On Wednesday, cryptocurrency prices were mixed. Bitcoin (BTC), Ethereum (ETH) showed a slight rise, while other altcoins such as Solana, experienced a decrease. Ripple Cardano Trading Downwards Wednesday Morning, 8:27 AM, Eastern Africa Time
According to CoinMarketcap.com data, Bitcoin’s price rose 0.6% to $19 076.23 at the time of writing. Its lowest intraday trading price was $18,925.60 during the past 24 hours. The crypto market cap grew by 0.05% to $919.26 Billion while its trading volume fell 11.45% to $48.6 Billion.
Bitcoin maintained $19,000 on Wednesday with some temporary breaks. Cryptocurrencies are generally stable. remain depressedWith the crypto’s flagship digital currency at its record high of $19,000, it is more than 70% off its all time high from almost a full year ago. If the crypto fails to hold at $19,000, market analysts have been looking for the currency to break lower – to retest its June lows of about $17,000 or find a new bottom, potentially as low as $10,000.
Richard Usher, head of OTC trading at the BCB Group, commented: “Crypto markets continue their slumber with little progress either way. Until broad risk bounces, this sector won’t.”
Yuya Hasegawa, crypto market analyst at Japanese crypto exchange Bitbank, also commented: “The price of bitcoin is maintaining the $19,000 level, but with the FOMC’s minutes and CPI ahead this week, the market will likely refrain from taking risks, which in turn will likely put pressure on bitcoin.”
Visit his website YouTube content Anthony Pompliano, a well-known Bitcoin bull, also commented on the price trend. He stated that multiple sources have claimed that Wall Street investors and major financial institutions plan to invest heavily into crypto. “Regardless of what happens to price in the short term, one thing is for certain. The big financial institutions, they’re here. They’re building teams internally, and they are going all-in on Bitcoin and crypto. This might not help the price in short-term. But that tells me over a long period of time, this industry is not going anywhere,” Pompliano told his 436,000 Youtube subscribers.
BTC price held steady even after the three big announcements (US Jobs Report (FOMC minutes), Consumer Price Index (CPI report) and Federal Open Market Committee Minutes (FOMC)). This is a sign that institutional acceptance of cryptocurrency continues to grow despite the bearish market.
Google tapped Coinbase’s service for storing and trading cryptocurrencies, and BNY Mellon bank added cryptocurrencies to the various assets it holds as a custody manager. Last month, Franklin Templeton, Betterment, Société Générale, and other asset managers also plunged into the crypto space.
While big announcements like this could have moved the crypto markets to higher levels a year ago (or even a decade ago), prices today are more macro-driven. The BTC price has been trading in the $18,500–$24,500 range for the last 120 days, and still, prices will likely be stuck at this level for some time. The rate-hiking plan it has to control inflation is a success. Federal Reserve pushed crypto prices to current lower levels – investors believe it is the institution to pull it back out.