Cryptocurrencies have fallen again
FED's interest rate statements and Putin's statements before the new year affected cryptocurrencies again.
In general, the markets are optimistic that the Fed's interest rate hike will slow down, while in the last few days, the fear of recession in the economy and the possibility of shrinking in companies have begun to be discussed. The downward trend continued on the third day of the week. On the other hand, Russian President Vladimir Putin's statements that the risk of nuclear war has increased caused fear and uneasiness in the markets. Stocks and cryptocurrencies fell, while dollar and US bond yields rose.
Cryptocurrencies have fallen again
Applications for unemployment benefits will be tracked in the USA today. The expectation is that the figure will increase to 230K. The data to be announced may increase the tension on the markets. On the European side, there is a speech by the President of the European Central Bank, Lagarde. Hawk or pigeon comments on inflation and monetary policy in the speech can create movement in both Euro and European stock markets.Kazakhstan, which is one of the most preferred countries in cryptocurrency mining, has approved the law that crypto miners have license, tax and auction electricity purchase conditions.
PayPal has announced that it will launch a crypto buying, selling and custody service in Luxembourg. Metaverse platform Decentraland introduced the feature where users of virtual land can officially lease their land to other users on the platform. The Bank of Spain announced that it is seeking cooperation proposals from local financial and technology institutions to begin testing the digital currency. A federal judge has ordered crypto lender Celsius to return nearly $44 million worth of cryptocurrencies from its customers.
8 DECEMBER BITCOIN TECHNICAL ANALYSIS
Bitcoin, which has been moving in a very narrow band in the last week, is observed to be stuck between the $17,000 resistance and a minor rising trend. The narrowband movement of Bitcoin, which is trying to protect both prices and seems undecided about which direction to go, can be expected until the FED meeting, which will take place next week. We can say that the $17,500 levels, which coincide with the 50-day moving average above, act as resistance. On the downside, $16,600 and then $16,000 levels will appear as support lines.
