Cryptocurrency Market Overview on 04/07/2022

The main cryptocurrencies rolled back after the publication of the protocols of the US Federal Reserve, which clearly showed the willingness of bankers to conduct a much tougher monetary policy.

During today’s trading, Asian stocks lost in price due to the global sell-off. Markets were frightened by more aggressive statements by American politicians about the need to tighten monetary policy. The protocol of the Fed meeting on March 15-16, published on Wednesday, showed the growing concern of policy makers about the high level of inflation.

Cryptocurrencies may be recognized as property in the Russian Federation this year. Amendments to the Tax Code are expected before the end of the spring session, said Anatoly Aksakov, head of the State Duma Committee on the Financial Market.

Bitcoin quotes weakened significantly during yesterday’s trading, amid ongoing macroeconomic shocks and new evidence of the aggressiveness of the US Federal Reserve System. 

The technical situation on the 4-hour chart shows the prospects of restoring some of yesterday’s losses. The bears have not managed to pass below the strong support level of 42900 and given the strong oversold, there is a possibility of restoring quotes to work out the level of 44900.

Iron Fish
Daily market analysis with Love to Crypto.