Is The Bull Market Back For Cryptocurrency?
Is The Bull Market Back For Cryptocurrency?
In today's article, I wanted to cover what's been going on recently in the cryptocurrency market. If you've been sleeping under a rock then knowing the market is on an up swing right now would be news to you. But most of them have been watching the market closely and monitoring it. This begs the question to many "is the bull market back"? This brings us to today's important topic. So without furthermore let's get into the article.
Why the market is pumping right now
So to start let's take a close look as to why the market is currently pumping right now as this is a very important factor to determine where the market is heading. The biggest factor currently contributing to the market going up is how the S&P 500 is performing right now. In an attempt to get as much profit or to make as much money back from the market, many investors started to buy into the market before more bad macroeconomic news came out from the government or the market. Leading to the pump we have recently witnessed. News coming out before the pump of the FED relaxing rate increases also helped fueled the pump. However, all this optimistic news means nothing as macroeconomic conditions are now leading to bad signals for the economy in the future and for now.
Will The Market Keep Pumping?
Now let's get into the juicy part of the article everyone wants to know. Now before I get into whether the market will keep pumping or not let me state That none of this is financial advice so take everything I say with a grain of salt. Especially as the cryptocurrency market becomes more volatile. So in my personal opinion, I think the market is running out of fuel to keep pumping the market upwards. I say this because as of writing this article (2/10/23) Bitcoin is back down to $21,867.00 with a 24-hour average of -3.4%. Which is signaling we might be hitting the top of this temporary pump. The market is reacting this way because recent news from the FED shows they aren't slowing down on interest rate hikes. It also doesn't help that the U.S. government has yet to figure out how to proceed with the debt ceiling. Recent international news between Russia and china clashing against the west also hasn't helped with such incidents as the Chinese spy balloon and rumors of renewed Russian offensive in Ukraine making the markets even more uncertain as of now. So in my personal opinion, all this news and bad macroeconomic conditions make is making it difficult for the cryptocurrency market to continue pumping.
My Plans As Of Now For The Market
My plans going forward for the cryptocurrency market are very simple. I plan on holding no crypto right now except staking rewards that I've earned. I'm going to hold all my money in the market in either cash or USDC. I then either use that money to set orders or use it to stake and make money off of holding my cash. Once Bitcoin gets lower towards the $13,000-$14,000 range then I might look into getting back in the market.
My Final Words
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