Bitcoin and ether’s significant decline in recent months is providing bullish investors the opportunity to accumulate at a favorable cost basis. Larger crypto investors are continuing to explore this opportunity.
Bitcoin has been trading in a narrow range for nearly five months, with support at about $19,000 a good portion of the time. Ether has dipped as low as $1,000 but has mostly hovered around $1,300 over the same period. Now, both have stepped up a rung, with support above $20,000, and $1,500, respectively.
The increases come amid a fourth consecutive 75 basis point interest rate hike by the Federal Open Market Committee in the Federal Reserve's fierce battle to stem inflation without throwing the U.S. economy into a steep recession. Crypto markets have largely responded to the central bank’s monetary gyrations and other macroeconomic events, usually rising with encouraging news and dipping when investors are more pessimistic. Such reactions are normal in asset markets of all stripes.
JPRubin23 GWilliamsJr_CMT _jocelynyang_ ℹ️BIFROST Dev Update: We recently concluded week 1 of the BIT that brought the BIFROST community closer together. Thank you for participating and making BIT successful so far More Information is below,
JPRubin23 GWilliamsJr_CMT _jocelynyang_ bottom is in
JPRubin23 GWilliamsJr_CMT _jocelynyang_ Good! Maybe because people are realizing the redundancy of investing into crypto currency based on the volatile behavior of the FED.
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