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Macroeconomic factors affect BTC price; Digital assets undergo price correction

By May 25, 20232 minute read

Lack of regulations continue to loom in the Crypto ecosystem. China looks at making a prominent presence in Crypto amidst its growing positive stance and increasing patronage of blockchain technology.
This could potentially impact the existing market as more and more Crypto businesses are looking to head out of the US. Not to mention, the number of new users who could be onboarded would make the adoption rate significantly high. 

The Exponential Moving Average for 10-day EMA indicates “Buy” at 26811 and 200-day EMA indicates “Buy” at 24990. The Simple Moving Average for 10-day SMA indicates “Buy” at 26859 and 200-day SMA indicates “Buy” at 22704. 

The Ichimoku Base Line, valued at 27881, continues to be neutral. The Hull Moving Average indicates “Buy” at 26521. The Volume Weighted Moving Average indicates “Sell” at 27194.

Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 37, with a neutral outlook. The Stochastic %K (14, 3, 3) at 35 and the Average Directional Index (14) at 26 indicate a Neutral outlook as well.

The MACD Level (12, 26), at −461, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 37 and William’s Percentage is “Neutral” at −81 as well.

As of 10:00 AM, 25th May 2023, on WazirX, Bitcoin’s price is ₹23,15,044, with an almost 1.22% decrease in the last hour. There was a 1.32% decrease in its price in the last 24 hours. In the past 7 days, Bitcoin was down by 1.82%.

Ethereum (ETH) is trading at ₹1,56,584. There was an increase of 0.04% in the last 24 hours. There was a decrease of 2.74% in the last 24 hours. The 7-day ETH is up by 0.09%.

The top gainers on WazirX include Cream Finance (CREAM), Axie Infinity (AXS), and Frontier (FRONT), with a price increase of 21.49%, 8.53%, and 8.51%, respectively.

However, the tokens that underperformed comprised PancakeSwap (CAKE), DigiByte(DGB), and The Graph (GRT), with a price decrease of 10.54%, 8.1%, and 7.59%, respectively.

Shiba Inu (SHIB) saw a price decrease of 1.94% and is now priced at ₹0.000755. Dogecoin (DOGE) saw a decrease of 0.8% and is now priced at ₹6.31.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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