The overall crypto market had made huge profits at the beginning of 2023, but now most cryptocurrencies like Bitcoin have given up on their profits. This has caused Bitcoin to currently lose the key $22,000 level. Currently, Bitcoin is changing hands at $21,894, up 0.2 percent in the last 24 hours. However, the coin fell to $ 21,400 during the day. So, what will affect Bitcoin, SHIB, DOGE, ETH and other coins in the coming period? Here are the notable developments on a weekly basis…
What are the expectations for the Bitcoin and altcoin market?
The current crypto corrections had already been predicted by market experts, but the SEC’s move against Kraken was unexpected. cryptocoin.com As we reported, this event led to a huge sale and after Kraken decided to end its staking service, traders are predicting Coinbase will be next. Now, concerns have grown over how the crypto market will sustain its days ahead.
Delphi Digital, one of the well-known crypto platforms, responded to this by claiming that the crypto market will have a bumpy ride in 2023. Meanwhile, analysts Kevin Kelly and Jason Pagoulatos are of the opinion that negative macro events will push the crypto market further down by the third quarter of 2023.
The statements of the US Federal Reserve (FED) and other banks are curious
Apart from the upcoming negative events, there are a few other factors that are expected to affect the crypto market in the coming days. The first is the US Dollar Index, which is currently seeing a positive move. Based on DXY’s trade over the past seven days, we can easily say it has recovered from its January low of 101. It is observed that Bitcoin mostly follows DXY. This means that if DXY continues its positive move, BTC could soon regain its rally. Also, at the last FOMC meeting, the Fed claimed that the rate hike will continue until inflation falls below 2 percent.
If we look at the developments to be experienced, tomorrow, February 13, the US Consumer Inflation data will be released. However, the next market movement mostly depends on the January CPI report, which is scheduled for release on February 14. After the CPI data are announced at 16:30 Turkish time, FED officer John Williams will make a speech at around 22:00. The UK’s CPI data will be released on February 15 at 10:00 Turkish time.
At 4:30 p.m. that same day, data on US core retail sales will be released. In addition, February 15 is important with the speech of Christine Lagarde, President of the European Central Bank, at 17:00 Turkish time. On February 16, there will be important developments such as unemployment insurance applications, PPI data, and applications for unemployment benefits in the USA. On the same day, at 4:45 p.m. and 9:30 p.m., Cleveland Fed President Loretta Mester and St. Louis Fed Chairman James B. Bullard will speak.
Prominent cryptocurrency developments
If we look at the cryptocurrency ecosystem developments, the $272 million The Sandbox (SAND) and $16.1 million dYdX (DYDX) will be unlocked on February 14. The same day LUNC network upgrade draws attention. The $37 million ApeCoin (APE) is expected to be unlocked on February 17, and the $106 million BitDAO (BIT) unlock on February 15.
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