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Bitcoin price: Cryptos look for direction after volatile week

Bitcoin price: Cryptos look for direction after volatile week
Written by publisher team

Mumbai: After a volatile week that saw major cryptocurrencies increase losses, the cryptocurrency market consolidated with bulls and bears trapped in a tug of war for a decisive direction amid the burden of the tightened US Federal Reserve and the rising Covid-19 cases.

At 5 p.m. Saturday, the largest cryptocurrency, Bitcoin, was trading at $41,819, down 0.95 percent over the past 24 hours on the Coinbase exchange. Ethereum was trading at $3,211 (-0.31 percent), down more than 30 percent from its all-time high of $4,811. Solana shares rose 3.81 percent to $145.21, while Cardano shares rose 0.75 percent to $1.24. Dogecoin is down 0.13 percent and trading at $0.16, and another popular meme coin, Shiba Inu, is down 1 percent to $0.0002940.

Globally, and in India as well, stock exchanges are recording lower trading volumes as investors play a waiting game due to the uncertainty driven by the Covid virus and unclear market signals.

Cryptocurrency experts say the market may have stabilized after Wednesday’s sell-off as most popular cryptocurrencies such as Bitcoin, Ethereum, Binance Coin and Solano are now moving sideways without any major declines in the past 48 hours.

But experts keep an eye on the most popular cryptocurrency. Bitcoin started in 2021 at around $32,000 per coin and reached a record high of $68,749 on November 11, but has since fallen into a recession.

Edul Patel, CEO of crypto investment platform Mudrex, said he expects Bitcoin to run between $35,000 and $70,000.

“I will watch if it touches $35,000-36,000. This is a critical level,” he said.

turmoil in Kazakhstan

“In terms of returns, if people have invested in early 2021, they will still be sitting on good returns. In the next three or four weeks, we will see a general trend in the market.”

Cryptocurrencies have been under pressure recently after major central banks indicated that the period of low interest rates may be coming to an end.

Rising omicron infection rates globally have also led to anxious investors waiting their time before making new investments.

To add to the uncertainty, mining activity in Kazakhstan – a major bitcoin mining hub – has been disrupted by mass protests that have led to electricity and internet restrictions in the Central Asian country.

“The current decline in cryptocurrency prices is mainly driven by the global rise of Covid-19, which has led to uncertainty in the capital markets. Central banks around the world are also under pressure to neutralize inflation, which is putting pressure on prices,” said Jay Howe, CEO., a global cryptocurrency exchange, said: “We can expect the cryptocurrency market to return to normal when there is more definitive data on the impact of the recent Covid wave on global financial markets.”

Surprisingly few coins have gone up in value as investors started adding new tokens to their portfolios.

During the day, altcoins like KNC, DASH and BICO are up more than 10 percent.

“The market is finding its levels,” said Vishal Gupta, a Noida-based crypto investor. “Institutions and whales are buying even at these levels. The market will need strong news to move in one direction.”

Experts said that market expectations for the near future may remain choppy, as there have been historic lows in the run-up to the Chinese New Year.

“This year could be different due to the Chinese government’s crackdown on crypto exchanges in the past months,” said Charles Tan of Coinstore, a cryptocurrency exchange based in Singapore. “It remains to be seen to what extent it will affect the crypto markets in general.”


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