“The Crypto Market seems to show signs of recovery today as the stock market bounced back with the inflation reassurance from the Fed Chief on Tuesday. The Fed Chief told the Senate Banking Committee that the central bank will continue its tactics to curb the rising inflation.”
The buyers seem to enter the crypto market as the stock markets saw a bounce back on Tuesday with the Federal Reserve’s Chief telling the Senate Banking Committee that the central bank will continue its tactics to curb the rising inflation. Though the recovery seems to be limited at the $45K mark as it is acting a strong resistance and the buying volume is low. At the time of writing Bitcoin is trading at $42,781 which is a 1.21% recovery in the last 24 hours.
The altcoins also gained momentum with the rise in the price of Bitcoin with Ethereum at $3,231 with a 3.80% recovery in 24 hours. Another major event to look after for today is the release of Consumer Price Index (CPI) that is expected to increase by 0.5% on a monthly basis to reach 7.1%. Last time when the CPI data was released the crypto market saw extreme volatility.
The investor behavior seems to be improving as indicated through the fear and greed index. Though the sentiment is still in the extreme fear zone the value has increased from 21 to 22 in the last 24 hours showing some chances of recovery.
Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as financial advice. Own research on the topic is advisable.
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