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2023 Bitcoin: Hope or Danger?

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2023 Bitcoin: Hope or Danger? Stocks and cryptocurrencies have begun their first stable trading day of 2023 as investors and analysts continue to wonder if the worst is behind us.

The S&P 500 and Nasdaq Composite indices rose early in Tuesday’s session before erasing gains after hours and trading around 0.5% and 0.8% respectively. Bitcoin and Ether posted smaller gains followed by smaller losses, losing 0.3% and 0.5% respectively.

Tom Essay, founder of Sevens Report Research, examines three key areas to determine if and when the bear market is over: the easing of the lockdown in China, the increase in inflation and the Federal Reserve rising, and the easing of geopolitical tensions. None of these shows have been achieved yet, but Essay believes progress is being made.

“We are starting the year in a better position than the market in the last few months, and if the good progress in these keys continues to the bottom, we will find ourselves close says the land has reached. the capital,” Essay said. Essaye said China needs to see Covid cases fall and the stock managers index pass the 50 mark before the market turns, Essaye said.

Relaxation of China’s “zero Covid” policy and increased efforts to stimulate growth have helped, but we are not there yet, he added. The Fed will meet at the end of the month, and the market strongly believes that the break in prices and benefits in the labor market will make the central bank choose for 25 points, according to data from the CME Group.

An increase in Essay’s offensive looks likely won’t happen until mid-year, he said. Ultimately, Essaye said, oil and other commodities must return to pre-war levels in Russia and Ukraine to show that global conflict has subsided.

Digital asset investors who cling to the idea that cryptocurrencies are an uncorrelated asset class with a boom in 2022, and that trend isn’t going to stop anytime soon, are according to experts. Crypto investors who expect to pay for their losses in 2022 – bitcoin and ether both lost more than 65% year – should continue to look at the big trends.

“[In 2022,] the correlation between bitcoin and the S&P 500 both reached all-time highs and fell to 15-month lows,” Kaiko Research analysts wrote in a note on Tuesday. “The bottom was reached during the FTX crash, while the top appeared in the last week of December. This is the best evidence and in the big backlash.

The increase in global interest rates has helped to create the best macro conditions for risk assets during the year, as evidenced by the dramatic decline in crypto, stocks and everything else, added analysts at Kaiko.

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