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Few Signs of Upward Momentum as Bitcoin Holds $20K
Analysts say wider economic improvements are needed for sustained growth.
Por Jimmy He
After climbing to a weekend high of $21,868, bitcoin (BTC) retraced its gains today. The largest cryptocurrency by market capitalization was recently trading at $20,737, down 3% over the past 24 hours.
- Oanda Senior Market Analyst Craig Erlam said that fizzling bitcoin rallies likely reflect downbeat sentiments in the current market, which have curbed upside momentum due to higher interest rates and widespread risk aversion.
- “Traders are clearly taking a very conservative view of the space and that may not change any time soon,” Erlam said.
- Simon Peters, a crypto-market analyst with eToro, said that the Federal Reserve’s monetary policy – including interest rate hikes amid rising inflation – can also affect crypto markets.
- “Whether further raising of rates is priced into markets or whether it continues to affect valuations remains to be seen,” Peters said. “Increasing recession risks, poor earnings and forward guidance from companies could further affect stock market prices. Given the recent correlations, crypto prices could also be affected.”
- Ether (ETH) was down 3.6% in the past 24 hours, trading at $1,187.
- The S&P 500 was down 0.1% and the Nasdaq was down 0.6%.
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The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns.
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- Terra Classic (LUNC) surged 74% to $0.0000072, up 160% in the past week, on exploding trading volume, ahead of Terraform Labs founder Do Kwon's sentencing on Dec. 11.
- The rally is driven by speculation that a final verdict could bring clarity to the project, as well as technical factors like token burns, with 849 million LUNC destroyed in the past week.
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