10, set back by surging inflation, lagging recovery in the job market, and the Fed’s ongoing signals that it would begin winding down pandemic measures to support the economy.īitcoin’s price has been between $19,000 and $23,000 so far this week. Despite the ups and downs, Bitcoin’s price has seen a nearly 70% drop in value since its all-time high above $68,000 on Nov.
Ethereum has followed a similar pattern.īitcoin hasn’t been above $50,000 since Dec. The crypto market has been increasingly tracking the stock market lately, which makes it even more intertwined with macroeconomic factors, experts say. Experts also point to a potential recession, rising interest rates, the continuous war in Ukraine, and inflation hitting a fresh 40-year high for why we’re seeing slumping prices in the stock and crypto markets. The leading crypto has been trading in a relatively tight range between $19,000 and $23,000 over the last few weeks. “The next major move for bitcoin will likely come after the nonfarm payroll report, which could show signs of cooling and prompt a short-term relief rally.” “Risky assets are struggling as Powell’s fight against inflation will remain aggressive even as it will trigger an economic slowdown,” says Edward Moya, a senior market analyst at brokerage firm Oanda. The largest crypto is down nearly 8% over the last week. For more information, see How We Make Money.īitcoin’s price fell below $20,000 this week after the Federal Reserve affirmed it would continue to tighten policy to bring down inflation. Some links on this page - clearly marked - may take you to a partner website and may result in us earning a referral commission. We want to help you make more informed decisions.
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