Friday, June 21, 2024

Market Watch Dec 23: Crypto Market Struggles To Make Gains Amid FTX Collapse Hearing.

The broader crypto market continues to struggle to make gains, there has been a continuation of fluctuations. Some cryptocurrencies saw gains while others linger in losses. Bitcoin, in the last 24 hours, was down by 0.14% and holding at $16,832. Ether up by 0.68% was trading at $1,222. As for the altcoins, Dogecoin gained 5.51%, Cardano 2.81%, XRP 1.67%, and Polygon 1.18%. Solana was in the red. It lost 0.84% of its value in the last 24 hours.

The influx of capital in the market has been shaken because of the ongoing problems keeping investors away. This uncertainty gained momentum following the collapse of Sam Bankman-Fried’s crypto empire. With the crypto mogul now in the United States facing the authorities, cryptocurrencies are seeing fluctuations. Analysts expect Bitcoin volatility to spike, which could go either way, by the end of 2022. Currently, BTC price seems stuck a little below the crucial $17,000 level. Factors like political stability, geopolitics, and the surging COVID-19 pandemic in China continue to impact crypto prices.

Moreover, there are concerns about the Federal Reserve continuing its restrictive economic policy on the assumption that the economy would be able to stand up to the measures which would come in the form of longer-lasting interest rate hikes. Analysts say a pivot in policy was unlikely until 2024 at the earliest.

Il Capo of Crypto, trader, and analyst, believes the market is seeing a clear bearish retest with a downtrend intact. He had earlier warned that markets as a whole were not prepared for what would be fresh upcoming losses.

All for the test.

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