Powell’s Speech Deepens Bitcoin Correction

As risky assets decline, Bitcoin drops below $22,000.

In line with declining stock benchmarks and an increasing US currency, bitcoin dropped on Tuesday. Bitcoin has dropped 2% over the last 24 hours, updating three-week lows below $22K. After Fed Chairman Jerome Powell gave a bullish address, risky assets dropped precipitously, and markets started pricing in the possibility of a rate increase of 50 basis points later this month.

BTCUSD once again moved close to its February lows. However, compared to cryptocurrencies, where daily movements continue to signal purchasing on declines, the trends in the FOREX market were much more capitulatory. The price returned to the 61.8% Fibonacci retracement of the rise from December to February when it touched values just below $22K. A significant indication to head lower would be consolidation below $21.5K.

In such circumstances, however, more purchasing is probable at the conclusion of the medium-term decline, and the bears won't be able to rejoice until the price has risen above $22.5K.

Bitcoin Headlines

Tether's (USDT) market share of stacking coins has exceeded 54%, according to CoinGecko, for the first time since November 2021, when the cryptocurrency market reached record highs.

Nayib Buquele, the president of El Salvador, claimed that the legalization of bitcoin had increased the country's tourist industry by 95% and improved the economy overall.

Vitalik Buterin, a co-founder of Ethereum, started to sell his cryptographic MOPS, CULT, and SHIK meme assets. The selling of coins significantly reduced their worth, which resulted in losses for buyers.

Digital currency has been incorporated into WeChat Pay, the biggest social network in China.