Digital currencies hold together .. and the money tree warns of the Federal Reserve

Cryptocurrency

The digital currencies have again passed in coherence, and the wave of fall that erupted yesterday, Tuesday, which came in conjunction with the fall of the stock market, gold and oil, has not spread.

Bitcoin is still stuck near the $ 20 thousand levels, but warnings of upcoming Fed decisions still cast a negative shadow on the psychology of traders in the crypto market, coinciding with the constant flow of shocking news to the markets over the bankruptcy of loans. companies and the retrenchments of employees of major digital exchanges.

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relative improvement

Along with rising trader sentiment, Wall Street’s most famous fund manager, Cathy Wood, said she felt much better about the cryptocurrency sector, after the market fell sharply in the first half of this year.

Wood, founder of Ark Investments, said his rating of the cryptocurrency market was between neutral and positive in the short term, with no sign of further pressure over the past few days.

The cryptocurrency market has warned us that the pursuit of returns has gone too far.

Wood said there has been a lot of excess from a number of hedge fund managers who have borrowed money at low interest rates in recent years to support their returns.

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Why did he fall?

In Wood’s view, the Fed has panicked by raising interest rates sharply as monetary policymakers are more concerned about their historical reputation than about the economy.

Wood said the state of confusion and procrastination that dominated monetary policy officials has led the markets to the level of mistrust they have now reached.

The cryptocurrency market lost about two trillion dollars of its market value, which coincides with the decline of the bitcoin currency to less than 20 thousand dollars, compared to 69,000 dollars at the end of last year.

Wood, founder of the Ark Investments Fund, said indications on inflation data suggest the Fed was making a big mistake by aggressively raising interest rates, and markets could be witnessing new waves of decline as a result of the continued pursuit of this falconry policy. .

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new fees

It appears that Bitstamp plans to impose a monthly inactivity fee on some users, as a way of counteracting the decline in revenue in light of low trading volumes.

According to the news, the fee, which amounts to 10 euros ($ 10.27) per month, will be applied to accounts that do not trade, deposit, withdraw or store assets for a year.

Bitstamp said the decision will be implemented from August 1, indicating that users in the United States will not be subject to those fees.

The digital exchange attributed its decision to the fact that maintaining inactive accounts is an additional cost, and to continue to provide services to all our customers, we made the difficult decision to implement inactivity fees. ”

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Fear and greed

Although the sentiment of the crito market is still in the environment of extreme fear according to the data of the Crypto Fear & Greed Index, a significant improvement is starting to appear.

The last reading of the index rose to levels of 18 points, while it scored 19 points yesterday, compared to less than 13 points at the beginning of the week and 9 points at the end of last week.

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Bitcoin

Bitcoin is now down less than 1%, but is still trading above the $ 20,000 levels, after approaching close to $ 21,000 earlier in Wednesday’s trading levels.

The recent rises of Bitcoin have boosted the market capitalization of the cryptocurrency market to succeed in exceeding the $ 900 billion levels, after falling near its lowest level in a year and a half after falling to the levels dropped by $ 870 billion.

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Altcoins

Ethereum, the largest altcoin during these moments, has fallen less than 2%, but it is still the highest levels of 1.1 thousand dollars, while it rises within 1% within a week, but it has risen 40% within a month lose.

In contrast, Binance Coin rose less than 1% during these moments of trading today, Wednesday, while rising by 7% within a week, but losing almost 25% within a month.

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While Ripple fell 2% to $ 0.32 levels, Cardano fell 1.5 percent to $ 0.45, and Solana rose 1% to $ 36 levels.

Dogecoin drops within 1% during trading today, Wednesday, while rising 4% within a week. In contrast, the Shiba Inu is down less than 2% during trading today, but it is rising 7% within a week.

The article does not express a recommendation or nomination, but merely a monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing part or all of the investment amount, knowing that it is not entirely subject to financial authorities. a market.

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