The crypto money market experienced intense fluctuations this week. Bitcoin has difficulty staying above $ 100,000, while macroeconomic developments have put pressure on the price. The general market value has declined to the lowest level since November and fell to $ 3.38 trillion. While Altcoins suffered a major depreciation, only a few beings were able to cover the week with earnings.
Hard fluctuations in Bitcoin
Bitcoin was traded between 91,200 and $ 102,500 during the week. The bulls tested $ 100,000 psychological resistance three times, but did not succeed.
At the beginning of the week, US President Donald Trump’s announcement of trade tariffs caused panic in the market. Concerns about the Global Trade War, Bitcoin attracted the price of $ 91,200. The large wave of liquidation, which took place on February 3, led to the liquidation of a leverage of $ 2.3 billion in 24 hours.
Uncertainty in the crypto market
The US employment data announced in the middle of the week reduced the likelihood of the Fed’s interest rate reduction. The addition of 183,000 new jobs in January reduced the risk appetite of investors.
However, non -agricultural employment data from the weekend remained below expectations. While 143,000 employment was created in January, this figure showed a huge decline in December compared to 256,000. Weak data allowed Bitcoin to re -test the $ 100,000 for a short time.
What’s next for Bitcoin?
Analyst Miles Deutscher said that the Bitcoin net flow in the stock exchanges has reached a low level. BTC withdrawal from the stock exchanges of investors points out that sales pressure is reduced.
According to market analysts, Bitcoin may enter the next upward trend if the level of $ 102,000 is protected as support. However, in the short term, macroeconomic factors are expected to continue pressure on the price.
Crypto coins suffered great losses
The Altcoin market fell to 1.3 trillion dollars by losing 18 percent this week. Bitcoin’s market domination increased, while the Altcoin season index fell by 25 points to 39.
Mantra (OM) was the only major Altcoin that closed the week with earnings. The OM increased by 11.4 percent in the last seven days to exceed the market value over 5.7 billion dollars.
OM attracted the attention of investors
The OM has become one of the best performance Altcoins in the last year, gaining more than 4,000 percent. Mantra continues to rise by increasing cooperation with large companies.
Mantra added crypto companies such as Republic, Blockhunters and Cosmostation to their network as a verifier. Dubai -based damac, Mantra Chain on the $ 1 billion dollar real estate to tokena announced.
