Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Bitcoin experienced a quick recovery after briefly falling below $61,000, with major tokens stabilizing following losses of up to 15%.
Analysts lowered the odds of a spot ether exchange traded fund listing, and Bitcoin remains in a downtrend with traders advised to keep an eye on risk appetite in financial markets influenced by central bank meetings.rebounded from the day's lows to regain $63,000 in European morning hours Wednesday, staging a quick recovery after briefly falling under the $61,000 level in early Asian trading hours., as major tokens declined for a second day.
Meanwhile, some traders say that bitcoin price action suggests the asset is in a downtrend and investors must look to favorable macroeconomic developments before considering bets. The U.S. Federal Reserve's Open Market Committee is due to set interest rates and discuss the economy later today. "Bitcoin remains in a downtrend, with a series of lower lows and lower highs,” Alex Kuptsikevich, a senior market analyst at FxPro, wrote in an email to CoinDesk. “We will pay attention to bitcoin’s dynamics at the following support levels: $60.3K , $56K area and $51.5K .”
“Crypto traders should now keep a close eye on the appetite for risk in the financial markets. Today, it will be heavily influenced by the FOMC and other major central bank meetings later in the week,” Kuptsikevich said.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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