Daily News | Rate Hikes and Jobs Report Take Center Stage, Will Crypto Retrace After Strong January Gains?
Crypto Daily Digest: Crypto Market Falls with US Indices Ahead of FOMC and Jobs Report
Good morning, it’s going to be yet another great day. Let’s get after it relentlessly.
The Federal Reserve’s upcoming interest rate decision on Thursday and the tone for future meetings are being monitored by traders. Meanwhile, all three major US indices took a slump on Monday ahead of this week’s economic data release. Traders are also waiting for the US jobs report set to be released on Friday.
The cryptocurrency market initially rose as a continuation of Sunday’s stellar performance but as the US markets opened and fell, so did the crypto market. Bitcoin and Ether fell a respective 4.11% and 4.73%, erasing all gains made on Sunday. Among the top 20 coins, the biggest loser was Solana which fell 9.43%, also erasing the 8.6% gains saw on Sunday.
In related news, the Biden Administration’s roadmap for cryptocurrencies suggests preventing pension funds from investing in high-risk investments. Some top crypto investors believe more sell-offs are on the horizon, while others expect Bitcoin and Ether prices to retrace after strong January gains.
A more transparent roadmap for crypto industry regulation would improve sentiment in the sector as the crypto sector is facing a lack of clarity in regulations, which is impacting growth and innovation.
Topic of the Day: Validator Pulls Plug on Secret Network Due to Internal Tensions
A dramatic shake-up is brewing within the walls of privacy blockchain, Secret Network, with one of its heavy hitters, Smart Stake, throwing in the towel. After citing some major headaches, including the challenges of validator operations and recent events, the major validator announced it will be bidding farewell to the network and shuttering its nodes on February 21st.
Tensions have been brewing as the founder of Secret Labs made public allegations about the foundation’s financial transparency and sales of the network’s native token, SCRT, without proper disclosure. The situation has left the network’s community feeling rattled, but surprisingly, the price of SCRT seems unfazed, calmly consolidating around the $0.80 level.
It remains to be seen what the future holds for Secret Network, but one thing’s for sure, this drama is far from over.
Secret (SCRT) $0.7488 (+0.23%) - Neutral Outlook
Overview:
- Closest daily support zone: 0.739 - 0.704
- Closest daily resistance zone: 0.759 - 0.774
- Key Level: 0.850 (Monthly Low of Jun. 2021)
20EMA crossed 50EMA on Jan. 17 which should’ve boosted prices as the entire crypto sector had been on the rise. The reality is, since then, SCRT has been struggling to move up with basically no momentum. On Monday, SCRT failed to make a breakout attempt but it’s highly likely it’ll try again in the coming days if macro factors do not drastically bring down prices this week.
Daily Resistance zones
- 0.759 - 0.774
- 0.795 - 0.815
0.850 - 0.866
Daily Support zones
0.739 - 0.704
- 0.700 - 0.685
- 0.653 - 0.642
