Many cryptocurrencies in the financial markets have been battered by a new stream of selling as the U.S Federal reserve intends to establish a monetary policy that affects the status of cryptocurrencies. The comments made by representatives of the Federal Reserve Body have triggered a massive sell-off that affected both the cryptocurrency and stock markets.
Just after the positive recovery of cryptocurrencies since the major crash in May, the bull market has suffered another setback that will take a toll on the price of cryptocurrencies.
Fanspel started the week on a promising note, cruising past $0.38 to a new week high of $0.41 on Monday morning. However, the bulls couldn’t maintain this momentum as the price slipped $0.35 at midday. The bulls started on recovery once again and brought the price to $0.39.
Still, on Monday, a significant rise was discovered, soaring through its recovery point of 0.41 and peaked at around $0.42. This signifies the end of a profitable trading day.
Tuesday had a rather less promising start as Fanspel dropped to $0.35 at the opening hours of the day. However, the bulls fought back but could only raise the price to $0.38.
The dump extended to Wednesday taking the price to the $0.34 low. A significant rise was found at touching the $0.40 mark but the bears were quick to react, taking the price to a remarkable low of $0.30. The reason for this dump was attributed to the rise of the US dollar, which hurts digital assets like Fanspel. Therefore, any more rise in the value of the US dollar will only decrease the price of cryptocurrencies.
The dump continued on Thursday, taking the price to a low of $0.30 with a series of strong candlesticks on the weekly chart. However, the bulls took control of the next few sessions, aggressively surging the price to the $0.38 level on Friday morning.
The rise was short-lived as the price came crashing down to a week low of $0.29 on Sunday. Despite the volatility across the next trading day -Monday, the price remains in the $0.29 price range, with investors hoping for a rise to compensate for consolidated losses.
Join Our community:
Telegram : https://t.me/fan_spel
Facebook -https://www.facebook.com/Fanspel
Twitter -https://twitter.com/FanspelOfficial
Instagram — https://www.instagram.com/fanspelofficial/
Medium-https://fanspel.medium.com/
Linkedin- https://www.linkedin.com/company/fanspel
Reddit community — https://www.reddit.com/r/Fanspelofficial/
