Cryptocurrency markets lost momentum
The cryptocurrencies have started the new year well but now lost their momentum. Here are all the details.
The crypto money market, which has achieved a strong performance for a long time due to the expectations that the FED will reduce the rate of increase in interest rates, has lost some of its momentum with the data announced on Friday. Non-farm employment, which is expected to increase by 185 thousand people in the USA in January, increased by 517 thousand, well above the expectations.
Then, the market demoralized when the US ISM manufacturing data, which was expected to be 50.4 in January, increased by 55.2. Pricing that the FED may still have a way to go and that interest rate hikes still do not affect the labor market, the market reduced its appetite for risk. Bitcoin had a light-selling weekend as it retreated from the $24,300 levels it reached on Thursday. Bitcoin, which has withdrawn to the $ 22,600 region, is priced at $ 22,900 in the morning. Although it is still trying to maintain a permanence in the $23,000 region, it is positive in the short term, but the sales momentum seen in the global markets also affects the crypto money market.
Cryptocurrency markets lost momentum
In Ethereum, the failure to exceed the $1700 resistance zone brought some selling and Ethereum retreated to $1630 levels. The decline of Bitcoin dominance to 43.4 levels is relatively supportive for altcoins. We are living in a few days where altcoins outperform Bitcoin. The total market value of the crypto money market, which rose to $ 1.1 trillion on Thursday, to a six-month high, is currently hovering at $ 1.06 trillion. The main agenda topics that the crypto money market will follow in the week when the data flow is tight will be the statements of FED Chairman Powell and regional FED heads.
