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Few Signs of Upward Momentum as Bitcoin Holds $20K
Analysts say wider economic improvements are needed for sustained growth.
By Jimmy He
Updated May 11, 2023, 4:47 p.m. Published Jun 27, 2022, 5:17 p.m.
After climbing to a weekend high of $21,868, bitcoin (BTC) retraced its gains today. The largest cryptocurrency by market capitalization was recently trading at $20,737, down 3% over the past 24 hours.
- Oanda Senior Market Analyst Craig Erlam said that fizzling bitcoin rallies likely reflect downbeat sentiments in the current market, which have curbed upside momentum due to higher interest rates and widespread risk aversion.
- “Traders are clearly taking a very conservative view of the space and that may not change any time soon,” Erlam said.
- Simon Peters, a crypto-market analyst with eToro, said that the Federal Reserve’s monetary policy – including interest rate hikes amid rising inflation – can also affect crypto markets.
- “Whether further raising of rates is priced into markets or whether it continues to affect valuations remains to be seen,” Peters said. “Increasing recession risks, poor earnings and forward guidance from companies could further affect stock market prices. Given the recent correlations, crypto prices could also be affected.”
- Ether (ETH) was down 3.6% in the past 24 hours, trading at $1,187.
- The S&P 500 was down 0.1% and the Nasdaq was down 0.6%.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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