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Bitcoin, ETH, Cardano, Avalanche Down After Strong 2023 Beginning

Cryptocurrency Jan 25, 2023 08:00AM ET
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© Reuters Bitcoin, ETH, Cardano, Avalanche Down After Strong 2023 Beginning
 
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  • Bitcoin anticipates its first back-to-back daily dip in 2023.
  • BTC declined 2.5%, trading at $22,380.
  • Other cryptocurrencies including Ether, Cardano, and Avalanche were also in red.

Following a disappointing earnings projection from technological heavyweight Microsoft (NASDAQ:MSFT) that dampened overall investor mood, reports have stated that Bitcoin is on the verge of seeing its first back-to-back daily decline since 2023 beginning.

The data analyzed by reports revealed that the token declined as much as 2.5% and was trading at roughly US $22,380 as of 9.26 am Singapore time, today. This followed after it dipped during US business hours. Several smaller coins, such as Ether, Cardano, and Avalanche, also saw negative returns.

Moreover, reports have mentioned that investments including digital assets soared across the board at the beginning of 2023 on wagers that central banks would curtail or even stop raising interest rates.

However, the upbeat attitude is susceptible to changes. For instance, it might change if the Federal Reserve fights back against dovish expectations in the current battle against inflation during its policy meeting the following week.

According to Tony Sycamore, a market analyst at IG Australia, the disappointment over Microsoft’s predictions spilled over into

The post Bitcoin, ETH, Cardano, Avalanche Down After Strong 2023 Beginning appeared first on Coin Edition.

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Bitcoin, ETH, Cardano, Avalanche Down After Strong 2023 Beginning
 

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