[US Market]Bitcoin, although it is small, it has fallen for the 5th consecutive day ── Paying attention to the speech of Powell Fed Chairman | coindesk JAPAN | Coindesk Japan

Bitcoin (BTC) has fallen for the fifth straight day on the 6th of the US Eastern time. According to data from CoinDesk, it fell about 0.5% in 24 hours.

“Bitcoin has been a bit volatile, but by and large it still looks good. It has been in the range of the past few weeks and hasn’t fallen too far from this year’s highs,” said Craig Ellam, Senior Market Analyst at Oanda. (Craig Erlan) wrote in a memo on the 6th.

Bitcoin is up about 40% year-to-date as investors grow more confident that the U.S. economy is not in recession and inflation is easing. But on Monday, unexpectedly strong jobs data sparked new concerns, breaking below $23,000 over the weekend after surpassing $24,000 several times last week.

Meanwhile, Ethereum (ETH) rose about 1.3% over a 24-hour period, near $1,640. The CoinDesk Market Index (CMI), which measures the performance of the entire crypto market, rose 1%.

(CoinDesk Research)

Stock markets tumbled as investors weighed in on the Federal Reserve’s response to jobs data.

Watch Fed Chair Powell’s speech

Ben McMillan, chief investment officer at crypto manager IDX Digital Assets, said: “The jobs data lend credence and credibility to the fact that the Fed can’t keep rates high for too long. “Given that, the market slowly started to react to it.”

He also said that while Bitcoin has solid support at $20,000, he wouldn’t be surprised if it tests this critical level again.

“Volatility will continue this year, even if the uptrend is structurally bullish. I think it’s something like that.” (Mr. McMillan)

Crypto asset options trading firm QCP Capital said that investors are currently paying attention to Fed Chair Powell’s speech to be held at the Economic Club in Washington, D.C. , may shake things up a bit.

QCP Capital said in a Telegram on the 6th that the performance of the stock on the 6th and on the 7th after Powell’s speech “will guide the next move in crypto assets,” adding that “Chairman Powell will predict next week’s CPI forecast.” If they show a willingness to wait for data, we may wait nervously.”

other crypto assets

DAO (Decentralized Autonomous Organization) Lido’s governance token, Lido Dao (LDO), rose about 14% to around $2.28 after dipping below $2 at one point. Data from Coinglass shows positive funding rates for LDOs and bullish market sentiment.

Layer 1 token Phantom (FTM) is up about 15% in a week, despite dropping about 5.5% on the 5th. Phantom’s main developer, Andre Cronje, returned less than a year after announcing his departure, according to a report from cryptocurrency data firm Kaiko on Wednesday.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: Bitcoin Holds Steady Near $23K as Investors Weigh Their Next Steps