On January 26, 2022, the US Federal Reserve (FED) announced its interest rate decision. Many assets, such as gold, depreciated after the interest rate decision was held constant. Meanwhile, Bitcoin and altcoins, which are seen as a store of value, have been on the decline. As we enter a new month, the expectations of some experts have also been shaped. As Somanews, we convey our thoughts on February, which experts describe as “critical”… You can see the Bitcoin (BTC) price and detailed market data here.
What to expect for Bitcoin and the overall cryptocurrency market?
Editor Şenay Zeren pointed out that cryptocurrencies have changed with the effect of the Fed’s signal to tighten monetary policy while announcing its interest rate decisions. On the other hand, Huobi Global Research Manager Beste Naz Süllü pointed to the important developments to be experienced in February and conveyed the critical levels that BTC can see. Süllü drew attention to the possibility that powers could be introduced to the Secretary of the Treasury in the US in February and that the US Securities and Exchange Commission (SEC) could authorize banks in the US to offer crypto money services.
Stating that a single strategy cannot be applied in crypto money trading due to the developments expected to be seen this month, the expert points out that the weakness in the market continues in general and the correlation between BTC and stock markets is strong. Saying that the expectation of an interest rate hike at the Fed meeting to be held in March has negatively affected BTC, the expert emphasizes that the spot volume has declined seriously and even the NFT volume has surpassed the BTC volume. Stating that leveraged transactions are also high, Süllü points out that BTC needs to break $ 40,600 to enter a clear trend, while pointing to $ 32,600 as the support level.
Finally, Gold and Money Markets Specialist İslam Memiş explains that February is critical. He states that investors can re-enter the crypto money market with surprise crypto money regulation news from Turkey.
