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Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto

What a great Bitcoin day!

By Crypto4you23 | Cryptoanswers22 | 7 Feb 2023

What is happening?


After several positive days and close to breaking the $24,000 mark, Bitcoin (BTC) lost strength and brought down the cryptocurrency market over the weekend, losing the $23,000 level, while Ethereum (ETH) dropped over 2% on Monday (6).

After a mediocre start to the earnings season, investors are now paying attention to the speech of Federal Reserve Chairman Jerome Powell, scheduled for Tuesday afternoon.

This has led the market to adopt a cautious stance and prices have retreated a bit.

Data from FactSet shows that less than 1% of S&P 500 companies have reported earnings above expectations so far. This is below the five-year average of 8.6% and the 10-year average of 6.4%.

"As a result, the decline in earnings in the fourth quarter is greater today compared to the end of last week and the end of the quarter," said FactSet senior earnings analyst John Butters in a report on Friday.

"If the index reports a real decline in earnings in the fourth quarter of 2022, this will mark the first year-over-year decline in earnings reported by the index since the third quarter of 2020."

David Siemer, CEO of accounting software provider Wave Financial, said the market is giving mixed signals - strong job numbers but mediocre earnings results - and he still expects a recession this year, although weak.

"I am a bit more optimistic that it will not be as severe a recession as in a big recession," he said, pointing to consumer resilience.

"The fact that Fed actions are having a slow effect does not mean that cumulatively they will not have a significant effect.

We're probably a quarter or two away from seeing what the Fed's actions actually did to the economy."


What's more?


But despite this, the job market seems to be doing okay, which is a good sign.

This person, who is an expert in finance, thinks that even though there might be a recession this year, it probably won't be as bad as the one a few years ago.

They're hopeful because people have been showing that they're able to bounce back from tough times.

It's important to remember that just because things are moving slow now, it doesn't mean that the actions of the Federal Reserve won't have a big impact in the long run.

So, even though the earnings season has started off a bit slow, it's still early days and things could pick up soon.

We'll just have to wait and see what happens.


What are the benefits of a Bull Market for Bitcoin economy?


Hey there, let me explain what a Bull Market in Bitcoin is in a simple way!

So, a Bull Market is when people are really interested in buying Bitcoin and the price goes up. This is good for the Bitcoin economy because:

  • More people want to invest in Bitcoin and that makes the price go up even more
  • People start to feel good about Bitcoin and want to learn more about it
  • More people start using Bitcoin to buy things or save their money
  • People start making new things for Bitcoin because they have more money to do it
  • Bitcoin helps make the economy better by creating jobs and making people richer

But it's important to remember that Bull Markets don't last forever and sometimes the price of Bitcoin goes down. So, if you want to invest in Bitcoin, you have to be careful and know what you're doing.


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