Education


Bitcoin rose 2.4% to $30.5K in the past 24
hours. Ethereum added 0.2% to $1820. Ether was unexpectedly among the laggards.
Altcoins from the top 10 rose from 1.5% (BNB) to 4.1% (Solana).

Total crypto market capitalisation, according to CoinMarketCap, rose 1.8%
overnight to $1.26 trillion. Bitcoin’s dominance index added 0.2% to 46.3%. The
cryptocurrency fear and greed index was down 3 points to 10 by Friday and
remains in “extreme fear”.

Bitcoin rebounded on Thursday after falling sharply the day before. The
strengthening was helped by a weaker dollar and positive stock indexes. The
local downtrend (former consolidation triangle from May 10) turned into a
support line. For the short term, this is good news. However, it is worth
remembering that this is a fragile structure that could be broken by both a
stronger dollar and a market reaction to labour market news.

btc



Bitcoin has already reached the “bottom” in the current cycle of decline and
will not fall below $25,000, said former BitMEX cryptocurrency exchange CEO,
Arthur Hayes. However, a market trend reversal should be expected when the Fed
stops raising rates.

According to BTC.TOP CEO Jiang Zhuoer, the bearish phase will end in six
months. A possible driver for this could be the Ethereum update, which should
occur between October and December. Another bullish factor will be the US
Federal Reserve’s refusal to hike rates.

According to a Goldman Sachs survey, 6% of global insurance companies have
invested or want to invest in cryptocurrencies. According to the Economist
Impact survey, a growing number of investors see digital currencies as a useful
tool for portfolio diversification.

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



Source link

Articles You May Like

Buying FTSE China A50 index (XIN9) on the monthly chart
Crude oil futures settle at $81.91
The technical bias in NASDAQ is tilting more to the downside after break of 200 hour MA
EURUSD bounces off 50% midpoint, giving the buyers the “go ahead” to push higher
Japan data – June exports +5.4% y/y (expected 6.4%) & imports +3.2% y/y (expected 9.3%)

Leave a Reply

Your email address will not be published. Required fields are marked *