Sunday, October 1, 2023

The markets could move a little nervously in the coming days, says the eToro analyst

This is what Simon Peters, crypto assets expert at multi-asset investment platform eToro, said The last week was marked by moderate movements in the cryptocurrency market. Bitcoin (BTC) saw a 3.25% increase in a week from around $25,400 Closing price at around $26,350.

On the other hand, Ethereum (ETH), which is considered the second most important crypto asset in the market, also recorded gains, albeit more modest. Trading started below $1,600 and ended the week slightly over $1,610 which represents an increase of 1% in these seven days.

Despite these increases, the analyst expressed this There will be uncertainty on the markets in the coming days. Key economic data to be released in both the UK and US was highlighted. Aside from that, Interest rate decisions are expected to be announced by the respective central banks at the end of this week.

Despite the decline in inflation in both economies, there are still signs that this decline has not fully manifested itself. According to Peters, Cryptoassets are sensitive to interest rate expectations, meaning any tightening of central banks’ stance could fuel bearish sentiment. among cryptoasset investors.

A relevant aspect is that the annual transaction volume on the Bitcoin network exceeds that of Visa for the first time, which is an important fact for the crypto asset. According to Peters, this milestone does not have a direct impact on the price, but it does underscore the growth Relevance of Bitcoin as a decentralized financial payment network and competes in transaction volume with traditional financial giants.

However, we also face challenges in the cryptocurrency ecosystem. There was a technical delay in the launch of Ethereum’s new Holesky testnet. While this is not a definitive setback for Ethereum as it is a test network, it could have an impact on users waiting for new features to improve the scaling of the Ethereum blockchain, Peters believes.

Sony, in turn, has announced its foray into the cryptocurrency space with the launch of its own blockchain in collaboration with Startale Labs. According to Peters, with a focus on Web3 use cases, Sony is well positioned to benefit from innovation in this area and potentially generate new ideas and applications at the intersection of technology and entertainment.

Also remember that we are at a crucial point. The impending central bank decisions and developments in the cryptocurrency space, particularly with the push of giants like Sony, are likely to have a significant impact on investor direction and confidence in the coming days.

Nation World News Desk
Nation World News Desk
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