Proponents of crypto remained positive, anticipating 2023 to unveil better prospects for the industry.
Bitcoin’s rally post the Consumer Price Index data release was short-lived as it witnessed a downward trend to trade below $18000. It has further dipped below $17500, as analysts sent signals of a mixed market scenario to be seen in the next few weeks. The markets continued to witness volatility as other altcoins also wiped their gains to trade at earlier levels.
The crypto markets have shown a direct correlation to macroeconomic conditions of the world, reacting sharply to major events dictating world economies. The stock and crypto markets underwent an upswing after the positive inflationary data. The 50 basis point interest rate hike by the Federal Reserve may have reversed the sentiments, though, with markets undergoing corrections. The year also observed a wide acceptance of crypto and web3 by various corporations and central banks worldwide, indicating a firm positive perspective for the crypto space in the long term.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $17400 on December 16, 2022, with BTC/USD up by 0.34% in the last 24 hours. BTC had dipped below $17400 the previous day and has witnessed a minor upward trend. BTC/USD is trading above its 20-day EMA (16,861.57), with most altcoins trading lower in the last 24 hours.