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Bitcoin, the world’s largest cryptocurrency, failed to maintain its previous day’s gains and dropped below the $24,000 mark early on Friday, as overall coin prices declined. Several other well-known cryptocurrencies, including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), were also in the red.
The downward trend could be due to increasing uncertainty over US monetary policy, which led to sharp losses in the cryptocurrency market.
Risk-Off Sentiment Prevails in Cryptocurrency Market
On Friday, the global cryptocurrency market suffered a decline as investors anticipated further insights into US monetary policy from inflation data to be released later in the day. The Federal Reserve heavily relies on the United States’ core PCE statistics to determine monetary policy, making today’s data release critical to the market outlook.
With divergent opinions among Fed members on the optimal course of action, market volatility is expected to remain high in the coming weeks.
In addition, the overall strengthening of the US dollar was seen as another significant factor that contributed to the decline in the Bitcoin market. The US dollar was on track for its fourth consecutive week of gains, with investors anticipating that interest rates in the US would remain high for an extended period of time.
It is worth noting that the most recent data showed a surprising decrease in the number of people filing for new unemployment benefits last week, indicating a strong economy and tight labor market in the country.
As a result, solid US economic data and hawkish comments from Fed members this month have increased the likelihood of the Fed maintaining its monetary tightening trajectory for an extended period, which has led to a strengthening of the US dollar.
Regulatory Standards for Crypto Exchanges in Hong Kong: Licensing Required by June
On February 20, the Securities and Futures Commission (SFC) of Hong Kong launched a consultation on its proposed regulatory standards for digital asset trading platforms. This means that cryptocurrency exchanges operating in Hong Kong or seeking business from Hong Kong investors must be licensed by the end of June.
The Securities and Futures Commission (SFC) of Hong Kong began a consultation on February 20 for its proposed regulatory standards for digital asset trading platforms. Cryptocurrency exchanges operating in or soliciting business from Hong Kong investors must obtain licenses by the end of June.
The SFC is also seeking input on licensed platform operators’ ability to offer services to retail investors and how to ensure token acceptance and inclusion in commercial relationships.
Although Hong Kong currently prohibits cryptocurrency retail trading, this move has received positive responses from both everyday consumers and business leaders, boosting confidence among traders in bitcoin.
Bitcoin Price
The current Bitcoin price is $23,873, with a 24-hour trading volume of $28.6 billion. Bitcoin has dropped by nearly 2% in the past 24 hours. From a technical perspective, Bitcoin is expected to gain immediate support around the $23,600 level, and if it breaks below this level, it could potentially expose the BTC price to the $23,375 level.
On the bullish side, a breakout above the $24,100 level could push the BTC price toward the $24,500 or $25,200 mark.
However, the RSI and MACD indicators are still in the selling zone, so it is important to monitor the $23,600 to $23,350 range closely. Closing above this range could present potential buying opportunities.
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Ethereum Price
The current live price of Ethereum stands at $1,650, with a 24-hour trading volume of $8.3 billion. In the last 24 hours, Ethereum has plunged by nearly 1%. According to CoinMarketCap, Ethereum is ranked #2, with a live market capitalization of $203 billion.
The ETH/USD pair is currently facing a significant resistance level at $1,780, reinforced by the 50-day EMA, on the technical front. If the pair closes below this level, it could trigger a selling trend in ETH.
If the ETH/USD pair’s current downward momentum persists and there is a bearish breakout below the 38.2% Fibonacci retracement level, the downtrend may potentially extend toward the support levels of $1,600 or $1,565.
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Top 15 Cryptocurrencies to Watch in 2023: Beyond Bitcoin and Ethereum
Investors in the cryptocurrency market have more options than just Bitcoin (BTC) and Ethereum (ETH). The Cryptonews Industry Talk team has compiled a list of the top 15 altcoins to watch in 2023.
The list is updated regularly with new ICO projects and altcoins, so be sure to check back frequently for the latest additions.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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