Crypto stabilises at cosy height

Crypto stabilises at cosy height

Market Picture

Bitcoin is currently
trading at around $23.0K. Spikes to $23.7K and down to $22.5K leave their mark
on the chart but do not move the market’s balance point.

this oscillation occurs with a rising equity market in the background and a
moderately weaker dollar, although this environment often feeds demand for

This buyer
passivity may be a consequence of fatigue after the 44% rally since the start
of the year, but it may also reflect an internal pull to sell on the upside.
This applies to the crypto market, whose capitalisation has stabilised at just
over $1 trillion.

It is worth
being prepared that there may be a lack of major moves until the Fed’s decision
next Wednesday.

News Background

According to
research from CryptoCompare, the market share of algorithmic stablecoins has
dropped sevenfold since April last year to 1.7% of all stablecoins.

US Senator
Elizabeth Warren has said that the crypto industry fears a crackdown by the US
Securities and Exchange Commission (SEC). However, she said the SEC should
redouble its efforts to provide maximum protection for investors.

Makhlouf, Governor of the Central Bank of Ireland, has proposed a ban on
cryptocurrency advertising to protect retail investors from losing money.

China’s tax
authorities have increased pressure on retail crypto investors, requiring
exchanges and retail and corporate investors to provide comprehensive
information on all digital asset transactions from the beginning of 2022.

Amid a
general market rally, the price of the Aptos (APT) cryptocurrency has risen
more than 390% in the last 30 days. Aptos has surpassed Stellar and Bitcoin
Cash in capitalisation (almost $3 billion) and is approaching Ethereum Classic
and Monero. The leading BNB chain-based decentralised exchange, PancakeSwap
(PCS), announced its integration with Aptos in October.

This article was written by FxPro’s Senior Market
Analyst Alex Kuptsikevich.

Source link

Share This

Leave a Reply

Your email address will not be published.