NewsletterCrypto Market Set For Another Bottom, Expert Reveals Why
The crypto market showed some strength in the last 24 hours. Bitcoin prices went up by 2.57% in the last 24 hours and are currently trading at $20,161. Ethereum also surged by 1.8% in the last 24 hours and crossed the $1,352 mark.
XRP broke its slide and surged by 5% in a day and is currently trading at $0.4793. Dogecoin (DOGE), which increased by 8% in a day, was another big winner in the crypto market.
However, experts believe that the crypto rally may not last for long. Michael van de Poppe, the CEO of Eight Global and crypto analyst, believes that the US dollar is set for a rally. As a result, the crypto market can see a slight correction.
US unemployment data will also be released on Friday. Michael Poppe believes that the data might be bad and have a bad effect on the market.
Why The Crypto Market Is Struggling
Despite today’s rally, the crypto market is still showing bearish sentiments. The Federal Reserve remains hawkish despite global recessionary fears. The United Nations has asked global economies to pivot from their aggressive stance. However, it remains unlikely that the American central bank will comply.
The Fed’s stance will become clearer as Atlanta Fed’s president Raphael Bostic will deliver a key speech on Wednesday. Chicago’s Charles Evans and Cleveland’s Loretta Mester will speak on Thursday.
Oil prices will create additional uncertainty in an already unfavorable macroeconomic environment. The Organization of Petroleum Exporting Countries is mulling over the biggest supply cut since 2020 to raise prices. The OPEC+ will meet on Wednesday to formalize the decision.
What Will The Fed Decide
The crypto market is still strongly correlated with the broader general market. Therefore, macroeconomic conditions will still dictate the price movement.
The CME Fed Watch tool still expects another 75 bps hike in the next Fed meeting.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Arthur Hayes Predicts Bitcoin Will Hold Above $80k as Fed Ends QT
- Trump Family Loses Over $1B as Crypto Investments In Multiple Holdings Crashes
- Tom Lee’s Bitmine Immersion Buys $82M in Ethereum, BMNR Stock Jumps
- Crypto Market Rebounds Ahead of Key U.S. PPI, Jobless Claims, and PCE Inflation Reports
- JPMorgan Faces Heavy Backlash from Grant Cardone, Jack Mallers, Max Keiser, Other Bitcoin Advocates
- Cardano Price Outlook as NIGHT Token Set to Launch on December 8
- Hedera Price Set for Explosive 30% Rally as Bulls Trigger Breakout
- Bitcoin Price Prediction: Is BTC on Track to Hit $90K This Week?
- Here’s Why XRP Price Will Hit $3 This Week
- Zcash Price Soars 10% as OKX Eyes ZEC Relisting
- WLFI Price Soars 17%: What’s Fueling the Surge?
