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Bitcoin Flatlines at $22.4K Forward of Powell’s Congress Testimony: Market Watch


Bitcoin, and for that matter, a lot of the various cash, have remained untypically calm for the previous few days.

Nonetheless, the panorama will doubtless change right this moment or tomorrow as all monetary markets are making ready for Fed Chair Jerome Powell’s testimony in entrance of Congress.

BTC Stays Flat

Final week was relatively uneventful by way of value motion for the first cryptocurrency, whose most vital enhance got here on Wednesday when it briefly tapped $24,000. It failed there and resumed its vary buying and selling between $23,000 and $24,000.

Whereas the explanations are nonetheless debated, the scenario modified on Friday when the asset plummeted by over a grand in minutes and fell to $22,000, thus marking its lowest value level in 18 days.

BTC bounced off and added round $400 within the following hours because the weekend got here. It spiked to $22,600 on Saturday night however didn’t proceed upwards and went again all the way down to $22,400, the place it’s been buying and selling ever since.

Its market capitalization stands inches above $22,000, whereas its dominance over the altcoins is barely greater than yesterday at 42.4%.

BTCUSD. Supply: TradingView

But, all that value stability might change in the next few days as Jerome Powell, the Chairman of the US Federal Reserve, is scheduled to testify earlier than Congress relating to the central financial institution’s future financial coverage.

Alts With Minor Losses

Though they’re much more risky by nature, the altcoins have additionally failed to provide any important fluctuations these days. Ethereum, as an illustration, has remained caught round $1,550 ever because it dumped under $1,600 on Friday.

Binance Coin additionally misplaced a round-numbered milestone by falling beneath $300, and one other minor retracement has pushed it again all the way down to $285. Ripple, OKB, Cardano, Dogecoin, Polygon, Solana, Polkadot, Shiba Inu, and Litecoin are additionally barely within the pink on a day by day scale, with losses of as much as 3%.

TONCOIN, Uniswap, and XMR are among the many few alts with insignificant day by day features, whereas Conflux has soared by 7% to $0.2.

Nonetheless, the entire crypto market cap stays flat at simply over $1.020 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Supply: Quantify Crypto

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Cryptocurrency charts by TradingView.

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