Bitcoin’s (BTC) rally in 2023 has been boosted by expectations that the United States Federal Reserve will slow down the pace of its rate hikes as inflation has started cooling down. Some even anticipate a rate cut by the end of the year. That assumption received a jolt on Feb.3 when the U.S. employment data for January beat expectations and unemployment hit its lowest level since May 1969. If markets do not react negatively to news perceived as bearish, it’s a sign that the sentiment has turned positive. Traders may then shift their focus to the next important economic data …

United States fund manager WisdomTree saw the value of its digital asset holdings decline sharply in the fourth quarter, reflecting the prolonged bear market in Bitcoin (BTC) and other cryptocurrencies. WisdomTree’s cryptocurrency funds held $136 million worth of assets as of Dec. 31, 2022, down from $163 million at the beginning of the quarter and marking a $23 million depreciation, the company disclosed in its quarterly earnings report on Feb. 3. Twelve months earlier, WisdomTree’s cryptocurrency portfolios held $357 million worth of assets. The fund manager posted a net loss of $28.3 million in the fourth quarter, though operating revenues …

Bitcoin (BTC) fell prior to the Feb. 3 Wall Street open as fresh United States economic data came in “hot hot hot.” "Think again" over U.S. recession Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it erased gains from earlier in the day to center on $23,000 support. The pair reacted negatively to U.S. unemployment data for January, which beat expectations so considerably that overall jobless figures fell to their lowest since 1969. Non-farm payrolls (NFP) data likewise outperformed, while average hourly earnings conformed to forecast 0.3% growth. “HUGE beat in NFP,” popular analytics account Tedtalksmacro responded on …

Bitcoin experienced the second-strongest January in its history — and the best since 2013 — rising nearly 40% amid wide reports that institutional investors were back on board. Zhong Yang Chan, head of research at CoinGecko, told Cointelegraph that there were “net institutional inflows into digital asset funds in January 2023, particularly in the last two weeks, with Bitcoin the largest beneficiary.” Meanwhile, a Jan. 30 CoinShares blog noted that the total assets under management in digital asset investment products — a good gauge of institutional participation — had risen to $28 billion, led by Bitcoin (BTC), which was up …

Bitcoin (BTC) headed toward $23,000 on Feb. 3 after a night of losses erased bulls’ latest progress. Dollar rebound halts crypto party Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $23,329 on Bitstamp. The pair had come off a second trip above the $24,000 mark at the Feb. 2 Wall Street open, with buyers failing to sustain momentum amid macro market volatility. In classic style for interest rate announcements by the United States Federal Reserve, an initial move was soon countered, with Bitcoin returning to its prior position. Conditions worsened thanks to a rebound in U.S. …

Software analytics company MicroStrategy recorded a paper loss of over a billion dollars on its Bitcoin (BTC) holdings in 2022 but says it has no plans to stop trading the digital asset. MicroStrategy released its 2022 Q4 and year-end earnings on Feb. 2 showing the recorded impairment charges on its BTC holdings, net of gains on sale, was nearly $1.3 billion over the full year 2022. Despite the paper losses, on a Feb. 2 earnings call MicroStrategy’s chief financial officer, Andrew Kang, said: “We may consider pursuing additional transactions that may take advantage of the volatility in Bitcoin prices, or …

On Feb. 1 and Feb 2. Bitcoin’s (BTC) price surpassed even the most bullish price projections after the U.S. Federal Reserve (FED) announced plans to raise interest rates by 25 basis points. Even though FED chair Jerome Powell told investors not to wait for interest rate cuts in 2023, during his press conference he did clearly state that the employment data is currently the main focus. The results of the ADP payroll survey revealed on Feb. 1 that U.S. private sector hiring was significantly slower in January. ADP's measure of private sector payrolls was 106,000, well below the 160,000 market …

Bitcoin (BTC) faces a sink-or-swim resistance test to confirm its "macro breakout," new analysis says. In a tweet on Feb. 2, on-chain monitoring resource Material Indicators flagged key levels to flip to support after BTC/USD spiked above $24,000. Bitcoin price gears up for trend line showdown In what was ultimately a boon for Bitcoin bulls, the United States Federal Reserve delivered what risk-on traders wanted to hear on Feb. 1. With Chair Jerome Powell using the word “disinflation,” hopes immediately began to bet on rate hikes ending sooner and easier monetary conditions returning in their place. The mood was palpable …

Bitcoin's (BTC) price has been trading above $22,500 for 12 days. Of course, this situation can change even if Federal Reserve chair Jerome Powell issues positive statements about the economy in today’s post-FOMC presser. Even if the decision matches the market consensus, the post-meeting statement should be investors' primary area of focus. Specific areas to focus on would be clues for the next meeting in March. Troubling news for the largest stablecoin Tether (USDT), could also cause a meaningful impact after a Celsius bankruptcy examiner report showed that "Tether's exposure eventually grew to over $2 billion" in Sep. 2021. However, …

Bitcoin (BTC) gained about 40% in January, its best finish in the first month of the year since 2013. The sharp rally caused a change in sentiment and the futures markets which saw backwardation in November and December started trading at a healthy contango in January, according to Glassnode. Coming out of a bear market low, a rally driven by the leaders rather than the laggards is a sign that the bottoming process may have begun. The rise in Bitcoin’s dominance from about 38% in November to above 42% in January is an indication that smart investors may have started …

Bitcoin (BTC) preserved its active trading range into the Feb. 1 Wall Street open as markets looked to the day’s key macroeconomic data. $23,500 becomes level to beat for Bitcoin bulls Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it continued to move in a narrow corridor around $23,000. An upcoming interest rate hike and commentary from the United States Federal Reserve preoccupied traders across risk assets, this potentially sparking fresh volatility in line with previous months. Fed Chair Jerome Powell was due to speak at 2.30pm Eastern Time on the day. On the Binance order book, resistance …

Bitcoin (BTC) hovered around $23,000 on Feb. 1 after sealing its best January performance in ten years. End of Bitcoin bear market is "default view" Data from Cointelegraph Markets Pro and TradingView confirmed a monthly close of around $23,100 for BTC/USD — its highest since July 2022. The largest cryptocurrency finished the first month of the year up 39.6%, according to statistics from Coinglass. The impressive performance emboldened bulls, many of whom had kept the faith despite mass misgivings from more conservative market participants. “Bitcoin closes with a Monthly swing low,” trader, entrepreneur and investor Bob Loukas reacted. “I mean, …