Market Summary: Declines for Everyone
Yet again, Bitcoin and cryptocurrencies as a whole are on the decline. While this is a 2 month chart, the outlook has been a steady decline with spikes of volume (particularly around October 5th as shown in the chart). To the current average of $347.25 according to CMC at time of writing. This was after a brief dip to the $330 range, but for now Bitcoin seems to be going on a positive market trend. Below is a more recent screenshot of today’s market movement shown in a graph by CMC. Of course with Bitcoin being the most prominent cryptocurrency, most other coins are affected indirectly,....
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The starting point for the Bitcoin market’s recent declines is the prospect of faster-than-expected economic growth in the United States, thanks to the extreme fiscal expansion and a recent rebound in job growth to pre-pandemic levels, which has boosted the bond yields and, in turn, accelerated demand for the US dollar in foreign markets. But […]