Cryptocurrency Market Review

Cryptocurrency Market Review

???? Yesterday’s main news was the speech from Federal Reserve Chairman Powell, causing a lot of noise in the market. The market saw a sudden swing but ultimately ended up rising.

Powell’s speech was negative for the market, but he was able to present it as “everything will be okay”.

The rise followed by a drop and then another rise was due to large players waiting for Powell’s harsh rhetoric and the announcement of an interest rate hike at the next meeting on Tuesday. But when the rhetoric turned out to be milder, the first green candle appeared as short positions were closed. Then the market returned to balance.

Altcoins showed remarkable growth again, with GRT, VR, and IMX quotes fighting against those who were shorting.

✔️ News

Relevant news that could affect the market: Today, members of the Federal Reserve will be speaking. Some of them may be braver than Powell and their rhetoric could likely have a negative impact on the market. They will start speaking at 17:20 and will continue until about 22:00 with breaks. Volatility is likely to occur at the beginning and end of the speeches.

✔️ Base Scenario

The market is currently balanced, with the BTC range of $22,300 to $24,200 likely to persist until Friday.

Full Disclosure: Third-Party Views Included. No Accuracy Endorsement. Cryptocurrency Prices May Fluctuate. Conduct Your Own Research