Following the overnight decline in U.S. equities markets and remarks from Federal Reserve officials that the fight to control inflation is far from done, the Bitcoin price dropped down below $23,000. At the time of writing, BTC is changing hands at $22,904.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price falls under US$23,000 as Fed says inflation remains stubborn
Bitcoin lost 1.4% of its value to $22,945, for a loss of 3.28% over the previous seven days. BTC took in the most recent news and remained stable all day long just below its current support level of $23,000. By market capitalization, the biggest cryptocurrency was recently down 1.6% in price, selling at $22,970. The recent slump in BTC comes after a notable January spike.
Ether followed bitcoin’s example, firmly holding its most recent support of over $1,600, although having just declined by more than 2% simultaneously. Most of Lido DAO’s LDO token’s gain came late Wednesday (ET) after Coinbase CEO Brian Armstrong tweeted that he’d heard rumors the U.S. Securities and Exchange Commission (SEC) would like to ban retail investors from participating in cryptocurrency staking, the income-generating strategy at the core of running blockchains like Ethereum.
“After January’s positive price action for crypto, the crowd appears to be expecting a dip in February. Trader skepticism IMPROVES the probability of prices RISING further. Prices generally will move in the direction the crowd deems most unlikely”, Santiment reported.
Other significant cryptocurrencies’ market values have recently been red, but Lido DAO’s LDO token rose 8% at one point.
Because the token’s network grew, Polygon increased 2.8% to $1.3, bringing its gains for the past seven days to 9.2%. Decentralized finance (DeFi) dApps are included in the Polygon DeGens campaign, which started on Tuesday. Print, a non-fungible token (NFT) service, reported on Tuesday that 1.64 million active wallets were utilizing Web3 social apps. On Wednesday, Premint introduced support for Polygon.
Shiba Inu token posted the biggest loss on CoinMarketCap’s list after falling 4.4% to $0.000001375, although the Dogecoin clone token is still up 14.7% over the past week.
🐳 #YearnFinance just saw the 2 largest transactions in the past 3 months (by a huge margin) on its network. Approximately 2 hours ago, a pair of transactions worth 3,869.54 $YFI ($29.8M each) were sent to a known proxy and whale address, respectively. https://t.co/Du71r9S6d8 pic.twitter.com/qYX5VaCvZg
— Santiment (@santimentfeed) February 8, 2023
In the past day, the market capitalization of cryptocurrencies declined 1.2% to $1.07 trillion, and overall trading volume fell 3% to $58.69 billion.
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