Comment: Bitfinex market analysts on BTC pullback to $21,000

The major cryptocurrency fell to a new low today as investors worried about an expected rise in Fed Reserve interest rates and tighter regulations imposed on the cryptocurrency industry. cryptography. Bitcoin was seen hovering between $21,000 and $22,000.

Late Tuesday, Bitcoin fell 4% to $21,069. The global crypto market has surpassed the $1 trillion mark.

Meanwhile, at the time of writing, the top altcoin is trading at $1,513.36, up 10.06% in the last 24 hours. However, on Tuesday, the second cryptocurrency stood at $1,418 experiencing a decline of 4%.

The crypto market continues to go through a tough time. Altcoin prices including XRP, Solana, BNB, Litecoin, Stellar, Polkadot, Polygon, Tether, Chainlink, Tron, Apecoin, Avalanche and Uniswap also fell.

Here’s what Bitfinex market analysts think of BTC’s pullback to $21,000:

“Bitcoin retreated to the $21,000 mark ahead of an expected interest rate hike from the US Federal Reserve later this week, and today’s reduced growth forecasts and elevated inflation expectations from the Fund international monetary policy.Bitcoin’s fortunes are negatively correlated with the underlying strength of the US dollar, and therefore move lower on any sign of dollar strength.Bitcoin’s pullback follows an 8.5% jump from the value of the world’s largest cryptocurrency over the previous week, the biggest weekly gain since March.Meanwhile, Ethereum, the second-largest cryptocurrency, also fell after a fairly dramatic recent rally suggesting that renewed optimism in the digital token economy may be short-lived.

Bitfinex is one of the oldest and most renowned cryptocurrency exchanges in the crypto market. Founded in 2012, Bitfinex offers cryptocurrency trading services to investors around the world. Peer-to-peer lending, OTC market and funded trading are additional services offered by Bitfinex for several cryptocurrencies. The traders and market analysts on Bitfinex, meanwhile, have years of valuable expertise in the cryptocurrency industry.

Steve Anderson
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