• The cryptocurrency market is reacting to Jerome Powell’s comments and US regulatory targeting of crypto companies.
• Market analysts predict a bearish trend in the near future, with a potential rebound leading to a significant correction.
• Investors are urged to consider both fundamental and technical analyses when selecting investment options.
Effects of Jerome Powell’s Comments
The cryptocurrency market has experienced minimal activity and lackluster performance in recent days as US regulators continue to target crypto companies and fiat onramps and offramps into crypto are disrupted. Meanwhile, the crypto and other risk asset markets are responding to Jerome Powell’s less than bullish comments to Congress about the economy and interest rate policy.
Predictions for Market Performance
Bitcoin and Ethereum have seen a decline of 1.02% and 1.05%, respectively, today, bringing their prices to $22,338 and $1,561.As the market responds to ongoing economic revelations, investors and traders are keenly anticipating upcoming economic data and Fed policy updates. CryptoQuant analysts have released data suggesting that the current funding rates of digital assets are indicative of a bearish market, indicating that further declines could be imminent. Several analysts have warned that negative headlines have dented market optimism and that the worst may not yet be over, with any rebound potentially leading to a significant correction.
Impact of Employment Report
Powell is scheduled to speak before the House Financial Services Committee on Wednesday which may fuel further market action but investors will also be closely watching Friday’s employment report for its impact on markets worldwide. According to CME’s FedWatch tool, the chances of a 50-basis point rise on March 22nd are estimated to be approximately 29%. Nevertheless, the impending employment report on Friday could drastically alter this picture and render prior forecasts irrelevant.
Importance of Analyzing Investment Options
Investors in the cryptocurrency market are currently in a state of uncertainty, with the Federal Reserve’s future monetary decisions and economic indicators likely to have a significant impact on the market’s direction. As a result, it is now more critical than ever for investors to carefully consider both fundamental and technical analyses when choosing investment options .
Best Cryptos To Buy Today
Accordingly these analyses suggest several cryptocurrencies such as FGHT, MANA , CCHG , GMX , TARO , RIA may be good investments today given their current performance relative ot Bitcoin & Ethereum .