• Silvergate Capital recently discontinued its cryptocurrency payment network, SEN, leading to a selloff in the crypto market.
• Investors are carefully monitoring Jerome Powell’s words on future economic policy and interest rates as well as nonfarm payroll data and remarks from Japan’s bank officials.
• Best cryptos to buy today include FGHT, MKR, METRO, IMX, CCHG, and TARO.
Silvergate Capital’s Decision Causes Crypto Market Selloff
Shares of cryptocurrency-related firms plummeted during premarket trading following Silvergate Capital’s decision to discontinue its cryptocurrency payment network, SEN. This caused a general crypto market selloff that saw Bitcoin and Ethereum prices dropping 4.8% and 4.7%, respectively, in the previous week.
Macroeconomic Environment Heats Up
As Jerome Powell, Chair of the Federal Reserve prepares to deliver two rounds of testimony before Congress’ House Financial Services Committee investors are eagerly awaiting the Fed’s decision on a benchmark rate hike in two weeks’ time. Investors will also be paying close attention to nonfarm payroll data and remarks from Japan’s bank officials this month as they look for any clues regarding future economic policy and interest rates.
Crypto Fear & Greed Index
The Crypto Fear & Greed Index is showing that sentiment towards cryptocurrencies is transitioning from bullish optimism to neutrality closer towards “fear”. This lack of volatility has led BTC’s price into a consolidation phase over the weekend with very little activity witnessed in the market. However, market players are expecting things to change soon due to upcoming macroeconomic data releases which could cause further volatility across all markets including cryptocurrencies.
Best Cryptos To Buy Today
Amidst this current situation at Silvergate Capital it is more important than ever for investors to consider both fundamental and technical analyses when selecting investment options so that they can make informed decisions about their investments. Based on these analyses some of the best cryptos to buy today include FGHT, MKR, METRO, IMX, CCHG and TARO especially Fight Out packs a punch for investors due its gamification platform plans set to revolutionize the industry among other factors making it an attractive option for long term investments
In conclusion with everything going on this week it is essential for investors who want success in their investments with cryptocurrencies or otherwise consider both fundamental & technical analysis when selecting investment opportunities as well as stay up-to-date with macroeconomic news such as those coming out Jerome Powell’s testimonies before Congress’ House Financial Services Committee or Nonfarm Payroll data coming from Japan’s bank officials etc so that they can make informed decisions about their investments moving forward.