Crypto markets dipped on Monday as risk sentiment continued to decline. The Fed’s hawkish message drove cryptocurrency prices down last week. Expectations of further tightening lowered risk sentiment putting pressure on risk assets.
The Fed kept interest rates stable last week, but delivered a hawkish message, raising odds of future rate hikes. The Fed’s projections showed that interest rates may rise even further this year and are likely to stay in restrictive territory for a longer period, hindering economic growth. Increases in central banks’ interest rates sour risk sentiment, driving risk assets down.
The Securities and Exchange Commission (SEC) has been hesitating in deciding regarding the future of Bitcoin ETFs. BlackRock and other institutions have applied for a Bitcoin ETF, which would bring more institutional and retail money into crypto markets. SEC however has delayed its decision on Bitcoin ETFs putting pressure on Bitcoin price.
Bitcoin price dipped on Monday, touching the $26,000 level but pared some losses later in the day. If BTC price declines, support can be found near $25,700, while resistance may be encountered near $26,700.
Ethereum price also declined in early trading on Monday, touching $1,565 but rallied later in the day, rising to the $1,590 level. If Ethereum's price declines, it may encounter support near $1,530, while if it increases, resistance may be encountered near $1,600.
BTC/USD 1h Chart
ETH/USD 1h Chart
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Written by:
Myrsini Giannouli
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