In a conversation with Guillermo Escudero, the Chief Revenue Officer of Cryptomarket has explained that the current market price has been holding up to external factors.
As we have been reporting in Cointelegraph, Guillermo has said that when Bitcoin was between 16 and 17 thousand dollars, we were in the presence of a market of opportunitiesand that this was at least the base for this 2023.
Indeed, prices have begun to rise, Escudero believes that things like the rate hike by the United States Federal Reserve, as well as the interest rate hike by the European Central Bank, have not negatively impacted the market.
Based on the foregoing, it can be seen in the following graph how the price has evolved since January 2023, making supports higher than those found by the end of 2022.
Bitcoin price represented 1-month candlesticks – Source: www.CoinMarketCap.com
Although at the time of writing this note it stands at around USD 21,908.48, this occurs a week after the rate increases were announced by the entities we have mentioned.
Guillermo also pointed out that this 2023 will be a complex year for companies as the crypto winter has landed them in a difficult situationand that traditionally the theory dictates that interest rate rises cause markets to fall, but for the moment, for Guillermo, it has been showing resistance.
At the same time, he has said that caution must be exercised, because although he establishes that we are facing upward movements, it does not mean that we are in front of a change in trend and we have embarked on a bullish streak. In addition, he indicated that, these upward movements are attributed to a “inflow of liquidity to the crypto ecosystem”.
In the last seven days, the price of bitcoin (BTC) has fallen by about 6.82%, from USD 23,678.10 to approximately USD 21,773.97, according to data provided by CoinMarketCap.
For the Cryptomarket Chief Revenue Officer, The financial market, both traditional and cryptographic, has been educating itself, and this news such as rising or falling interest rates does not necessarily mean that funds are desperately entering the crypto ecosystem, or that it is happening inversely.and for this reason he insists that the cryptographic market has been “holding up very well” in the face of this type of situation, which is not new for those who are part of the ecosystem.
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