With the global crypto market still in a vulnerable position, Bitcoin and Ethereum continue with their ups and downs. The week saw the BTC price plunge another 57% to $20,250 because of ongoing macroeconomic tensions and crises. But it hasn’t deterred investors from purchasing more and more of it.
At the time of writing this article, Bitcoin was trading at $19,953. It’s down by 0.92% in the last 24 hours, as per data from CoinMarketCap. Ethereum is down 1.45% and changing hands at $1,567. The second most popular cryptocurrency gained 5.52% in the last seven days, while Bitcoin lost 0.69%. Ethereum has been showing positive upward movement as the much-awaited Merge is around the corner.
Analysts believe the crypto market is in a drawn-out bear trend. There are no signs that point to a quick recovery yet because double-digit inflation in many countries continues to pressure the central banks to sustain a tighter stance. Fear remains around the struggling BTC price. It has been trying to stabilize itself at $20,000 but has dipped and gained several times – evident throughout the week. The market continues to face problems as Bitcoin struggles to get a foothold.
Bitcoin is presently bearish as it’s in the $19,962 range. The popular cryptocurrency has been closely related to equities through 2022, so far. As such, investors have been trading BTC like tech stocks. But it took a significant hit as investors became shaky with risky assets. Paul Eisma, head of trading at XBTO Group, says risk assets have been volatile following the employment numbers. He said equity, rates, and crypto markets rallied initially, before selling off. Investors expressed concern about the employment numbers that it may not be weak enough to change the Fed’s rate path.