Feb 04, 2023
Bitcoin Retreats as U.S. Dollar Rebound Halts Crypto Party
The crypto market was hit by a wave of volatility on Feb. 3, as Bitcoin (BTC) dropped to $23,329 on Bitstamp following a second attempt to break the $24,000 mark. The sudden price reversal was attributed to a rebound in the U.S. Dollar Index (DXY), which put in a conspicuous bounce and began to consolidate on the day.
Trader Crypto Tony warned that once the DXY dollar finds support and begins to bounce hard, then we will see pullbacks on our Crypto bags. Matthew Dixon, founder and CEO of crypto rating platform Evai, added that the DXY retesting what was support and now overhead resistance would align with his inverse expectation on Bitcoin and Crypto moving down a touch before a final ‘blowoff’ high.
The U.S. Consumer Price Index (CPI) print, set for release on Feb. 14, is expected to have a major impact on the crypto market. Trading firm QCP Capital noted that the Cleveland Fed’s inflation Nowcast is showing a >0.6% print for Jan, even if it has overstated inflation the past few months. In Europe, a similar reweight has led to a surge in the January CPI released this week. Hence, QCP expects downside risks to materialize from here – either at this meeting, or after the next CPI release.
The consensus remains firm over the next rate hike in mid-March being identical to the February one at 25 basis points, according to data from CME Group’s FedWatch Tool.
The crypto market is now looking to NFTs as a way to promote and sell their tokens. NFT marketing has become a popular way to promote and market crypto projects, with many projects launching their own NFTs to boost awareness. Twitter NFT marketing has become a popular way for projects to reach a wider audience and build a community around their project.
NFT marketing agencies have sprung up to help projects launch their own NFTs. These agencies provide a range of services, from helping to create the NFTs to helping to promote them. They can also help projects to find the best platforms to launch their NFTs on, as well as helping to create an effective NFT marketing strategy.
The crypto market is always changing, and NFTs are becoming an increasingly popular way to promote and sell crypto tokens. Projects that want to make the most of this opportunity should consider working with an NFT marketing agency to help them create and promote their NFTs. With the right strategy, NFTs can be a great way to reach a wider audience and promote a project’s tokens.
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