Bitcoin price dipped for a fifth consecutive day before regaining ground to trade near $23,000
Along with the other top 10 non-stablecoin cryptocurrencies by market capitalization, Bitcoin and Ethereum’s values fell. The Bitcoin price remained below $23,000. At the time of writing, BTC is changing hands at $22,847.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin Price Holds Steady Near $23K as Investors Weigh Their Next Steps
The value of the biggest cryptocurrency by market capitalization decreased lately by around 0.5% points in the previous day. Due to soaring investor confidence that inflation is declining without sending the U.S. economy into recession, the price of Bitcoin has increased by nearly 40% this year. After briefly crossing the $24,000 mark last week, unexpectedly positive jobs data sparked new worries on both counts and drove crypto assets below $23,000 over the weekend.
Ether (ETH), the second-largest cryptocurrency by market value, has increased by 1.3% to trade at $1,640. The biggest loss among the top 10 non-stablecoin cryptocurrencies was suffered by Solana, which fell 4.27% to $23 and lost 8.03% during the previous week. Matic from Polygon fell 3.69% to $1.20 while rising 3.78% for the week. In another development, Aptos has fallen 22% since its all-time high hit on January 26th.
“The overall amount of crypto discussions occurring on social platforms remains high after peaking the week of Dec. 14, 2022. Despite Bitcoin still being -66% from its Nov. 2021 All Time High, the increasing interest in cryptocurrency is quite evident”, Santiment reported.
After the United States published its lowest unemployment rate since 1969 at 3.4%, most Asian financial markets were lower. To combat inflation, interest rates could increase further.
Although the Hong Kong-China border was fully reopened, investors were still wary. Shanghai Composite fell 0.76%, and the Shenzhen Component Index lost 1.18%. The Hang Seng index in Hong Kong dropped for the third session in a row and finished the trading day down 2.02%.
Read more:
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