“Bitcoin could be vulnerable to a fall towards the $20,000 level if the technology-driven sell-off on Wall Street intensifies in the coming days”
The executive director of Laguna Labs, Stefan Rustwrote in a question and answer session of CoinDesk that the Chapter 11 filing of Genesis drew a sigh of relief among many in the cryptocurrency industry and that the near-term price outlook for bitcoin they depend on the size of the Fed’s next rate hike.
A market pullback on Tuesday turned into a comeback on Wednesday as Bitcoin broke above $23,700 before backing up slightly.
The largest cryptocurrency was recently trading at over $23,180, an increase of over 3.1% in the last 24 hours.
BTC had sunk below $23,500 at one point on Tuesday the 24th as investors took profit from the recent sudden increases of cryptocurrencies.
Why is this happening with the crypto market?
Bitcoin is up more than 35% largely due to the inflation drop and economic data suggesting the economy will avoid a sharp nosedive.
A string of unfavorable fourth-quarter earnings, including tech giants Microsoft y Texas Instruments and the iconic aerospace company Boeingappeared to derail at least the last part of that narrative on Wednesday, sending shares tumbling.
The January stock market rally may be over and that could drag the crypto lower here,” he wrote in an email. Edward MoyaSenior Market Analyst at forex market maker Oanda.
Bitcoin could be vulnerable to a drop towards the $20,000 level if the technology-driven sell-off on Wall Street intensifies in the coming days.”
Ether followed a similar pattern to bitcoin, rising from depths near the $1,500 threshold to return to its position earlier this week above $1,618, a gain of 5.4% since Tuesday night. same hour.