Crypto Roundup: Crypto market trying to stabilize 06 February 2022

Cryptocurrencies have been struggling so far in 2022, but prices are once again on the rebound. Following January’s dip, which knocked more than 20% off Bitcoin’s price, the king of cryptos is now holding near $37,000, while altcoins such as Solana and Ethereum continue to outperform.Volatility is to be expected when dealing with cryptocurrencies, and in some cases embraced.  The new wave of investors coming in to buy the dip are boosting investor confidence and the outlook is improving overall. This week, the crypto markets have been torn apart by the idea of the Federal Reserve tightening monetary policy, thereby driving up the value of the US dollar. As tightening monetary policy makes markets somewhat risk-averse, this has had a direct correlation to what happened with Bitcoin, and other cryptos. That being said, it does look as if the markets are trying to stabilize, and perhaps even in some cases, after falling as much as 70%, the crypto market may be trying to turn things around.Below, we’ll be taking a look at what the technical picture has to say about Bitcoin, Litecoin and Solana and how they might perform in the near term.