Bitcoin remains under pressure after rally

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Significant gains in mid-April, when the $30,000 cap was crossed for the first time since June 2022, are a thing of the past. For 2023, however, there is an almost 70 percent increase in the list. Other crypto assets like Ethereum have also given up on gains recently. On Friday, an ether cost about $1900 – after about $2100 in mid-April.

Many digital stocks have been driven primarily by monetary policy and the economic outlook lately. Significant price increases nearly two weeks ago were supported by expectations that major central banks such as the US Federal Reserve could slow down a bit in tackling high inflation.

However, the recent dominance of economic pessimism is suppressing the mood in the financial markets. First of all, weak economic data from the USA was decisive.

Bitcoin, Ether and other crypto assets often move in harmony with traditional financial markets. Digital assets are considered particularly risky financial investments that can fluctuate wildly in price. The price effect of the general mood on the stock markets is accordingly large.

(SDA)

Source :Blick