Frank Chaparro says Bitcoin is no longer driving the market as it used to

Frank Chaparro says Bitcoin is no longer driving the market as it used to
фото показано с : invezz.com

2022-1-21 14:11

The cryptocurrency market has not been performing well in recent weeks. The price dip has triggered liquidations across the market, with the crypto market cap falling below $2 trillion. Frank Chaparro, the Block director of news, noted that this dip could be attributed to the recent announcement by the US Federal Reserve.

In a recent interview with CNBC, Chaparro noted that billions of dollars worth of crypto had been liquidated across the cryptocurrency market in recent weeks.

Bitcoin is no longer driving the market

Chaparro noted that the price of Bitcoin (BTC/USD) was no longer affecting the broader cryptocurrency market. In its earlier years, the volatility in the crypto space was usually triggered by the volatility in BTC prices. However, this is no longer the case.

While most cryptocurrencies are recording dips, some are still recording an increased number of inflows. Chaparro noted that inflows to Solana (SOL/USD) had increased significantly over the past week.

Additionally, the non-fungible token (NFT) sector has also been gaining despite the recession in the broader market. OpenSea, the largest NFT marketplace, has seen increased interest in NFTs, with the platform being on track to reaching a new all-time high in its monthly trading volumes.

Nevertheless, Chaparro noted that the price of Bitcoin was still important as it could stifle or fuel the growth of the cryptocurrency sector. He noted that hedge funds and other institutions are lured towards crypto investments during a Bitcoin bull run, which is not the case when the prices fall to the current levels of around $40K.

Fed announcement attributed to market bears

The recent bearish trend across the broader cryptocurrency market has been attributed to a recent announcement by the US Federal Reserve. Currently, the total crypto market capitalization stands at around $1.99 trillion, which is a major dip given that the same stood at $3 trillion during the market peak in November.

The US has been facing rising inflation levels, with the level estimated to be the highest in forty years. To curb any further rises, the Fed has hinted at raising the interest rates before the end of Q1 2022. This has affected Bitcoin’s price that is believed to be a hedge against inflation.

The post Frank Chaparro says Bitcoin is no longer driving the market as it used to appeared first on Invezz.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

market recent frank dip chaparro director block

Источник: invezz.com

market recent → Результатов: 126


XRP records high “Hype-to-Activity” ratio as over-hyped coins record low trading volumes, GitHub activity

A recent report by The Tie. io highlighted over-hyped cryptocurrencies on Twitter, and the details are not surprising. Less popular cryptocurrencies with low trading volumes exhibited high “Hype-to-Activity” ratios on Twitter, a social media platform that has become a battleground for scam bots and FUD stompers of the cryptocurrency market.

2019-8-16 21:30


Dow Bounces But Jackson Hole & Plunging Sentiment Stalk US Stocks

By CCN Markets: The Dow Jones surged higher on Friday, bouncing over 1% in another effort by stock market bulls to buy the recent dip. Donald Trump managed to get the Dow moving again with some typical comments about progress with China, but a weak Consumer Sentiment reading suggests that cracks are starting to show […] The post Dow Bounces But Jackson Hole & Plunging Sentiment Stalk US Stocks appeared first on CCN Markets

2019-8-16 19:10


Фото:

Malta Releases Fresh Consultation Paper for Security Token Offerings

The Malta Financial Services Authority (MFSA) released a new consultation paper published July 19, 2019. first of many crucial steps to adjust the capital market according to their Vision 2021. Why now? The timing of this new consulting paper couldn’t have come at a better time with the recent announcement of EFFORCE, a new blockchainRead MoreRead More.

2019-7-21 20:00


Bitcoin Investors Can Now Bet On The Digital Currency Soaring To $100,000 BTC/USD via LedgerX

Although the market has been falling during the last few days, it is now possible for the most bullish individuals to bet on Bitcoin going to $100,000. According to a recent report released by Bloomberg, LedgerX unveiled a new call option that would recompensate those that bet on the virtual currency growing ten times. Bitcoin […]

2019-7-17 18:55


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin surges to $71k as analysts cite increased spot ETF inflows

Analyst expects renewed market confidence as Bitcoin surges to $71,000 Bitcoin’s price surged to $71,000 on Tuesday amid increased spot buying and spot BTC exchange-traded fund (ETF) purchases, prompting the cryptocurrency community to debate whether this signals the start of…

$300m meme coin full of potential security flaws

Investors have been buying Mog Coin (MOG) despite the major security flaws in its underlying smart contract code. According to a ChatGPT security audit, the owner of the MOG smart contract used the “Ownable” function in the meme coin’s code.…

Crypto market cap surpasses the $2.5t mark following CPI data

The global cryptocurrency market capitalization has recorded an impressive momentum after the U.S. Consumer Price Index (CPI) report was released. Notably, the US CPI for April increased by 3.4% over the past year, crypto.news reported. In March, the CPI reached…