Bitcoin (BTC) continued to slip on Monday, injured not only by a massive lower price action in most of the rest of the crypto, but also while American actions have trouble withdrawing from their recent slowdown.
Falling at around $ 93,900 as shares closed, Bitcoin is down 1.9% in the last 24 hours. The ether (ETH) is 5.9% lower on the same period of time. The larger Coindesk 20 index is down 5.1%.
After the major declines last week, a rally attempt by the main averages of American shares failed on Monday afternoon, the Nasdaq ending another 1.2% and the S&P 500 0.5%.
The worst performer among the main cryptos was Solana (soil), down almost 10% in the last 24 hours and 41% in the last month. In addition to its role in what seems to be a craze for discoloration, Sol is also confronted with unlocking tokens in March and a 30% increase in inflation due to the recent implementation of SIMD-96 , which adjusted the structure of network costs. At $ 151 at the time of the press, Sol has now more than given up its post-electoral gains.
“Trying to communicate to people who can feel a complacency / denial that $ 95,000 is still not a bad exit price compared to the place where I think we could exchange in 6 to 12 months,” said Quinn Thompson, founder of Lekker Capital, a cryptographic hedge fund that specializes in the use of macroeconomic data for its businesses, published on social networks.
Thompson estimated that there were 80% chance that Bitcoin did not make new heights in the next three months and 51% chance that we will not see new heights for the next 12 months.
With regard to the American economy, Neil Dutta, responsible for economic research with Renaissance Macro Research, said that the risks for the labor market increase. Real income slows down, the Housing Market is getting worse, governments of states and premises are retreating on expenses. Concern, the market consensus does not see any economic slowdown in sight, with median forecasts of GDP at around 2.5%.
“If 2023 was to surprise the increase, there is more risks in 2025 to be surprised by the disadvantage,” wrote Dutta.
“A passive tightening of monetary policy is the dominant risk that has important implications for financial market investors,” continued Dutta. “I would anticipate a drop in longer-term interest rates and a sale of stock prices while appetite for risk. For the economy, expect the conditions deteriorating on the job market .
