Crypto market update ✍️
Good evening to all my friends. I hope you all are doing well. I am having a good day but crypto market looking bad from last two months. In the first week of February, tariff news caused a market correction, but Trump announced a one-month delay. Today, he stated that 25% tariffs will be applied to Canada and Mexico, causing another market drop. Bitcoin fell from $90,000 to $86,000, and Ethereum corrected from $500 to $300. Bitcoin's support level was between $90,000 and $100,000, but it’s now below $90,000, with a possible drop to $74,000. Ethereum has support between $2,000 and $2,100.
A positive sign from the Fed, hinting at pausing quantitative tightening, hasn’t yet impacted the market as there’s no specific date. If you hold altcoins, especially meme coins, it’s better to shift to strong coins since meme coins have dropped significantly. The market is seeing a shift into stablecoins, but once this money flows back into Bitcoin or Ethereum, a recovery could occur. Keep holding strong coins and stay informed about potential Fed actions. That's it for today. Thanks & have a good day!!