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Market situation: Slight decline in prices after the re-election of Jerome Powell as head of the Federal Reserve

US President Joe Biden yesterday re-elected Jerome Powell as US Federal Reserve Chairman for another four years. The price of bitcoins and digital currencies fell somewhat after the announcement.

to the Report The price of bitcoin fell again yesterday, following the unsuccessful attempt of buyers to continue the upward trend at the beginning of the week. Bitcoin is currently trading in the $ 56,000 range, and the price has dropped 1.70% in the last 24 hours.

Prices in the stock market and digital currency rose slightly in the early trading hours after US President Joe Biden re-elected Jerome Powell as US Federal Reserve Chairman; But then the price of bitcoin fell slightly and reached a low of $ 55,630. Earlier, it was rumored that Biden plans to replace Powell with another Federal Reserve official, Lael Brainard, for the next four years.

Some traders see the recent digital currency price correction as natural after last month’s uptrend.

“Simon Peters, an analyst at eToro, said:

Given that bitcoin and other digital currencies had reached new historical heights, there was always the potential for investors to save profits; What happens next is that prices fall.

With some bitcoin buyers saving the collective profits, prices in the stock market appear to have maintained their position. The S & P500 index has risen 4% over the past month, while the price of bitcoin has fallen 7% over the same period.

The chart below shows that the 60-day correlation rate between the Bitcoin price and the S & P500 index has recently declined. The disappearance of the correlation between the price of Bitcoin and this stock market index in the short term indicates that investors are still willing to accept trading risk, while some of them have reduced their relationship with the digital currency market.

Market situation: Slight reduction in prices after the re-election of Jerome Powell as head of the Federal Reserve
60-day correlation chart between Bitcoin price and S & P500 index

Market situation of Altcoins

Decrease in Sheiba Ino trading volume in Coin Base: Currently, 6.72% of the total trading volume of Coin Base, the largest digital currency exchange in the United States, belongs to Shiba Ino. Meem Quinn, who recently topped the Quinn Base rankings, has now dropped to third on the list.

By 2030, metamorphosed games and unparalleled tokens will have a 10% share of the luxury product market: Morgan Stanley has said that brands active in the field of luxury goods are looking to work with gaming and meta-platforms. According to the bank, the number of stock purchase contracts of these platforms is increasing, and this event can add between 10 and 20 billion dollars to the revenue opportunities in the market of luxury goods producers.

Investment of $ 3.6 million in one of Algrand’s active projects: C3 Protocol, the digital currency trading platform that will operate on the Algrand network, raised $ 3.6 million during its initial funding period. Arrington Capital and Jump Capital are the investors in this project. Algrand prices have fallen 6 percent in the past month. Bitcoin prices fell 7 percent over the same period, while Ethereum rose 1 percent.


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