The crypto market fell below its earlier levels, likely due to uncertainty in the economy and investors being cautious.
The crypto market faced a bout of sell-offs, with Bitcoin falling by over 2% and ETH trading just below $1650. Volumes of BTC rose by approximately 30% to settle around $20 billion. The crypto market has been facing a minor downward trend after the highs of January, propelling discussions over its future. Most experts have maintained their bullish perspectives, while some are cautious.
The US jobs report of January has turned out to be positive, triggering a wave of optimistic sentiments across markets. While it did not translate to immediate gains, analysts are hopeful of a broad-based recovery in the global economy. For now, investors and traders are cautious, waiting for some concrete developments on the front.
Currently, the crypto market is trading in red, with most cryptos shedding their gains in the last 24 hours. The crypto market capitalization has stayed above $1 trillion, while that of Bitcoin hovered around $438 billion. This week could frame the way ahead for the crypto market in February.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $22800 on February 6, 2023, with BTC/USD down by 0.16% in the previous 24 hours, with most other altcoins trading at lower levels in the last 24 hours. BTC/USD is trading higher above its 20-day EMA (21,750.85).