January 2021 to September 2021.