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Bitcoin Price Holds Above $17K as US Stock Markets Fall 2%

🔥 BTC holds 17K as support while S&P 500 drops 1.5% - Bitcoin Bearist, Beware! ------------------------------------ For more information abut crypto and NFT, subscribe now Twitter VisionX: @VisionX_Eng visionx news

- Bitcoin

bulls regained some control on Nov. 30 and they have been successful in keeping BTC

price above 16,800 for the past 5 days. Although this is lower than the desired target of 19,000 to 20,000

- US stock markets fell 1.5% on December 5 after better-than-expected November ISM Services data raised concerns that the US Federal Reserve (Fed ) will continue to rise interest rate.

At the September meeting, Fed Chairman @FedChairJP

made it clear that keeping rates unchanged "will need to be a little higher".

- For now, the macroeconomic downsides remain unfavorable and this is likely to continue until investors have a clearer picture of the job market and the index's foreign currency strength. USDollar (DXY).

Besides, StableCoin

Demand in Asia declines after peaking at 4% : Overbought demand tends to pressure the indicator above fair value at 100% and in bear markets.

the market incentive of stablecoins flooded, causing a discount of 4% or higher => traders took shelter in stablecoins.

- The impact of the Bear market in 2022 continues to make waves when the exchange @Bybit_Official

decides to launch a second round of layoffs on December 4. announcing a sharp reduction of 30% of the company's workforce. company. Source: @Cointelegraph

This post is based on this twitter thread.


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