King cryptocurrency At the time of writing, the unit fell back to $93,000 levels and losses are increasing. There are many reasons for the decline, which is especially annoying for altcoin investors. However, since the trend has not yet turned downward, a larger panic selling wave has not started in altcoins. What are the predictions for BTC? Why are cryptocurrencies falling?
Bitcoin (BTC)
Daily low level BTC It is constantly falling to lower levels. At the time of writing, it fell to the bottom level of $93,085. It is demoralizing for investors that the price, which reached a new peak at 108 thousand dollars days ago, has now lost over 10 thousand dollars. Moreover, Saylor announced last week that he made millions of dollars of purchases at 106 thousand dollars.
The key support is at $91,000, and if this is lost, we could see the price make a larger bottom in the range of $88,830 and $86,500. In a possible return, $98,000 will be expected to turn into support. This may be followed by attempts to reach all-time record levels again.
While BTC’s weekly loss stands at 12% ETH The meltdown in price exceeded 17%. While the total market value of cryptocurrencies has decreased to 3.24 trillion dollars, the transaction volume has decreased to 156 billion dollars.
The altcoins with the biggest losses of the week are STX, APT, DYDX and FTM Coin happened. These are among the 100 largest cryptocurrencies by market cap and have seen declines of 30% to 37%.
Why Are Cryptocurrencies Falling?
Powell He said many important things in his statement on Wednesday. The most disturbing of these was “we could only clarify the option of not reducing interest rates at this meeting.” In other words, the Fed talked about pausing the reductions until the last minute, and this statement indicated that it was certain that there would be a pause in interest rate reductions in January.
Besides fed Its members reduced their interest rate cut forecasts for next year to 2. This points to a period of much heavier relaxation than expected. We can say that today’s sales are not in vain, as investors are worried that the markets will experience a bigger sale if the inflation data is high again in January.
What will determine the performance of cryptocurrency markets for the first quarter of next year is Trump cryptocurrencies It will depend on how serious he is about it. If Trump quickly starts working to implement cryptocurrency regulations and BTC If we see concrete steps regarding the reserve, things may turn around.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
