Bitcoin, the world’s largest cryptocurrency in terms of market value, is having a week of high volatility. Bitcoin, which climbed up to $ 28 thousand 201 on Monday, is trying to hold on to the $ 27 thousand band as the end of the week approaches. Bitcoin, which has increased by 0.69 percent in the last 24 hours, is currently trading at $ 27 thousand 125.
Another major cryptocurrency that has seen a bumpy price chart is Ethereum. Ethereum, which underwent a major change in the blockchain last year from the proof-of-work consensus to the proof-of-stake, had recently undergone a successful Shanghai update. Although some traders are expecting upwards in the price of Ether, it is not possible to talk about an optimistic picture yet. Ether, which pushed the $ 2 thousand level last month and lost blood by entering a downward trend again, has increased by 1.47 percent since yesterday and changed hands at $ 1,891.
“It is necessary to evaluate the possible decline in terms of purchase”
In the crypto market, which has been priced mainly with macroeconomic developments for about two years, the eyes are on the US non-farm employment data, which will be announced today at 15.30 CEST. Analyst Beste Naz Süllü, who evaluated the developments in the market on her personal YouTube channel, said, “Non-agricultural employment data may bring Bitcoin down for the last time. Why one last time? Especially if we can get past the Fed part (whether interest rate hikes will continue), we can pass this summer above 30 thousand,” he says, adding: “We will use these decreases to re-evaluate. Good days are waiting for us when the Fed uncertainty disappears.”
As Süllü conveyed, another important development priced in by the market is whether the tight monetary policy of the US Federal Reserve (Fed) will continue. Referring to the statements made on the subject, Süllü said, “Some things caught my attention in the statements made by the Fed members: While the statement made by the members of the Federal Open Market Committee was talking about suspending the rate hike, St. Louis Fed President Jim Bullard says ‘we can’t guarantee that inflation has come down’. Therefore, it is useful to look at the statements of the people who will vote in the Committee, not every Fed official speaking. Fed members voting ‘Everything is enough for us. They say, ‘Let’s wait for the rate hike’.
“US withdrawal from the market may bring a small selling pressure”
At the same time, Süllü says that the approval of the borrowing ceiling by the US Senate with a vote rate of 63 to 36 may have a selling effect on the market, but this will be to a limited extent: “We got over this part. Now we have only one thing left: On the days when the USA cannot borrow, it will go to a very fast borrowing tactic and withdraw money from the market. Withdrawing money from the market will have the effect of increasing interest rates by 25 basis points. This may bring a little selling pressure, but it will not spoil our direction.”
On the other hand, there is high volatility in other major cryptocurrencies in the crypto market. Binance Coin (BNB), which is among the largest cryptocurrencies in terms of market value, has 0.82%, XRP 1.49%, Cardano (ADA) 3.24% and Dogecoin (DOGE) 0.57%. ‘ has increased.
In the last 24 hours, district0x (DNT) became the most profitable cryptocurrency with an increase of 38.47 percent, Kisha Inu (KISHU) 13.49 percent, Syscoin (SYS) 12.56 percent, Polymath Network (POLY) percent. It was up 10.34 percent, Injective Protocol (INJ) 10.15 percent and NKN (NKN) 8.28 percent.
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