Crypto investors reacted to an unexpectedly torrid ADP private sector jobs report and surprisingly robust ISM Services Index by sending Bitcoin tumbling below $30,000 for the first time in almost two weeks. The largest cryptocurrency by market capitalization had recently surged back to $30,100, down 1.3% over the past 24 hours.
We could still have a rate hike or two ahead of us, but the Federal Reserve certainly appears to be closing in on peak rates if not already reached, said Richard Mico, U.S. CEO of Banxa, a crypto payment and compliance infrastructure provider. We’ll likely have to wait until next year’s Bitcoin halving to experience full-on bull mode, but we’re getting closer by the day and many are keen to front-run what they expect will be a continued uptrend.
Despite a recent increase in Bitcoin whales, large BTC holders remain reluctant to move assets on to centralized exchanges, Glassnode data shows. The combination of large entities holding increasing Bitcoin supplies and a decreasing supply to exchanges indicates bullishness among investors.
The market is reflecting an increasingly optimistic sentiment and the next 18 months are going to be very exciting, Mico added.