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Commentary: Bitfinex Market Analysts On BTC Retreating To $21,000

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The top cryptocurrency has fallen to a new low today as investors grew anxious about the anticipated Fed reserve interest-rate hike and stricter regulation imposed in the crypto industry. Bitcoin was seen oscillating between $21,000–22,000. 

Late on Tuesday, Bitcoin declined by 4% reaching $21,069. The global crypto market returned over the $1 trillion mark. 

Meanwhile, at the time of writing, the top altcoin was trading at $1,513.36, up by 10.06% in the last 24 hours. However, on Tuesday, the second cryptocurrency stood at $1,418 experiencing a decline of 4%. 

The crypto market continues to go through a rough period. Prices of altcoins include XRP, Solana, BNB, Litecoin, Stellar, Polkadot, Polygon, Tether, Chainlink, Tron, Apecoin, Avalanche, and Uniswap, also plummeted.  

Here is what Bitfinex Market Analysts think about the BTC retreating to $21,000:

“Bitcoin has retreated to the $21,000 mark ahead of an anticipated interest rate hike from the US’s Federal Reserve later this week, and today’s slashed growth forecasts and elevated inflation expectations from the International Monetary Fund. Bitcoin’s fortunes are negatively correlated with the underlying strength of the US Dollar, and so move downwards on any sign of dollar strength. Bitcoin’s pullback follows an 8.5 percent jump in the value of the world’s biggest cryptocurrency over the previous week, the biggest weekly gain since March. Meanwhile, Ethereum, the second biggest cryptocurrency, has also retreated after a quite spectacular recent rally suggesting a renewed optimism in the digital token economy might be short-lived.”

Bitfinex is one of the oldest and most renowned cryptocurrency exchanges in the crypto market. Founded in 2012, Bitfinex offers cryptocurrency trading services to investors all over the world. Peer-to-peer lending, the OTC market, and funded trading are additional services offered by Bitfinex for several cryptocurrencies. Traders and market analysts on Bitfinex, meanwhile, have years of worthwhile expertise in the cryptocurrency industry.

Steve Anderrson
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