Bitcoin soars 4% over the weekend
The cryptocurrency market continues its upward trend since the beginning of the year. Bitcoin, which has relatively slowed down its bullish momentum last week and faced resistance zones between $23,000 and $24,000, rose strongly over the weekend to $23,900.
Bitcoin rallied strongly over the weekend as high as $23,900. When we look at historical averages, such an increase on a market where generally negative pricing and low volume transactions are seen shows that the risk appetite in the markets is positive in the short term. Thus, Bitcoin, which has reached its highest level since August, has compensated for all the losses it suffered in the last quarter of 2022. The rise was accompanied by Ethereum and rose as high as $1660. Many altcoins such as Render, Audio, and Flux experienced strong gains of 50% to 75%.
While the total value of the cryptocurrency market continues to exceed 1 trillion dollars, it is currently at the level of 1 trillion 72 billion dollars. While Bitcoin dominance is 44.5, Ethereum dominance is priced at 19.45.
Bitcoin soars 4% over the weekend
The global economic calendar is very busy this week. The most important event of the week, where strong macro data and developments will be followed almost every day, will be the FED's interest rate decision. The Fed, which will announce its interest rate decision on Wednesday, is expected to increase interest rates by 25 basis points. Thus, the Fed is expected to reduce the rate of increase in interest rates again. Swap markets are pricing in the Fed's decision to raise interest rates by 25 basis points in February, and then put it on hold in March.
Whether the expectations of the markets will be met or not will be determined by Powell's statements after the meeting. Powell is likely to deliver hawkish messages. On the other hand, other important developments of the week are as follows: US non-farm employment data to be announced on Friday and the European Central Bank's interest rate decision to be announced on Thursday. While the employment figure is expected to increase by 185 thousand people in January, the ECB is expected to increase the interest rate by 50 basis points on Thursday. In the macro data set, especially the FED's interest rate decision and subsequent statements can create volatility on the crypto money market.
