Crypto's downturn is about more than the macro environment
The global economic downturn should not have a long-term negative effect on cryptocurrency prices, even if it is influencing crypto in the short term. It’s been a tough year for risk assets across the board, and it’s fair to blame the macroeconomic situation. A combination of factors has ignited a surge of inflation in developed economies and forced central bankers to react.As a consequence, several events — including inflation, payrolls, interest rate announcements, and speeches from monetary authorities (especially in the United States) — have had a relevant impact over the risk asset....
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While poor market conditions have resulted in revenues falling for the crypto exchange in Q3, its effort to reduce expenses has led to some streamlining. Crypto exchange Coinbase saw a huge fall in its transaction revenues in the third quarter after activity fell amid a broader market downturn, but managed to cut its losses in half compared to the prior quarter.In its shareholder letter released Nov. 3, the company shared that transaction reven had fallen from $655.2 million in the second quarter to $365.9 million, representing a decline of 44%.The company cited poor macro conditions with....
Bitcoin’s price action as of late has been driven by a combination of recent news developments, jitters within the macro-economic environment, as well as technical weakness. That being said, these factors have not been enough to push the benchmark cryptocurrency below any crucial support levels, as it is still trading within the macro trading range […]
The macro market has been influencing the price of crypto to a much larger degree in the last couple of months compared to a year ago. This is no surprise given that some of these companies, which are heavily involved in the macro market, also extended their investments to cryptocurrencies such as Bitcoin. Hence, when the macro environment affected these companies, crypto was affected. Even now, the influence continues to maintain hold. Losses Flow To Crypto Over the last week, there have been some major happenings in regard to the economy. Fed Chair Jeremy Powell said that as the....
Bitcoin fast approaching towards a critical intersection of macro support, according to a crypto analyst. Critical Intersection Of Macro Support As pointed out by a Bitcoin analyst on Twitter, the cryptocurrency is coming closer to an intersection with a macro support curve. BTC macro support curve | Source: TheCryptoCactus The above chart showcases how Bitcoin […]
Bitcoin has undergone a strong rally over recent months from the March lows to $12,500 at the August highs. Not everyone is convinced that the crypto’s macro trend is positive, though. They point to the fact that Bitcoin has yet to firmly establish itself above $11,500 and $12,000. Those two levels have been of technical importance on a macro time frame since the 2017 highs. Three crucial reasons, though, suggest that Bitcoin’s macro trend is […]