Bitcoin, Ethereum Pull Back on Interest Rate Fears, Traders Expect Apex Crypto to $50,000 This Summer, ‘Things Are Never That Easy’

Major Coins Seen In Red As Global At 8:55 PM Sunday cryptocurrency The market cap declined by 1.75% to $1.1 trillion.

Value Display of Major Coins
coin 24 hour 7 Days worth
Bitcoin BTC/USD -1.7% 11.5% $24,254.32
Ethereum ETH/USD -1.2% 10.7% $1,671.60
dog coin doge/usd -2% 6.4% $0.09

Top 24-Hour Gainers (Data via CoinMarketCap)
cryptocurrency 24-Hour % Change (+/-) worth
A lot (STX) +82.8% $0.72
flow (cfx) +41.4% $0.22
filecoin (Phil) +12.8% $8.70

See also: 11 Best Cryptocurrency Brokers in February 2023

What happened: bitcoin And Ethereum Shares took a nosedive after ending the previous week on a mixed note. On Friday, the S&P 500 fell about 0.3% for the week, while the Nasdaq gained about 0.6% over the same period.

Investors continue to worry about the resulting impact on inflation and interest rates. OANDA Senior Market Analyst, edward moya, wrote on Friday, “Not only are Fed expectations rising, traders are also expecting the ECB to send rates much higher. It looks like global growth will definitely take a hard hit as monetary policy turns even more restrictive in the next few months.

Nevertheless, investor sentiment strengthened during the week. Last week,’s “Crypto Fear & Greed Index” appeared “neutral” but indicated “greed” at the time of writing.

The Fear and Greed Index measures emotion over time with values ​​ranging from 0 to 100 where the highest value represents “extreme greed” and 0 indicates “extreme fear”.

Michael van de Poppe noted that “people are focused” on bitcoin flipping the 200-week moving average. The trader tweeted, “However, the total market capitalization [cryptocurrencies] Broke through it and made a beautiful retest + kept it as support. Most likely we will continue 2x for the entire market from here.

Justin Bennett cautioned his followers that “things are never that simple.” The trader said there were several tweets comparing the bear market rally in 2019 and the expectation of $50,000 bitcoin this summer.

“The 2020/2021 bull market was nothing like 2017, so why assume the 2018/2019 bull market will repeat?”

However, Bennett added that he thinks “we’ll see higher prices” from bitcoin in the coming weeks.

bitcoin and cryptocurrency investors lark davis Noted the growth in Ethereum ownership over the past year and called it “crazy”. He shared a chart showing Ethereum ownership growing from 25 million in January 2022 to 87 million in December of that year. This represents a 248% increase.

According to the chart, Ethereum adoption increased significantly in the months leading up to the so-called “merge” or crypto move. Shift to a proof-of-stake model.

Read further: As Bitcoin Reaches $25,000 Limit, Experts Say Investors Are Turning To Crypto As A Safe Haven

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