The dynamic encryption world concluded another week, which led to uncertainty in the first place among market participants worldwide. Bitcoin (BTC) has declined in the past seven days, while Altcoins has mainly followed the decline movement amid wider developments. In the first place, the market faces turmoil amid the developments of the wider macroeconomic. Here is a brief report on some of the most worthy updates that Coingape reported last week.
Blues in the encryption market in the Trump epic
It is worth noting that the encryption market achieved great success this week, in the first place against the backdrop of macroeconomic trends. US President Donald Trump has announced a new tariff for Mexico, Canada and China this week, thus connecting a blow to global markets due to the speculation of trade war.
As a result, even the cryptocurrency sector decreased, unlike BTC & altcoins previous gains. BTC has stopped to less than 95 thousand dollars in the past seven days, as Altcoins has faced more prices on prices. Moreover, the market has not yet recovered, although Donald Trump announces a temporary suspension of 30 days on the new definitions of Mexico and Canada. Some merchants and investors believe that more fall is waiting for the market not yet recovered, and that the definitions will resume within 30 days.
US President Donald Trump also revealed that he is planning to reveal mutual definitions next week, in a move that could escalate his trade war with the country’s allies.
On the other hand, although the recent US job data that became cooler than expected, the coded currency sector continued to decline. The salary statements in the non -agricultural United States increased 143,000 in January, a decrease from the 170,000 market expectations. Moreover, the unemployment rate in the United States came 4 %, a decrease from 4.1 % in the previous month. However, the broader encryption market scenario is still not certain at the present time.
BTC & altcoins tank despite the high whale activity
At the same time, BTC lost approximately 3 % this week, as it was closed at 97 thousand dollars. Moreover, the ETH price was 14 % in value, with the week closed at $ 2600. This was followed by the price of XRP, cracked by 14 % during the past day and closed the week of less than $ 3. In the first place, the wider work in encryption prices reflects the non -confirmed market morale prevailing across the wider sector due to the developments of the macroeconomic.
However, it should be noted that Altcoins has witnessed a significant increase in whale activity during this period. Coingepe reported that XRP whales bought 520 million icons in the last decline, indicating that the gains are imminent. Moreover, the activity of the modern ETH whale also confirmed a purchase boom between traders and investors worldwide. Moreover, even metal currencies such as Pepe & Wif Whale accumulations that rose amid the decline in the current market. On the other hand, market monitors are still optimistic about a bullish movement forward as investors are widely showing a possible purchase strategy.
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