Today, bitcoin price continues to show sluggish movement, as the market is in a state of uncertainty. Over the last 24 hours, BTC has lost about 1%, the weekly drop reached 3%. The cryptocurrency is still stuck in the $19,000 to $20,000 range and is currently trading around $19,000.
The altcoin market is following in the footsteps of bitcoin. Despite the slight rally, Ethereum has failed to surpass the $1,300 mark and is trading at $1,290. The rest of the top 10 crypto-assets are also flat, with only Dogecoin adding 2%.
Another dog-themed coin, Shiba Inu, is almost unchanged in price and trades at $0.0000103.
The uncertainty of the market is due to the tough stance of central banks, which largely determines the movement of the crypto market. So far, there are no signs that the U.S. Federal Reserve will abandon its quantitative tightening policy.
Despite the sluggish movement, BTC has not lost the support of famous people. For example, billionaire trader Paul Tudor Jones believes that bitcoin will be worth much more in some time. Reflexivity Research co-founder Will Clemente said that bitcoin is a hedge against depreciation, and its value will rise as market volatility increases.
Tomorrow, the U.S. Bureau of Labor Statistics will release its September consumer price index, which will undoubtedly affect bitcoin’s future behavior.
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