This is not a very fruitful time for Bitcoin as the crowned asset saw a sharp decline this week Bitfinex shares its market analysis, following the rapid sell off in the market.
US stocks fell more on Monday to expand on previous week’s damages, as investors look ahead to more data this week regarding earnings and inflation to gauge economy’s strength and corporate profits as the Fed is constantly tightening the monetary policy.
S&P 500 fell over 3% and ended at its minimum since March 2021, closing under 4,000. Nasdaq Composite fell by 4.3% as tech shares came under renewed pressure. And Dow shed over 650 points, settling at 32,245.7.
Along with the world market, the crypto sector too is having some tough times. Bitfinex researchers says that selling in Bitcoin is again gaining momentum, which can affect the asset subsequently if the activity increases.
As of now, Bitcoin is depending on a support of $28,500 levels, and requires to stay between $35,000 to $45,000 in order to stay range bound. The top crypto asset is still on top of the cryptocurrency market, and has a dominance of 41.5%.
Thorough research from Bitfinex analysts states that, “We’ve seen renewed selling in bitcoin and the wider digital token market as the prospect of increasing interest rates and a deteriorating economic environment continues to weigh on risk assets. In Europe, equities are sharply lower, following the Nasdaq experiencing its sharpest one-day fall since June 2020. Investors exiting positions may be adding some momentum to the protracted sell off that we’ve witnessed over the past few days.”
About Bitfinex
Bitfinex is a leading cryptocurrency exchange that offers asset trading services at a global level to crypto traders. The crypto exchange, established in 2012, has achieved quite a lot in the crypto space over the decade. The Bitfinex Trading Team has years of experience in the cryptocurrency market and is quite passionate about the industry.
Mr, Nikhil Ingole is a Chief Editor at The Coin Republic with over five years of technical analysis & trading experience in Forex and Crypto. As a commerce graduate, he has taken a keen interest in blockchain’s future potentials in the financial industry. A keen cryptocurrency enthusiast, he is very supportive of new media projects, pioneer ideas and the Bitcoin community. He possesses strong technical, analytical skills and is well known for his financial market’s informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.