The bitcoin (BTC) exchange rate at the beginning of trading on Monday, February 17, returned to the level of $96k., which also started the previous week. Over the past seven days, the first cryptocurrency has been trading in a narrow price range without significant fluctuations.
Bitcoin price Movement
On February 14, late in the evening, the price of BTC briefly rose higher $98k.. The increase was driven by news that the Abu Dhabi sovereign Wealth Fund disclosed an investment in BlackRock's spot bitcoin ETF worth $436.9 million. However, over the weekend, the exchange rate dropped again.
Analysts interviewed by RBC-Crypto note that despite the positive background in the crypto market, there is no significant influx of new liquidity, especially for altcoins.
Factors affecting the market
From February 17 to 21, a number of important economic events are expected that can affect the dynamics of the cryptocurrency market:
- On February 19, the minutes of the Federal Open Market Committee (FOMC) meeting will be published.
- On February 20, data on initial applications for unemployment benefits will be released.
- On February 21, the indices of business activity in the manufacturing sector and the service sector, as well as inflation expectations and the consumer sentiment index from the University of Michigan will be announced.
These indicators will help investors assess the current state of the economy and can significantly affect the crypto market.
General market situation
The total capitalization of the cryptocurrency market over the past day has decreased by 1 %by adding $3.19 trillion. The daily trading volume of digital assets was $66.6 billion, according to data from CoinMarketCap.
Ethereum (ETH) has shown growth over the past week by 1.5 %. By 11: 00 (Moscow time) on February 17, its rate is $2.68 thousand..
