O Bitcoin (BTC)) dawn walking sideways and lateralized. The cryptocurrency trades in the $23,420 range. O Ether (ETH) also follows the same path, and is quoted at US$ 1,643. The value of Marketplace of cryptocurrencies is estimated at $1.07 trillion.
Yesterday, Silvergate, one of the largest banks that serve as a means of payment for companies and brokerages in the sector, postponed the release of its results for the fourth quarter of 2022.
The giant also announced that it has serious regulatory problems, and that it could affect the continuity of its operations. The company is a major liquidity facilitator for the crypto sector, and the news could impact prices.
Understand what is happening with Silvergate.
André Franco, chief analyst at Mercado Bitcoin, comments that today the day starts with bitcoin down 1% as opposed to yesterday’s 2% rise. Ether made the same movement and yesterday rose 3.7%, but today it fell 1.25%.
“This zigzag movement is common in lateralized markets and it seems that we are entering one of them”, he explains.
Franco points out that today the release of the minutes of the European Central Bank and the requests for unemployment insurance from the USA, macroeconomic data that can affect the prices of risky assets.
“In the on-chain data we had another reduction in the position of long-term investors (LTH) of 20 thousand bitcoins. In Ethereum, we saw over 16,000 new ETH locked in the Beacon Chain”, he says.
Fernando Pereira, content manager and analyst at Bitget, says that after rejecting the $25,000 resistance and losing steam, Bitcoin is leaving signs that the buying pressure, for now, has run out.
“The most natural thing is a pullback back to $21,500 to pick up momentum and aim for $27,500, the next strongest resistance,” he says.
The market fear and optimism index advances one point from the previous day, at 51, from 100. The index remains attentive in the neutral zone.
Source: Moneytimes
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