EXMO company blog | "The mood is not the most positive." When Bitcoin will return to growth

The opinion of Maria Stankevich, Development Director of the EXMO crypto exchange:

If we talk about the bitcoin rate to the endyears, I will note that despite the negativemarket factors and the general news background (Evergrande, information on inflation, the threat to financial stability from cryptocurrencies, etc.), the financial markets liked the results of the last meeting of the US Federal Reserve. This led to their strong growth, not leaving aside digital currencies, increasing their capitalization by 3.5%. The agency's actions coincided with the negative expectations of investors in terms of a double cut in the QE economic stimulus program and plans to increase the discount rate next year. True, the regulator's decision to reduce its own balance sheet, which has assets worth $ 8.6 trillion, remained behind the scenes.

And by selling its assets, the Fed will increase the supply in the market and take away liquidity from it. In the long term, this can negatively affect the economy.

Nevertheless, for today we see that the coursebitcoin went sideways and continues to be there. I would like to note that we are still in a correction and the bears have not yet completely captured the market, which gives hope for the continuation of the upward trend. For this, it is important for bitcoin to overcome the $ 50.7 thousand mark in the near future, after which a rebound to at least $ 59 thousand should occur within a few weeks.

As for the "bottom" - I think that many regard the $ 40K level as a buying opportunity, which means that we can push off from it and go up.

In general, I would like to note that December is traditionally a very active month in the cryptocurrency market and we will most likely be able to see an impulse movement as early as next week.

Read the full material on the RBC website at the link.