According to CoinDesk, LMAX Digital’s monetary strategist Joel Kruger said, “There is still room for Bitcoin to decline further in the future, and we are wary of expectations that Bitcoin has bottomed out.”
“The biggest risk facing Bitcoin at this stage is the short-term risk associated with falling US and global stock markets,” he pointed out.
*Source: TradingView
Cryptocurrency trader and analyst Alex Kruger said bitcoin’s retreat is over for now, and prices may rise this week, but if the Federal Reserve fails to control Treasury yields, you could see bitcoin fall again. .
With the Biden administration’s $1.9 trillion stimulus plan being debated in Congress, if the US’s February employment report to be released this Friday shows a strong job growth, the prospect of an early interest rate hike along with a rise in government bond yields fueled the CoinDesk analyzed that there is a potential to weaken gold demand.
In a recently released 108-page report, City analysts said, “Signs that central bank support will be curtailed have led institutional investors to be more interested in reallocating capital to traditional stock and bond markets, anticipating more volatility and investment opportunities. You can also make them have.”
Analysts pointed out that “the cooling off of institutional enthusiasm will bring cryptocurrency back to its more speculative roots by removing key support for Bitcoin and the potentially wider cryptocurrency ecosystem.”
Bitcoin reached $48,376, an increase of 11.35% from 2:07:24 pm on the 1st of New York time.