Bitcoin dropped 3.5% to $16,456 during U.S. morning trading hours on Wednesday, according to CoinDesk data, erasing some of the prior day’s gains. As of press time, bitcoin was changing hands around $16,473.U.S. retail sales rose 1.3% in October
, a sign that consumers are resilient going into the holiday season; that might mean the Federal Reserve has to maintain its aggressive campaign to tamp down economic activity to bring inflation down – typically a negative factor for risky assets like stocks and cryptocurrencies. “We don’t expect any sharp drops or selling pressure due to contagion fears alone since the bulk of the move is likely to be priced in already,” said Joe DiPasquale, CEO of BitBull Capital, a cryptocurrency fund that manages hedge funds. “At this point, any new development will result in temporary drops, but we don’t expect investors to be shocked by more FTX-related ramifications either.
Will Tamplin, senior analyst at technical research firm Fairlead Strategies, said that if bitcoin can’t get back above long-term support near $18,300 by Sunday’s weekly close, “a major breakdown would be confirmed in a bearish message from the market, which would increase risk to next support near $13,900.”The CoinDesk Market Index , which measures the performance of 162 major digital assets, lost about 1.8% over the past 24 hours.
HeleneBraunn _jocelynyang_ These losses allowed me to spend more usdt to buy bitcoin and other promising projects
HeleneBraunn _jocelynyang_ Another day in Crypto. More companies dying. Last one out. Gets to hear the theme from FROZEN while on hold.
HeleneBraunn _jocelynyang_ 'Institutional interest' is not a positive thing.
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