Wednesday, December 6, 2023

Market Watch Jan 05: Bitcoin Price Remains Stagnant While Ethereum Sees Slight Gain.

Bitcoin has remained fairly flat in the last 24 hours, while Ethereum the second-most popular cryptocurrency gained 0.46%. The performance of the top two cryptocurrencies and other altcoins has continued to improve as the influx of capital continues. This suggests that 2023 might have been quite better for the crypto market.

At the time of writing this article, BTC price was holding at $16,848 and Ether at $1,254. As for the altcoins, Shiba Inu is the biggest winner as it is up by 5.58%. Dogecoin gained 3.25%, Avalanche 2.43%. Solana is the biggest loser. It lost 2.72%, Tron is down by 1.29%, and Litecoin 1.14%.

Concerns about inflation remain. The Fed in its recently released minutes from the Federal Open Market Committee said price increases are stubborn. This proves to be more persistent than anticipated. The central bank said a smaller increase than the three-quarter of a percentage point increases of before, but still another rate hike. The minutes highlighted that participants observed that a restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2%. In regards to the persistent and unacceptable high level of inflation, several participants said historical experience cautioned against premature loosening of monetary policy.

Many participants stressed the need to retain flexibility and optionality when moving policy to a more restrictive stance. They believe the next interest rate increase might be a quarter of a percentage point or 25 basis points.

All for the test.

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