Uncertainty in the global economic conditions has urged investors and traders to stop taking big bets.
Bitcoin witnessed a minor recovery in the previous 24 hours, closing in on $17000, but failed to cross it. Other altcoins also evoked mixed results, with some registering gains while others suffered losses. In general, the overall market capitalization of the crypto markets remained at the same levels. Experts expected this situation to continue, with no signs of a low-interest regime returning soon.
The Bank of Japan shocked markets worldwide as it took a hawkish stance because of the rising inflation, increasing its target range for its 10-year government bond yields. The move played a major role in the market bump, with experts confirming that 2023 may continue to witness high-interest rates to combat inflation. Covid cases also increased at an alarming rate in China, renewing anxieties of further turmoil in the economy and global supply chains.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16800 on December 21, 2022, with BTC/USD down by 0.48% in the last 24 hours. BTC/USD is trading below its 20-day EMA (16,957.00), with most altcoins trading flat in the last 24 hours. Analysts expected the crypto markets to witness a major uptrend if BTC managed to maintain levels above $17000 before the year ended.