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Bitcoin Lower for Second Day as Price Slides Toward $40K
Crypto analysts are divided on lingering market impact of the Fed's rate hike.
Updated May 11, 2023, 3:34 p.m. Published Mar 21, 2022, 6:40 p.m.
Bitcoin's price was lower for a second day in a row after jumping as high as $42,429 on Saturday.
- Bitcoin (BTC) was changing hands at $41,088 as of press time, down 0.35% over the past 24 hours.
- Heightened tension around the war in Ukraine pushed the market to mid- $40,000 on Sunday, GlobalBlock wrote in its Monday newsletter. Bitcoin's trading volume has remained at about 30,000 BTC per day since the Federal Reserve announced a 0.25 percentage point rate hike last Wednesday and has been down to fewer than 20,000 BTC per day since Sunday.
- “Recent price moves may or may not be linked with the Fed rate hike after all," said Jason Deane, chief bitcoin analyst at Quantum Economics. "The U.S. is just one jurisdiction in what is a truly global market, so there are likely to be other factors.”
- “The days of being able to link a particular action with a move in bitcoin price are over,” Deane said.
- “Bitcoin is still looking for a clear catalyst as investors are concerned about the Fed’s more aggressive tightening policy in the coming month,” said Edward Moya, senior market analyst at Oanda. “With risk appetite on shaky ground, bitcoin might struggle to break above its recent consolidation pattern.”
- Elsewhere in cryptocurrency markets, ether (ETH) was up 3.3% over the past 24 hours, and solana (SOL) was down 0.2%.
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