A recent slip of Bitcoin (BTC) from its weekend position above $29,300 marks the crypto’s struggling to find a compelling catalyst amidst macroeconomic events. With a low of nearly $23,100 after Curve Finance reported an exploit jeopardizing over $100 million in crypto, this failed to disrupt the BTC’s week-long stability between $29,000 and $29,500, making it a restless spectator of the unfolding events.
Joe DiPasquale, BitBull Capital’s CEO, however, anticipates a prolonged upside shift in market sentiment, now that the anticipated Fed’s interest rate hike is factored in the prices. This, matched with the sustained price levels of BTC and ETH, could invigorate bull confidence in the market. DiPasquale further observes an increase in speculative price actions around the Base network coins, accenting this bullish trend.
The exploit didn’t spare Curve’s CRV token either, which saw a steep 19% dip, circling back to a 15.7% fall, trading at 63 cents. ETH, the second-largest cryptocurrency, followed a similar downturn post the Curve hack, adding another notch to the crypto industry’s woes over the past couple of years.
Registered at $1,857, down by 1.2% from previous figures, ETH has depicted a narrow range over the past week, between $1,840 and $1,890. Except for SOL and MATIC, tokens of smart contracts Solana and Polygon platforms, which were recently down by 4.5% and 4.2% respectively, most of the other major cryptos seemed to mirror this trend. This undulating pattern was also seen in DOGE, showing a dip of 3.7%.
With U.S. jobs data in the light of the upcoming week, investors are eager to trace signs of slowing employment that could confirm torrid inflation is under control, hoping for a halt in the Federal Reserve’s diet of interest rate hikes that was often burdensome for the asset markets.
BitBull’s DiPasquale does not predict any immediate surge in the market. Instead, he is looking forward to 2024’s halving to be the next significant price boost. Meanwhile, he advises that bulls should take advantage of accumulating when opportune, and warns bears to practice vigilant risk management amidst these unfolding circumstances.
Source: Coindesk
