Despite the tense geopolitical situation, crypto investors seem optimistic.
(Photo: AP)
Frankfurt The crypto market is like the financial market as a whole: it is under pressure. Since Tuesday morning, Bitcoin has fallen a total of around seven percent in value below the $44,000 mark.
Crypto analyst Timo Emden from the analysis company Emden Research sees the trigger that the US Federal Reserve wants to significantly tighten its monetary policy: “The prospect of a forced interest rate hike cycle across the Atlantic is poison for risky asset classes such as Bitcoin and plays interest-bearing values such as US government bonds tends to be in the cards.”
Just last week, the oldest and most important cryptocurrency was listed above $48,000, and the psychologically important $50,000 mark seemed close. But this positive momentum has disappeared, comments analyst Craig Erlam from online broker Oanda. “Bitcoin has lost all of the momentum it could have gained after breaking through this key resistance.”
Bitcoin course: Ether, Cardano and Avalanche also in a downward trend
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