The BTC/USD price remained in consolidation during the weekend as demand for digital coins remained tight.
Bitcoin was trading at $16,520, where it has been in the past few days. It has crashed by more than 70% this year, giving it a market cap of over $317 billion.The BTC/USD price has crashed this year for several reasons. First, like stocks and commodities, the coin has crashed because of the actions by the Federal Reserve.has delivered several rate hikes this year. It has added rates by 400 basis points and started implementing a quantitative tightening program.
The most recent crisis in the industry was the collapse of FTX and Alameda Research has led to concerns about the crypto industry. At its peak, FTX was the second most valuable brand in the crypto industry after Binance. As a result, there are concerns about contagion and regulation risks in the crypto industry.
The outlook for Bitcoin this week will depend on more news about FTX. A likely catalyst will be the upcoming Dealbook Summit in New York, where Sam Bankman-Fried is a featured guest. His statements will likely have an impact on most coins. The BTC/USD price will also react to the upcoming American consumer confidence data.The 4H chart shows that the BTC/USD price has been in a tight range in the past few weeks. It has remained at the 16,000 range as volume in the crypto industry dries up.
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