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Bitcoin returned to growth territory with a powerful surge at Monday's close, above the all-important $40K key level. A desperate attempt to hold on to the uptrend line from January resulted in a temporary success. Bitcoin's dominance index added 0.3 p.p. to 41.0% Over the past 24 hours, we have seen a 5% jump to $40.8K. Ethereum adds 4.5% in 24 hours, trading above $3040. Other leading altcoins from the top ten are adding between 3.5% (Dogecoin) and 18% (Terra). Total crypto market capitalisation, according to CoinMarketCap, rose 4.6% overnight to $1.89 trillion. Bitcoin's dominance index added 0.3 p.p. to 41.0%.The cryptocurrency Fear and Greed Index declined Tuesday, adding 3 points to 27 and moving into "fear" territory.   Read next: (UKOIL) Brent Crude Oil Spikes to Highest Price For April, (NGAS) Natural Gas Hitting Pre-2008 Prices, Cotton Planting Has Begun   Yesterday, the formal trigger for bitcoin buying was reverting US stock indices in the New York trading session to the upside. However, what is striking is that cryptocurrencies were many times more optimistic about this change in trend, suggesting demand has been waiting to surge into the market. Also noteworthy is the increased amplitude of growth in the hottest cryptocurrencies (Solana, Terra, Avalanche), gaining more than bitcoin. The buying wave has not yet spread to the entire market, evidenced by bitcoin's rising share.   For you: Forex Rates: British Pound (GBP) Strengthening? Weak (EUR) Euro? GBP, NZD And AUD Supported By Monetary Policy?   Cryptocurrencies are a system of communicating vessels on several levels. Bitcoin fills the demand first, followed by the first round of popular coins, followed by a wave of buying of smaller projects. The further away from the centre, the lower the liquidity, but the higher the sensitivity to sentiment. NTFs in this scheme are illiquid, where demand has not yet reached. "Entertainment for losers" The NFT market is about to burst because of rising interest rates, believes Nassim Taleb, American economist and author of Black Swan. Previously, he has been critical of bitcoin, calling it "entertainment for losers".According to Blockchain.com, fees on the bitcoin network have fallen to their lowest since June 2020. The average transaction processing fee now costs a user just over $1.The number of Lightning Network users has grown 800 times in a year, to 80 million, Arcane Research estimated. Lightning is designed to solve the problem of reducing high transaction fees. 

Bitcoin has fallen by over $ 9,500 in recent days by nearly 20%. Such a significant depreciation made the quotations of the oldest virtual currency drop below several significant support lines, the last two of which are the horizontal level of $ 42,200 and the upward trend line slightly below. Thanks to Monday's rebound of BTC, we are witnessing a re-test of the previously broken upward trend line, the lower boundary of the upward wedge formation, which we have already mentioned several times in the last weeks. The emergence of a more significant supply response here could signal a potential rejection of the track currently being tested, which would indicate a potential for further declines towards $ 37,000 or even below $ 35,000. Article on Crypto: Altcoins Showing Promising Growth - Take a Look at Solana (SOL), POLKADOT (DOT) and SHIBA INU (SHIB-USD)| FXMAG.COM The current situation on the Ethereum quotes is also very interesting. The exchange rate of this cryptocurrency has recently dropped by nearly $ 700, which was almost 20%. This depreciation pushed the ETH back to around $ 3,000, one of the most recent resistance levels. It is noteworthy that for several days this market has been moving in a horizontal trend between $ 2,980 and $ 3,150. The fact that systems of this type are usually corrective formations may be of significant importance here, which in practice means that the quotes more often break out of them in the direction consistent with the previous move. If this were also the case, the ETH price would drop below $ 2,980, which in turn would threaten its further depreciation towards the upward trend line below $ 2,800. The following levels of support are located in the vicinity of where a greater demand response could appear, which could initiate another upward movement The current situation on Solana's trading is also very similar. The exchange rate of this cryptocurrency has recently dropped by over 34%, thus returning below the level of $ 105.50. For several days the market has been consolidating slightly below the defeated support (now resistance). If only this zone is rejected, we would expect the sell-off to continue, which could return SOL to around $ 88 or down further to $ 79. The following levels of support are located in the vicinity of where a greater demand response could appear, which could initiate another upward movement. Article on Crypto: Binance Academy: Immutable X Token (IMX) - What Is It? IMX Explained. How To Buy IMX?| FXMAG.COM Looking at the Avalanche quotes, we notice that the price of this cryptocurrency has dropped by more than 30% at the same time. The sell-off stopped only near the upward trend line, where there was a demand reaction on Monday. However, there are many indications that even if this support were rejected, the AVAX rate would only increase around the previously defeated support (now resistance) of $ 83. Therefore, the potential for short-term increases seems to be very limited. It is noteworthy in this case that the price of this cryptocurrency was between the horizontal resistance and the upward trend line, which is key support. These two constraints form an ascending right triangle. From a purely technical point of view, it is technically neutral, which means that the market can break both up and down, and only the direction of the break will signal a future trend. Read next: (UKOIL) Brent Crude Oil Spikes to Highest Price For April, (NGAS) Natural Gas Hitting Pre-2008 Prices, Cotton Planting Has Begun A breakout over the top could open the door to further gains as high as $ 100. On the other hand, a drop below the upward trend line would indicate a potential for further depreciation to the $ 54 region. *Subtitles for the YouTube video are available in all languages

Bitcoin rose 1.4% on Tuesday, ending the day around $41,300 and remaining near that mark on Wednesday morning. Ethereum added 1.3% to $3080 in the last 24 hours, XRP corrected 0.9% to 0.766, and other top ten altcoins gained 0.7% (BNB) to 4.9% (Terra). Bitcoin on Tuesday tested 8-day highs above $41,700 on the back of rising US stock indices, which strengthened for a second straight day Total crypto market capitalisation, according to CoinMarketCap, rose 1.3% overnight to $1.92 trillion. Bitcoin's dominance index was little changed, remaining at 41.0%. By Wednesday, the Cryptocurrency Fear and Greed Index remained at 27 points (fear). Bitcoin on Tuesday tested 8-day highs above $41,700 on the back of rising US stock indices, which strengthened for a second straight day. Article on Crypto: Altcoins Showing Promising Growth - Take a Look at Solana (SOL), POLKADOT (DOT) and SHIBA INU (SHIB-USD)| FXMAG.COM Correlation between BTC and the Nasdaq Composite Index has been highest since July 2020 Terra (LUNA) gained 5.5 per cent as Terra USD (UST) moved up to third place in terms of capitalisation among stablecoins. Chamath Palihapitiya, CEO of Social Capital and Virgin Galactic, said Solana (SOL) could capture market share in traditional financial services by challenging Visa and Mastercard. SOL is up 4.6%. The creators of the largest anonymous cryptocurrency, Monero, have confirmed that a 15th network hardfork is set for July 16. "It is better not to spend BTC but invest in it long-term" Jack Mallers, CEO of payment service Strike, said that bitcoin as a payment method is superior to all other systems. Nevertheless, it is better not to spend BTC but invest in it long-term. The US Secret Service's Office of Investigations (USSS) has disclosed that since 2015 the service has seized more than $102 million in digital assets from criminals. Read next: (UKOIL) Brent Crude Oil Spikes to Highest Price For April, (NGAS) Natural Gas Hitting Pre-2008 Prices, Cotton Planting Has Begun The Financial Action Task Force (FATF) believes that nearly half of the world's countries are not complying with anti-money laundering and counter-terrorist financing (AML) regulations. FATF has pledged to monitor member countries, including the US, China and the European Union.

BTC is sitting around a strong support 38k-40k so we will be looking for buy setups on H4: BTC formed a valid channel in red but it is not ready to go yet. Related article: Japanese Yen (JPY) Weakens Against The Dollar, USD/CAD Stable And The Inevitable Strengthening Of The USD, IMF/World Bank Events Trigger => For the bulls to take over, we need a momentum candle close above the last high in gray. Meanwhile, until the buy is activated, BTC can still trade lower to complete the inverse head and shoulders pattern or even break the support downward. Read next: Altcoins' Rally: Solana (SOL) Soars Even More, DOT and SHIBA INU Do The Same! | FXMAG.COM Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich

Last year alone, the number of investors in the cryptocurrency market may have increased by nearly 70 percent. - This is according to the "2022 Global State of Crypto Report" published by Gemini Exchange. The report was created after surveying 29,293 adults in 20 countries. The age of the respondents ranged from 18-75, and the survey was limited to those earning more than $14,000 per year. The report helps understand the global adoption of cryptocurrencies among retail investors. It shows that 41 percent of those surveyed made their first investment in cryptocurrencies in the past year, and overall, the total number of investors has increased by about 70 percent in 2021 alone. Key excerpts from the report: More than half of cryptocurrency owners in Brazil (51 percent), Hong Kong (51 percent) and India (54 percent) started in 2021. Among high-income respondents in developed countries, cryptocurrency ownership is trending upward, with 40 percent or more in the United Kingdom, Germany and France reporting cryptocurrency ownership. Regulation is causing concern around the world. Among those who do not own cryptocurrencies, 39 percent in Asia Pacific, 37 percent in Latin America and 36 percent in Europe say there is regulatory uncertainty surrounding cryptocurrencies. Inflation drives adoption Another important finding is that inflation appears to be a key driver of investor adoption. One reason to pay attention to the Gemini survey is that it asked questions about inflation. The report highlights that countries that have recently experienced hyperinflation tend to agree with the statement "cryptocurrencies are the future of money." Respondents from countries that experienced a 50 percent or higher devaluation of their currency against the U.S. dollar over the past 10 years were more than 5 times more likely to say they plan to purchase cryptocurrencies in the coming year than respondents from countries that experienced currency devaluations of less than 50 percent, including South Africa, Mexico, India and Brazil. In the latter country, where the local currency has been devalued by more than 200 percent against the U.S. dollar, 41 percent of respondents own cryptocurrencies. In the U.S., 40 percent of cryptocurrency holders see them as a hedge against inflation. If inflation continues to be an issue around the world, it seems likely that this trend could increase In general, the higher a country's inflation rate, the higher the adoption rate of cryptocurrencies can be. If inflation continues to be an issue around the world, it seems likely that this trend could increase. Daniel Kostecki, Director of the Polish branch of Conotoxia Ltd. (Forex service) Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Gate.io, one of the oldest cryptocurrency exchanges in the world, has become the second largest crypto exchange by trading volume according to data from CoinGecko, securing its spot as one of the leading exchanges worldwide GateChain, its native blockchain ecosystem and Gate Ventures, its venture capital investment division Founded in 2013, Gate.io has become one of the world’s leading cryptocurrency exchanges with a wide range of products including Startup, which allows users to invest in projects early on; NFT Magic Box, which allows the creation and trading of NFTs; GateChain, its native blockchain ecosystem and Gate Ventures, its venture capital investment division. Related article: Japanese Yen (JPY) Weakens Against The Dollar, USD/CAD Stable And The Inevitable Strengthening Of The USD, IMF/World Bank Events Platform surpassing 10 million users in early 2022 Gate.io’s wide range of products and services have led to a rise in the platform’s popularity, with the platform surpassing 10 million users in early 2022, pushing it to become the second largest crypto exchange in the world based on daily trading volume according to data from CoinGecko. The company offers over 1,400 tradable cryptocurrencies on its spot market “This is another remarkable milestone for us at Gate.io as we approach our 9th birthday. Our unwavering commitment to providing our users with a safe and secure platform with a comprehensive suite of products and services remains the key to our exponential growth over the last couple of years, and we have no plans on slowing down,” said Marie Tatibouet, Chief Marketing Officer at Gate.io Related article: Monetary Policy Drives EUR/USD, The Future of the EUR/GBP Awaits the Bank Of England's Speech - Good Morning Forex| FXMAG.COM The company offers over 1,400 tradable cryptocurrencies on its spot market, which has seen daily trading volume surpass $3 billion, securing its spot as the second largest exchange in the world. Gate.io has over 10 million users worldwide and prides itself on having the widest variety of tradable assets of any leading exchange. About Gate.io Established in 2013,  Gate.io is one of the oldest, leading cryptocurrency exchanges. Gate.io offers most of the leading digital assets and has over 10 million registered users across the world. It is consistently ranked as one of the top 10 cryptocurrency exchanges based on liquidity and trading volume on CoinGecko, and has been verified by the Blockchain Transparency Institute (BTI). Additionally, Gate.io has been given a rating of 4.5 by Forbes Advisor, making it one of the Best Crypto Exchanges for 2021. Besides the main exchange, Gate.io also offers other services such as decentralized finance, research and analytics, venture capital investments, wallet services and more. Disclaimer: Gate.io may not provide its full scale of services in certain markets and jurisdictions, and may restrict or prohibit the use of all or a portion of the services in compliance with local regulations. For the latest list of all the restricted locations, please read the User Agreement, “Section II Eligibility” via https://www.gate.io/docs/agreement.pdf.

Bitcoin added 0.3% on Wednesday, ending the day around $41,400, and is adding another 0.6% since Thursday morning to $41,630. Ethereum has gained 0.2% in the past 24 hours, while other top 10 altcoins have shown mixed dynamics, ranging from a 1.7% decline (XRP) to a 3.6% gain (Polkadot). The cryptocurrency Fear & Greed Index is now in its third day, staying at 27 points (fear) Total crypto market capitalisation, according to CoinMarketCap, rose 0.4% overnight to $1.92 trillion. Bitcoin's dominance index added 0.1 point to 41.1%. Related article: Japanese Yen (JPY) Weakens Against The Dollar, USD/CAD Stable And The Inevitable Strengthening Of The USD, IMF/World Bank Events The cryptocurrency Fear & Greed Index is now in its third day, staying at 27 points (fear), but we see a slight upward movement in the market. The strong correlation between the tech sector and bitcoin is holding the latter back In the crypto market, as in the high-tech Nasdaq, we can call it cautious demand from buyers of the deep, but this support is not turning into a rally. The strong correlation between the tech sector and bitcoin is holding the latter back That said, the very fact that bitcoin has managed to lock in an uptrend and attempts to push back from that support is setting up positives for the coming days. Related article: Monetary Policy Drives EUR/USD, The Future of the EUR/GBP Awaits the Bank Of England's Speech - Good Morning Forex| FXMAG.COM Bitcoin's uptrend of the last four months can be extended to the left, and then it appears to be close to the July 2021 low, which was then near 30k. If we are right, bitcoin, and subsequently the entire crypto market, are saved from falling into a crypto winter by long-term buyers who find the current levels quite attractive Glassnode does not rule out that bitcoin has already formed its "bottom". Although it cannot yet break out of its range formed since February. The process of redistributing coins from speculative investors to hodlers is likely already complete, which will reduce selling pressure going forward. According to BitInfoCharts, the world's third-largest bitcoin whale has acquired 2,822 BTC worth $117 million in the past seven days. In 2022, 3.6 million Americans will use the cryptocurrency to make purchases, a report by research firm Insider Intelligence predicts. The number of cryptocurrency users in the US is expected to rise to 33.7 million by the end of this year.

Summary: The general downward price trend of the crypto market over the past week. The future of cryptocurrency success may lie in the hands of government policies and regulations. Litecoin (LTC) future values are expected to rise based on current trader sentiment. Since this morning the trading volume of Litecoin (LTC) decreased slightly, however we saw the price of the coin fall throughout the day today, this shows us that the price of LTC is not consistently supported or dependent on the trading volume. In general the cryptocurrency market experienced a decline in prices over the past few days and LTC has reflected the same outlook. However, this decline may not continue for much longer due to the changes in crypto regulations and government policies. LTC-USD Price Chart Related article: Japanese Yen (JPY) Weakens Against The Dollar, USD/CAD Stable And The Inevitable Strengthening Of The USD, IMF/World Bank Events IOTA price follows the same downward trend as other cryptos on the market. The price of IOTA fell during the day today. The downward price trend of this coin has followed the same trend as the general crypto market over the past few days. We can probably expect to see this price rise as the government policies and regulations around cryptos are finalized. IOTA USD Price Chart  Related article: Monetary Policy Drives EUR/USD, The Future of the EUR/GBP Awaits the Bank Of England's Speech - Good Morning Forex| FXMAG.COM Cardano (ADA) price is still coming down off it's all-time high. Over the past weeks ADA has been facing a continuous downward trend reflecting a bearish attitude toward the coin, however in light of the general downward price trend of the crypto market, this outlook is unsurprising. ADA Price Chart Sources: Finance.yahoo.com, namecoinnews.com

Bitcoin declined by 2.3% over the past week, ending it at around $39.5K. Ethereum lost 3.9%, while other leading altcoins in the top 10 fell from 2.2% (Solana) to 10.5% (XRP). The exception was Terra (+12.9%). On Monday, the pressure on cryptocurrencies continued, taking another 1.3% off bitcoin to 38.9k, sending it to test March lows. The bitcoin dominance index rose 0.2% to 41.2% over the same period. Total crypto market capitalisation, according to CoinMarketCap, changed little over the week, remaining at 1.8 trillion, as a wave of buying in the first half of the week turned into a strong sell-off in the second. The bitcoin dominance index rose 0.2% to 41.2% over the same period. Read next (by FXPro): What Moves Forex Rates? Strong US Dollar Affects British Pound (GBP), Japanese Yen (JPY) And CNH | FXMAG.COM Crypto Fear and Greed Index rose from 24 to 27 and returned to its starting point during the week. By Monday, the index had lost another point to 23, remaining in the extreme fear territory. Bitcoin has declined for the third consecutive week, along with stock indices. BTC tried to rise, renewing its highs in a week and a half, around $43,000. Thursday and Friday saw a sharp pullback along with the stock market, and bitcoin fell below the circular $40,000 level. Changpeng Zhao, the Binance's chief executive, said the adoption of cryptocurrencies would rise as geopolitical tensions escalate and the use of the dollar as a sanctions tool grows. He believes the US will lose out to the rest of the world if it continues to suppress bitcoin. Read next (by FXPro): Want To Exchange 100 GBP To USD? GBP/USD Below 1.3000! (GBP) British Pound Weakens! GBP To USD - 17-Months-Low! | FXMAG.COM A group of US congressmen have spoken out against mining cryptocurrencies using the environmentally damaging Proof-of-Work (PoW) consensus algorithm. They said that cryptocurrencies of particular concern are BTC, ETH, XMR and ZEC. The EU has discussed banning BTC trading because of its energy and environmental impact. Bitcoin's energy consumption continues to increase and is attracting the attention of environmental organisations and regulators.

Bitcoin price slowly descends below the 200 three-day SMA, indicating a lack of buying pressure. Ethereum price looks ready to breach the support confluence, extending from $2,800 to $3,000. Ripple price reenters the buy zone, extending from $0.626 to $0.689, suggesting that there is still hope. Bitcoin price has slid below a crucial support level slowly indicating that the sellers are overwhelming the buyers into a slow death. Although the last two times BTC tagged this barrier, it resulted in a bullish move, this time around, things are different and could head south. Ethereum, Ripple and altcoins could see a similar bearish fate. Bitcoin price at wits’ end Bitcoin price set up an ascending parallel channel on a three-day time frame after connecting the three swing highs and three swing lows since January 13. The last two times BTC dropped lower, it tagged the 200 three-day Simple Moving Average (SMA) and bounced off aggressively. Read next: A Reward For A Transaction!? What Is Kishu Inu Coin? ($KISHU) Let's Take A Look At This New Altcoin | FXMAG.COM However, this time, BTC is slowly breaching the said SMA and is heading close to the ascending parallel channel’s lower trend line. Until a breakout from the lower trend line, the setup is bullish and could see Bitcoin price bounce from it. The resulting upswing could see BTC retest the 50-day and 100-day SMA at $42,074, $41,076. Clearing these hurdles could see the big crypto push toward the yearly open at $46,198 and in some cases, the $50,000 psychological level. BTC/USDT 3-day chart A daily candlestick close below the $34,752 support level will invalidate the ascending parallel channel and the bullish thesis. Ethereum price at make-or-break moment Ethereum price action seems to be degrading with the recent downswing in Bitcoin price. The bears have pushed ETH lower into the support cluster, extending from $2,800 to $3,000. This footing is significant since it contains a demand zone and a bullish crossover of the 50-day and 100-day Simple Moving Averages (SMAs). Read next by FXStreet: Gold Price Forecast: XAUUSD recovers from intra-day dip under $1930, but still pressured as yields/USD rise| FXMAG.COM So far, ETH has pierced through both the SMAs and is edging closer to the lower limit of the said demand zone. However, a quick recovery followed by a bounce is likely to result in an upswing for ETH. The resulting move could cause ETH to retest the 200-day SMA at $3,495 and the low-volume node at $3,703. Any uptick beyond these levels will require massive bullish momentum spikes and is highly unlikely without the big crypto’s support. ETH/USD 1-day chart A daily candlestick close below the support cluster’s lower limit at $2,820 will create a lower low and invalidate the bullish thesis. This development could crash ETH to retest the next high-volume node present to the downside at $2,584. Ripple price approaches a launching pad Ripple price has taken another U-turn and reentered the buy zone, extending from $0.62 to $0.68. This move is likely to push XRP price to retest the 70.5% retracement level at $0.657 before triggering an uptrend. Read next: Skyrocketing Altcoin? Why (SHIB) Shiba Inu price is set for a 15% value increase | FXMAG.COM The resulting uptrend could push XRP up by 17% to retest the 2022 volume point of control at $0.772, where the trade volume for Ripple was at its highest. If the remittance token manages to flip this hurdle into a footing, there is a good chance the run-up will continue to and tag the $0.854 hurdle. Failing to do so could result in a local top formation. XRP/USD 1-day chart On the other hand, if the Ripple price breaks below the $0.601 support level and produces a lower low, the bullish thesis will face invalidation. In such a situation, XRP might crash to the $0.548 support level before stabilizing and reestablishing its directional bias.

How can you trade the metaverse using coins like Sandbox? The power of ZRX for the area of NFTs on the Coinbase NFT Marketplace and are Cardano's stats ghost stats? 00:00 Intro 00:21 Preview 00:55 Crypto news 03:54 Bitcoin 07:24 Ripple 09:08 0x 11:09 Cardano 13:07 Aave & Avalanche 15:11 Polygon Matic 16:45 Sandbox 18:33 Good bye & subscribe Every week Feyyaz Alingan looks at the most important cryptocurrencies and discusses the most important developments in the crypto space to share his thoughts in the Crypto Market Talk. Which coins could go to the moon and which could go bust? Feyyaz Alingan founded Blue Alpine Research and regularly publishes analysis & news on the topic of cryptocurrencies, DeFi and NFTs on YouTube and via Podcast Read next: Could strong earnings reverse the hawkish Fed moodiness | MarketTalk: What’s up today? | Swissquote| FXMAG.COM What is behind the hype of the different blockchain technologies and how can YOU participate? If you don’t want to miss the dynamic world of cryptocurrencies and want to stay up to date with Bitcoin and co. - Crypto Market Talk is the best place to stay subscribed! Feyyaz Alingan founded Blue Alpine Research and regularly publishes analysis & news on the topic of cryptocurrencies, DeFi and NFTs on YouTube and via Podcast. #cryptomakettalk #trading #crypto #blockchain #token #weeklyshow #cryptoshow  Learn the fundamentals of trading at your own pace with Swissquote's Education Center. Discover our online courses, webinars and eBooks: https://swq.ch/wr Discover our brand and philosophy: https://swq.ch/wq Learn more about our employees: https://swq.ch/d5  Let's stay connected: LinkedIn: https://swq.ch/cH

  Table of Contents · An Overview of the Crypto Market · Top Altcoin Gainers and Losers · Crypto & Bitcoin News Highlights for Apr 18 - Apr 25 · Bitcoin (BTC/USDT) Technical Analysis on the KuCoin Chart The global crypto market cap stands at $1.78 trillion as on Monday, Apr 25. It has dipped by 3.72% since Sunday, despite the total market volume picking up by 51.08% in the past 24 hours. The DeFi market accounts for 11.84% of the entire cryptocurrency market’s 24 hour trading volume. Meanwhile, stablecoins have a a total volume of $51.58 billion, accounting for 83.74% of the total crypto market 24 hour volume.   The biggest weekly gainers in the crypto market include ApeCoin (APE) and STEPN (GMT), which have strengthened by over 55.41% and over 34.56% respectively. In this article, we’ll discuss the most important news highlights from the global cryptocurrency market as well as take a look at the technical overview of Bitcoin.   An Overview of the Crypto Market Bitcoin’s dominance currently stands at 41.28%, an uptick by 0.33% in the past 24 hours. The crypto leader is trading at $38,524.48 down by 1.25% over the past one week.   Cryptocurrency Price HeatMap | Source: Coin360   Ethereum, the world’s second-largest crypto by market capitalization, is trading at $2,828.39, after losing 4.08% over the week. While the majors trade under pressure, several new entrants have been making their mark among digital assets, most notable of all STEPN (GMT), which has strengthened by more than 300% in the past month.   The bearish pressure in the crypto market continues into a fresh week, with most of the leading digital assets still trading in the red. However, the losses in digital assets remain far lower than those seen among leading tech stocks lately. This makes us wonder, is the notorious volatility that crypto is infamous for finally reducing?   When it comes to retail investors, the seemingly oversold market offers several exciting opportunities for traders looking to buy at low prices. So, let’s do a recap of all the key market trends from the crypto market over the past week you should know about.   Top Altcoin Gainers and Losers Via Coinmarketcap Top Altcoin Gainers: ➢ ApeCoin (APE) âž 51.39% ➢ STEPN (GMT) âž 46.70% ➢ Curve DAO Token (CRV) âž 26.90%   Top Altcoin Losers : ➢ Moonbeam (GLMR) âž 13.52% ➢ Decred (DCR) âž 12.89% ➢ Waves (WAVES) âž 12.85%   Crypto & Bitcoin News Highlights for Apr 18 - Apr 25 The global cryptocurrency market remained busy through the previous week, making many headlines over the period. Some of the most noteworthy and key market trends from the world of cryptocurrencies include:   AMC Theatres Accepts Payments in SHIB and DOGE One of the biggest positive developments for the global cryptocurrency market, especially for memecoins, was AMC Theatres starting to accept payments in Dogecoin and Shiba Inu via their mobile app last week. US-based customers can now book movie tickets using DOGE and SHIB by updating their mobile apps.   This development comes a few months after the company started accepting payments in digital currencies since November 2021. The leading US-based chain of theaters first started accepting crypto payments in BTC, ETH, BCH and LTC and proposed the idea of adding the two most popular meme tokens in January this year.   BTC, ETH to Soar to New ATHs This Year: Celsius CEO Mashinsky At the Paris Blockchain Week Summit last week, the CEO at Celsius Network, Alex Mashinsky, offered a rather bullish forecast for the crypto leaders this year. He believes that while the current situation remains somewhat uncertain for digital assets, BTC and ETH could touch new highs later this year.   He forecasts a break past $60,000 for crypto king Bitcoin while Ethereum could take out the $4,500 mark before the end of 2022. However, the Russia-Ukraine war and the US central bank Federal Reserve's plans could put some pressure on the cryptocurrency market growth in the near term before this happens.   Goldman Sachs Planning Alliance With FTX on Regulatory Issues Mainstream businesses can no longer ignore crypto or hold off from dipping their toes in these waters. Leading investment bank Goldman Sachs is looking to cement an alliance with crypto exchange FTX, a sure sign of increasing confidence in digital assets by the mainstream financial services industry.   An article by the Financial Times discusses how FTX’s founder Sam Bankman-Fried met with Goldman Sachs’ CEO David Solomon to examine a potential partnership. It looks like the investment banker wants to advise FTX on regulatory issues and possibly even support their future funding rounds.   German Commerzbank Plans Foray Into Crypto The fourth largest bank in Germany, Commerzbank, has applied for a crypto license in the country. Germany is fast turning into one of the most crypto-friendly destinations in the world and such a move will further increase this sentiment and encourage mainstream adoption of digital assets in the German financial sector.   Commerzbank confirmed last week that it had applied for a crypto license in January 2022. It plans to start with providing crypto-related services to institutional clients before rolling it out to a wider customer base in the future.   Given that the bank has around 70,000 institutional clients, it’s a large enough customer base that could soon gain access to the digital asset market via Commerzbank.   Twitter Testing Crypto Earnings Feature for Creators in USDC via Stripe While the Elon Musk saga with Twitter continues (the latest we hear is that he has secured the funds for the acquisition), the social network is getting busy with its plans to become more crypto-friendly by accepting virtual currency.   Crypto payment giant Stripe announced last Friday that it will work with Twitter to roll out a payment system for digital currencies. The partnership will allow Twitter’s creators to start accepting payments in USD Coin (USDC), powered by Polygon's blockchain technology.   Robinhood Acquires Ziglu to Enter UK Market Popular fintech app Robinhood has confirmed its acquisition of London-based crypto app Ziglu Limited. The move will allow the app to start servicing its UK-based customers, a move the company has been waiting to accomplish since 2020.   Since Ziglu is already registered with the UK’s Financial Conduct Authority (FCA), Robinhood’s decision to acquire the company will ease its own process to expand into this market from a regulatory perspective. The fintech app is credited as one of the key drivers for the crypto boom among retail investors in North America through 2020 and 2021.   Google Data Points to Declining Interest in Bitcoin Among Retail Investors According to the key market trends from Google Trends, there appears to be a decline in global search volume for Bitcoin in recent weeks. The sign could potentially point to dwindling interest in digital currencies among retail investors worldwide.   Bitcoin Interest Amount Retail Investors | Source: Google Trends   With the bearish mood in the global cryptocurrency market in recent weeks, we see a sharp decline from the highs seen in April 2021 in online search volumes for Bitcoin worldwide. However, what is encouraging is that, though the numbers are lower than last year, they are mostly holding steady through 2022.   Fear & Greed Index Still Very Much in the Red Market analysis of the crypto market’s Fear & Greed Index reveals a sentiment of Extreme Fear among investors at present. There has been a one point drop in the sentiment since Sunday and also over the past week.   Fear & Greed Index | Source: Alternative   There has also been a sharp drop in the index since last month when the index stood at 51, indicating a neutral bias. On the other hand, the current reading of the index is 23, well in the red, indicating that sellers have the upper hand in the market at present.   The sentiment of Extreme Fear continues from last week into Monday. Although this indicates a bearish mood, it can be a good opportunity to buy virtual currencies at lower prices. A good strategy for crypto beginners who want to ride the volatility could choose Dollar Cost Averaging (DCA) Strategy during this time.   Bitcoin (BTC/USDT) Analysis on the KuCoin Chart With the price getting rejected last Thursday/Friday on the 50-day moving average (green trend-line) but holding and closing all daily candles above the first line of support (red upwards-facing line), Bitcoin was seemingly entering a short-term consolidation phase.   However, in depth analysis of the recent price movement has shown a relatively strong push towards the downside in the past 24 hours, with the price dropping as low as $38,150.   BTC/USDT Chart on the Daily Timeframe | Source: KuCoin   If we take a look at the downside, Bitcoin has its first support level set at the upwards-facing channel bottom level, which currently sits at just over $37,000. If Bitcoin manages to break this level to the downside, it will face a 100-week moving average at the $35,600 level.   However, a bullish reversal might push Bitcoin’s price up towards the top of the current channel and all the way to the Dec 27 high of 52,070.   Which move are you counting on?   Did you know that KuCoin offers premium TradingView charts to all its clients? With this, you can step up your Bitcoin technical analysis and easily identify various crypto chart patterns.   Sign up on KuCoin, and start trading today! Follow us on Twitter >>> https://twitter.com/kucoincom Join us on Telegram >>> https://t.me/Kucoin_Exchange Download KuCoin App >>> https://www.kucoin.com/download Also, Subscribe to our Youtube Channel >>>Listen to 60s Podcast source: KuCoin

Bitcoin rose 0.6% on Monday, ending the day near $38.4K, cruising at arm's length from the $38K level for the past five days. Ethereum has settled near $2800, losing 0.5% over the past 24 hours. Other altcoins in the top 10 have shown mixed dynamics, ranging from a decline of 1.9% (Solana) to a rise of 1.5% (Terra). Total crypto market capitalisation, according to CoinMarketCap, declined 0.7% overnight to $1.74 trillion. Bitcoin's dominance index added 0.2% to 42.1%. The cryptocurrency Fear and Greed Index was down 1 point to 27 by Tuesday and remains in "fear" mode. Since late March, the bears have been intensifying from $39K, forming a sequence of lower highs. At the same time, the basis in the form of support at $38K generally remains untouched. The crypto market seems to have laid at the bottom, missing the momentum of the US indices growth at the close of trading, indicating a high supply of coins for sale and reluctance to take active actions in anticipation of the Fed's decision on Wednesday. But there may be another lower bottom if the FOMC reaction to the Fed leads to a stock market sell-off.    According to Santiment, large investors have been aggressively buying Ethereum and Binance Coin over the past two weeks, which could signify an impending trend reversal. JPMorgan Chase CEO Jamie Dimon said that cryptocurrencies offer advantages over fiat currencies in some respects, such as fast transaction times for payments. However, Dimon still recommends caution when investing in crypto-assets. According to Coin ATM Radar, the global bitcoin ATM installation rate declined for the fourth consecutive month in April. Meanwhile, Solana's blockchain went down for seven hours to carry out transactions due to a surge in operations that the network could not cope with. Billionaire Mark Cuban suggested using DOGE to fight spam on Twitter, which Elon Musk recently bought out.

Bitcoin price prepares for its ascent to $42,100 after bouncing off a stable support level. Ethereum price needs to overcome the $3,000 barrier to have any chance at revisiting $3,500 or $4,000. Ripple price begins its journey to $0.70 after a recovery above the $0.60 support level. Bitcoin price has kick-started its attempt to move higher, picking up Ethereum and Ripple along with it. Investors can expect BTC to revisit Monday’s high and reevaluate directional bias from there. Bitcoin price begins its journey higher Bitcoin price bounces off the lower trend line of the ascending parallel channel, which is formed after drawing trendlines above and below three sets of higher highs and higher lows. Investors can expect BTC to slice through the 100-day Simple Moving Average (SMA) at $41,009, which is the first major hurdle. Doing so, will allow it to retest the 50-day SMA at $41,921, which coincides with the daily supply zone, extending from $43,981 to $41,921. This area of confluence is where the upside will be capped for the big crypto and would represent a 10% gain. BTC/USDT 3-day chart Regardless of the bullish outlook, a daily candlestick close below the $34,752 support level will invalidate the bullish thesis and trigger a crash to $30,000 or lower. Ethereum price to reverse the trend Ethereum price is in a medium-term ascending channel created by connecting its two higher highs and three higher lows since January 28. The third retest of the lower trend line has shown a bullish reaction – lead cryptocurrency BTC is recovering and influencing the rest of the market. Regardless of the bullishness, ETH needs to flip the 100-day SMA at $2,914 followed by the 50-day SMA at $3,069 to continue rising. This development is key to triggering a move that tags the 200-day SMA at $3,443. While a move to $3,500 is likely, a surge in buying pressure could extend the run-up to the $4,000 psychological level. ETH/USD 1-day chart On the other hand, a daily candlestick close below the weekly support level at $2,541 will indicate a resurgence of selling pressure and invalidate the bullish thesis. This could trigger a further crash to the $2,000 psychological level. https://youtu.be/hDdFa7mu7Jo Ripple price purges sell-side pressure Ripple price purged the downside pressure by collecting the liquidity resting below the $0.60 support after a 30% crash. XRP price has since moved back above the said foothold, indicating that buyers are in control. A resurgence of buying pressure is likely to propel XRP price up to the immediate hurdle at $0.696. Clearing this barrier will present two further resistance levels for Ripple bulls to overcome - the 50% retracement level at $0.735 and the 2022 volume point of control at $0.768. For now, the market structure looks uncertain due to the choppiness of Bitcoin. Therefore, investors can expect a local top to form around $0.768, representing a 25% ascent from the current position at $0.615. XRP/USD 1-day chart A daily candlestick close below the $0.601 support level will produce a lower low and invalidate the bullish thesis. In such a case, XRP price is likely to crash to the $0.548 support level. https://youtu.be/hBoG1pklXYI

As per my last BTC posts, we have been waiting for a break above the last major high for the bulls to take over. Which obviously didn't happen Meanwhile, we are still bearish and yes we might still see an aggressive movement lower to take our the wicks highlighted in purple (33k-35k) before the bulls kick in. For now, BTC is around the 38k-40k support and for the reversal to be confirmed, we need a momentum candle close above the last high in gray which would also be a break above the 40k level, back inside the blue rising channel , thus a bullish movement till the upper bound (48k-50k) would be expected. I have attached USDT.D chart on the right, as it clearly highlights the two possible scenarios. Which scenario do you think is more likely to happen? and Why? Always follow your trading plan regarding entry, risk management, and trade management. Good Luck!. All Strategies Are Good; If Managed Properly! ~Rich

Bitcoin lower as expected as we collapse from strong resistance at 40100/300 & now holding below the 100 week moving average at 36000 as I write - for a very important sell signal. Ripple has well & truly broken the 100 week moving average, now at 6700/6750. Ethereum we wrote: bulls have defended the 500 day moving average at 2800/2750 all this week but the failure to beat strong resistance at 2950/3000 I think will trigger a break below here now for an important sell signal. I am talking crash conditions. As expected, we have broken lower for an important sell signal. Today's Analysis Bitcoin shorts at resistance at 40100/300 worked as prices collapse to my targets of 37500/37000 & the important 100 week moving average now at 36000. THIS IS MEGA IMPORTANT OVER THE WEEKEND. Holding below 36000 is a MAJOR SELL SIGNAL. First stop is 28900/700. Obviously bulls need prices above 36000 as quickly as possible, preferably above 37000 to show they are back in control, targeting 38200/400. We should struggle to beat this level here but a break above 38900 then targets 41500/42000. Ripple remains very much in a bear trend & selling in to resistance has been a successful strategy for us for a number of weeks. We have 9 month trend line support at 5680/40, with a low at 5800 so far as I write on Saturday morning. A break below here (& I would be careful if you bet against it) triggers further significant moves to the downside initially targeting 5100/5070. On a break below 5050I am looking for 4300/4250, just to start with. Obviously bulls desperately need prices above 6750 to get back in the game but this seems highly unlikely now. Ethereum breaks strong support at 2800/2750 & holds below here for a medium term sell signal exactly as predicted, targeting 2640 (hit), 2600, 2570 & 2500 (just to start with). Bulls obviously need prices above 2800 as soon as possible but I cannot se this happening. If I am wrong, look for a test of the 100 day moving average at 2900/2950. Shorts need stops above 3000. A break higher is a medium term buy signal.   To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk

Bitcoin is trading near $33.5K on Monday morning, declining for the fifth consecutive day. Over the past 24 hours, losses are 2.3%, and are approaching 14% over the past seven days. Ether loses 3.5% in 24 hours and 14.3% for the week, settling near $2450. Altcoins from the top ten are down between 0.8% (XRP) and 4.3% (Cardano). This situation points to an increasingly rapid exit from cryptocurrencies Total crypto market capitalisation, according to CoinMarketCap, is down 2.3% overnight to $1.54 trillion. More worryingly, volumes are rising along with falling prices. This situation points to an increasingly rapid exit from cryptocurrencies, even though the process takes place without sharp dips. We see an orderly exit – a sure sign that downward sentiment may prevail. The Cryptocurrency Fear and Greed Index has collapsed to 11 The optimists, however, have something to hang on to. The Cryptocurrency Fear and Greed Index has collapsed to 11. Over the past year, the index has been at the current or lower level six times, and on each occasion, we have seen either consolidation or the start of a rally and a rebound. In March 2020, when the index similarly reached single digits, we saw an influx of long-term buyers. The current extreme fear may attract buyers who have been waiting for extreme oversold conditions to buy cryptocurrencies long term. In our case with Bitcoin, this could translate into a sharp acceleration of the sell-off after falling below $30K However, we note that the amplitude of crypto market fluctuations does not resemble either a capitulation of enthusiasts or a wave of stop orders triggering. Typically, a trend reversal is preceded by a sharp increase in momentum with the eventual resignation of those who stood against the trend. In our case with Bitcoin, this could translate into a sharp acceleration of the sell-off after falling below $30K, all the way to the $23K or even the $20K area. It is only from this level that major long-term buyers can be expected to emerge.

Last week closed on a negative note, as US NFP data came in stronger-than-expected, revived Federal Reserve (Fed) hawks, and sent the major US indices lower. And the new week starts on a negative note, as well, after the Chinese Li Keqiang warned that the jobs situation in China is getting ‘complicated and grave’ as the government’s zero Covid policy is taking a heavy toll on the country’s economy, and impacts the rest of the world negatively, as well. But US inflation print due Wednesday could help improving investor sentiment this week, if the data confirms a slow down in US inflation from multi-decade high levels. The next natural target for Bitcoin bears is the $30K psychological support Oil is up this Monday on G7 commitment to ban Russian oil, but Saudis cut the price of their oil due to the Chinee slow down. The US 10-year yield gains field above 3% mark, and US dollar consolidates near two-decade highs. Bitcoin dived to the lowest levels since January over the weekend. The next natural target for Bitcoin bears is the $30K psychological support. The only thing that could reverse the dollar appreciation against majors, and Bitcoin is a soft inflation read on Wednesday! Watch the full episode to find out more! 0:00 Intro 0:33 Week starts moody 1:12 Oil up 3:00 Strong jobs revive Fed hawks, but soft CPI could calm them down! 5:06 Macro events of the week 6:46 Bitcoin hits lowest since January 8:03 Earnings calendar: Lordstown, AMC, Disney, Occidental Petroleum & Rivian 8:51 End of Rivian’s lockup period, beginning of new challenge Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.

Bitcoin has fallen by more than $6,700 in recent days. It increased the range of the ongoing depreciation, which started on 28 March, to over $14,800 - nearly 31%. Counting from the all-time peak in November 2021, the BTC exchange rate dropped by almost $56,000, nearly 51%. Such a significant sale meant that you had to pay less than $34,000 for Bitcoin on Monday morning, one of the lowest levels since July 2021. Given that breaking one technical support level usually opens the door to further drops to the next support area, a decline in BTC below $34,500 could signal its continuation towards $29,500, which would be one of the lowest levels since early January 2021. Read next: Look At That! Bitcoin (BTC/USD) Has Plunged By 22%! Huge Drop Of ETH/USD (Ethereum Price) Price Is Here As Well! | FXMAG.COM The current Ethereum situation is also very interesting. The exchange rate of this cryptocurrency fell by more than $1,150 in just over a month, which was over 32%. These declines caused the ETH price to slide below the upward trend line. The subsequent sell-off also beat horizontal support of $2,735, and we also saw an attempt to go below $2,500 on Monday morning. Read next: Geco.one Crypto Update! Ether (ETH) Has Decreased By Ca. $750! Plunging (BTC/USD) Bitcoin Price! Bitcoin Has Fallen By More Than $4,000 In Recent Days, Solana (SOL) Is Below $100 | FXMAG.COM All this means that we could expect further depreciation of ETH to the region of $2350 soon. However, if this support is also defeated, then the price of this cryptocurrency could go even towards $1,750. It is only there that another significant support is found, in the vicinity of which we could expect a more substantial demand response. Looking at the Litecoin quotations, we can see that the price of this cryptocurrency has recently dropped below the technical support of $95. You currently have to pay around $90 for LTC, the lowest level since December 2020. Counting from the peaks of May 2021, the exchange rate of this cryptocurrency has already dropped by over 78%. As long as this sale continues, Litecoin could return to around $67 - only there is another important support. The current situation on the Polygon cryptocurrency prices is also interesting. Over the last five days, the Matic price has lowered by more than 22%, thus increasing the depreciation range that started on 31 March to over 47%. Counting from the peak of implant times on 27 December 2021, the price of this cryptocurrency has already plunged by 68.5%. Read next: What Is (DYDX)? dYdX Cryptocurrency Supporting Perpetual Trading - Altcoins of Interest | FXMAG.COM Such a large sell-off naturally led to several significant support zones, the last of which was at $1. If the market were to move towards another technical support now, we could see a return to the $0.69. It is only there that there is another barrier in the vicinity of which we could expect the emergence of greater demand response. We could also expect a continuation of declines in the Cardano quotations. Its price lowered since September last year by almost 78%. Such a significant sale meant that you had to pay just over $0.69 for this cryptocurrency, the lowest level since February 2021. As long as the sell-off continues, the ADA rate could drop as low as $0.40. You can watch the Market Analysis here: Start your Crypto trading adventure with https://app.geco.one

Financial markets still seem to be discounting the prospects of more difficult and expensive capital raising after interest rate hikes and a weaker outlook for the economy with consumption falling due to inflation. For the first 10 days of the month alone, the German Dax fell by about 4 percent, the U.S. Nasdaq 100 by 3.7 percent, the S&P 500 by 2.5 percent Thus, the stock market saying sell in May and go away in 2022 sounds prophetic, as since the beginning of the month it has been hard to find financial assets that could gain in value. For the first 10 days of the month alone, the German Dax fell by about 4 percent, the U.S. Nasdaq 100 by 3.7 percent, the S&P 500 by 2.5 percent, and the DJIA by 1.5 percent. Silver has dipped by 4.5 percent, Meanwhile, since the beginning of the month, the U.S. dollar has gained 0.64 percent. The markets are therefore seeing a broad outflow into cash as part of the potential cash phase of the business cycle, which typically occurs before the bond phase, when these have reached the peak of their yields. This, in turn, may be related to the anticipation of interest rate hikes and a peak in inflation. Nevertheless, it can be added that today's financial market offers solutions that can allow trading both under the rise and also under the fall of financial asset prices, including cryptocurrencies. It is cryptocurrencies that may be the loudest again today, since the beginning of May brought a crash in this market. It is cryptocurrencies that may be the loudest again today, since the beginning of May brought a crash in this market. Tonight bitcoin was trading near of $29,000, which was the lowest value since the crash in May 2021. It is safe to say that history has repeated itself in May 2022, and the background seems very interesting. We are talking about the breaking of the stablecoin UST, which at one point was trading below $0.7. This in turn may have forced the release of bitcoin reserves, which were a hedge against a 1:1 UST to USD exchange rate and a massive supply of BTC tonight. The event was reminiscent of George Soros' breaking of the Bank of England or the release of the franc from the minimum exchange rate at 1.20 against the euro. Whether cryptocurrencies can recover from this remains an open question, as one of the stable coin foundations has been undermined Once again the financial market, this time in crypto, served up an event like we have never seen before and on a scale that has not been seen before. Whether cryptocurrencies can recover from this remains an open question, as one of the stable coin foundations has been undermined. Daniel Kostecki, Director of the Polish branch of Conotoxia Ltd. (Forex service) Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Bitcoin collapsed 9.5% on Monday and dipped temporarily below $30K in early trading on Tuesday, stabilising at $31.3K. Ethereum has lost 3.9% in the past 24 hours, while other leading altcoins in the top 10 have fallen from 8.7% (Solana, Cardano) to 12% (Avalanche). Bitcoin's dominance index rose 0.3% to 41.8% on more altcoin weakness Total crypto market capitalisation, according to CoinMarketCap, fell 7% overnight to $1.44 trillion. Bitcoin's dominance index rose 0.3% to 41.8% on more altcoin weakness. Terra and TerraUSD continue to lose ground The cryptocurrency Fear and Greed Index was down 1 point to 10 by Tuesday and remains in a state of "extreme fear", touching a low point for the seventh time in the past year. An even higher level of fear in the last four years that we have only seen in March 2020 and September 2019. The current plunge is a retouch of the lows made in January and July last year for the first cryptocurrency Terra and TerraUSD continue to lose ground. Against this backdrop, the Luna Foundation Guard (LFG) has committed $1.5bn to protect the "stability of UST and the Terra ecosystem as a whole". Stablecoin UST, designed to be as close to the value of the USD as possible, lost more than 30% at one point overnight. But at the time of writing, it is trading at a 14% discount to the US currency. The current plunge is a retouch of the lows made in January and July last year for the first cryptocurrency. This could look like a last line of defence for the bulls, who may try to push back from the lower end of the trading range since early January. However, many markets are on a similar informal frontier separating a correction from a potential collapse, so the situation in the crypto market could largely determine sentiment in the deeper debt and equity markets. As we can see, Ether and Bitcoin remain resilient and robust enough to make them somewhat of a safe harbour within the stormy crypto sea Judging by the dynamics of Stablecoin, the crypto market is undergoing one of its most massive tests of the entire market periphery, which could determine the credibility of the crypto market for many months or years to come. As we can see, Ether and Bitcoin remain resilient and robust enough to make them somewhat of a safe harbour within the stormy crypto sea. At the same time, the collapse in quotations has not yet affected miners' confidence in the cryptocurrency's future, as the BTC network's hash rate continues to grow. Ray Dalio, the founder of Bridgewater Associates, one of the biggest hedge funds, said that bitcoin should be in investors' portfolios. Still, the cryptocurrency itself is not a good competitor to gold in terms of inflation protection. But that could change in the next five to 10 years.

Table of Contents · Crypto Market Overview · Top Altcoin Gainers and Losers · News Highlights This Week · Bitcoin (BTC/USDT) Analysis on KuCoin Chart On Monday, cryptocurrency prices were in a slight bearish mode and the global crypto market cap was $1.60 trillion, down 3.36 percent from the previous day. Total crypto market volume fell 12.97 percent in the last 24 hours to $80.16 billion.   The total volume in DeFi was $9.10 billion, accounting for 11.35 percent of the total 24-hour volume in the crypto market. All stable coin volume was $74.84 billion, accounting for 93.35 percent of the total crypto market 24-hour volume.   Algorand (ALGO) and TRON (TRX), which increased by more than 20% and 15% respectively, were two major contributors to the gains. So let's take a quick look at the latest crypto market news and the technical outlook of Bitcoin.   Crypto Market Overview Bitcoin dominance is now sitting at 41.60%, down from 42.32% last week. The leading cryptocurrency by market was trading at $33,546.49 while Ethereum, the second-largest cryptocurrency by market capitalization, has plunged by 14.24% in the past seven days. On Monday, it was trading at $2,433.30, a 4.49% surge in 24 hours.   Algorand (ALGO), TRON (TRX), and 1inch Network (1INCH), on the other hand, remained the top performers from the previous week. ALGO increased by more than 20% to trade at $0.072, while TRX increased by 20.72% in the last seven days to $0.08613. 1INCH, on the other hand, rose 11.53% to $1.29.   Cryptocurrency Market Heatmap | Source: Coin360   While ApeCoin (APE) maintained its bearish momentum, losing 31.72% to $11.14 in the last seven days. The crypto market's trading sentiment has shifted negatively due to risk-off sentiment, and digital assets are struggling to rise.   Top Altcoin Gainers and Losers Top Altcoin Gainers: ➢ Algorand (ALGO) âž  31.72% ➢ TRON (TRX) âž  27.05% ➢ 1inch Network (1INCH) âž  26.08%   Top Altcoin Losers: ➢ ApeCoin (APE) âž  31.72% ➢ Terra (LUNA) âž  27.05% ➢ Kava (KAVA) âž  26.08%   News Highlights Here are some of the events that made the previous week's crypto news section stand out:   Klein Finance Completed a Funding Round With KCC Chain and KuCoin-Ventures Klein Finance, a KCC (Kucoin Community Chain)-based stable coin liquidity provider and exchange platform, has announced the launch of its funding program. KuCoin Ventures and the KCC chain have already invested millions of dollars.   Klein Finance's project technology development is believed to be nearly complete, and the new funds will be used for project promotion and team expansion, as well as the subsequent opening of the technology and expansion of its structured products. Klein Finance's financing plan is said to be continuing.   Value Locked in DeFi Slides 17% to $182 Billion Decentralized finance (DeFi) protocols have lost considerable value in the last month, with 17.77 percent shaving off the TVL in defi since April 8, 2022. Curve Finance, the largest DeFi protocol in TVL size, lost 16.55 percent in value over the last month, while Lido lost 13.28 percent. This month, Anchor's TVL is down 10.15 percent, Makerdao's TVL is down 20.48 percent, and Aave's TVL is down 21.12 percent.   Total Value Locked | Source: defillama   Aave's version three (v3) and Tron's Sunswap protocols saw significant 30-day TVL gains. The TVL in defi has lost 6.25 percent of its value in the last 24 hours, and the largest protocol by TVL today is Curve Finance. Curve's $17.24 billion TVL currently leads the aggregate by 9.46 percent as of Sunday afternoon (ET).   However, the drop in TVL is putting additional pressure on overall crypto trading sentiment, driving a bearish bias in the cryptocurrency market.   Bitcoin Extends Sell-Off as US Federal Reserve Hikes Fed Fund Rate by 50 Basis Points Bitcoin is tossing in profit and losses at $33,366 amid risk-off market sentiment. Since February, it fell to its lowest level and has dropped around 14 percent since last Monday. The digital asset has fluctuated between $33,000 and $48,000 since the beginning of the year. It was the last trading under $32,000 in July. Ether, Avalanche, and Solana have all dropped this week.   Bitcoin has largely traded in tandem with tech stocks; both the coin and the tech-centric Nasdaq 100 reached all-time highs in November and have since been on a volatile downward path. The Nasdaq 100 fell for the fifth week in a row.   The Federal Reserve raised the fed funds rate target by half a point to 0.75 percent -1 percent during its May 2022 meeting, the second consecutive rate hike and the largest increase in borrowing costs since 2000, in an effort to combat rising inflation.   The central bank also stated that further increases in the target range will be appropriate, with Chair Powell indicating 50 basis point hikes in the coming meetings.   On June 1st, the Fed will also begin reducing asset holdings on its $9 trillion balance sheet. For the first three months, the plan will roll off $30 billion in Treasuries and $17.5 billion in mortgage-backed securities per month, increasing to $60 billion and $35 billion for mortgages per month.   On the economic front, policymakers noted that the invasion of Ukraine and related events are adding to inflationary pressures and are likely to stifle economic activity. Furthermore, COVID-related supply chain disruptions in China are likely to exacerbate.   Risk-off Sentiment Drives Downtrend in Crypto and Stocks The market's trading sentiment has shifted to bearish or risk-off, as investors seek to invest in risk-free securities rather than risky assets such as stocks and cryptocurrencies. With an increase in interest rates, companies that use debt financing must pay higher interest rates, reducing their profitability. As a result, investors who want to receive dividends or capital gains tend to sell their securities or stocks on the stock exchange.   Traders redirect their investments to less risky assets such as government bonds and treasury bills. As we recently learned, there is a positive correlation between the global stock markets and cryptocurrency prices. As a result, a drop in the stock market is causing a drop in cryptocurrencies. Check out the KuCoin trading strategies for surviving a cryptocurrency crash.   Fear and Greed Index Signals Extreme Fear, Cryptos on a Downtrend The Crypto fear and greed index analyzes emotions and sentiments from various sources and condenses them into a single number. The Fear & Greed Index for Bitcoin and other major cryptocurrencies is calculated daily. The crypto market sentiment shows a score of 11, indicating a strong bearish sentiment across the investors.   Fear & Greed Index | Source: Alternative   On Monday, the fear and greed index continues to exhibit extreme fear, indicating a bearish bias among cryptocurrency traders is getting weaker. Extreme fear can indicate over-anxious investors. It could be a good time to buy as cryptocurrency markets are in an oversold zone. So, look for buying positions as the bulls may enter soon.   Bitcoin (BTC/USDT) Analysis on KuCoin Chart Bitcoin is trading at $33,600, with a strong bearish bias. On the daily timeframe, the BTC/USDT is heading south to retest the major support level of $32,990. Since the BTC/USDT has formed a bearish engulfing pattern, the odds of a downtrend continuation remain pretty high.   Furthermore, the candlestick pattern "Three Black Crows" also signaled a solid bearish trend. The RSI and MACD are holding under 50 and 0, respectively, indicating a selling trend. Hence, a downward breakout of the 32,990 support level exposes the BTC/USDT price towards the $29,050 level.   BTC/USDT Chart on the Daily Timeframe | Source: KuCoin   On the upside, the leading cryptocurrency, Bitcoin’s immediate resistance stays at the $37,400 level. A spike in demand, and a slice through the $37,400 level exposes Bitcoin towards $40,000 or $42,600 levels.   Did you know that KuCoin offers premium TradingView charts to all its clients? With this, you can step up your Bitcoin technical analysis and easily identify various crypto chart patterns.       Sign up on KuCoin, and start trading today! Follow us on Twitter >>> https://twitter.com/kucoincom Join us on Telegram >>> https://t.me/Kucoin_Exchange Download KuCoin App >>> https://www.kucoin.com/download Also, Subscribe to our Youtube Channel >>>Listen to 60s Podcast Source: KuCoin

#Bitcoin Update🔥 Technically, we are repeating the same movement as in 2017. Bitcoin dropped by -84% from all time high from $19,799 to $3,159. As displayed on the chart, the major zone that served as a strong support was violated and Bitcoin dropped by -47% from $6,000 support to $3,159 in 2017. Read more: Tech Stocks Plunging!? Trade Desk Earnings Announcement Pushes Tech Giant Stock Down, Russian Ruble Strengthening and Ford Motor Co. | FXMAG.COM This same setup is repeating itself. The current bear cycle started in November 2021. So far, Bitcoin has dropped by -58% from all time highs at $68,996 to $29,000. Price has been respecting the major support within $29,000 & $30,000 so far. Just as 2017, support got violated at the tail end, I expect a similar reaction and a drop by -47% or less from major support at $29,000 to $16,000 or $19,000. Not a financial advice🙅🏼‍♂️ Share your opinion in the comment section Read more: Despite The Year The Stock Market Has Seen, One Asset Has Succeeded: The US Dollar| FXMAG.COM Please support this idea with a LIKE if you find it useful Happy Trading https://www.tradingview.com/chart/BTCUSDT/PJoZplyZ-Bitcoin-2022-Roadmap-to-19k-16k/ Join my FREE Telegram Channel for daily updates and signals https://t.me/Petrock_Signals

Will it break this time? It goes without saying that it’s been a pretty torrid six months for bitcoin since hitting all-time highs close to $69,000. Soaring inflation has forced central banks around the world into action and at the most aggressive pace since the global financial crisis. What’s more, there’s much more to come, so much so that recessions may well be on the cards. Risky assets have been pummelled as a result, few more so than the ultimate risk asset – bitcoin. Cryptos are no strangers to volatility, even the likes of which we’re currently witnessing, with bitcoin now more than 50% from its highs. But is this time different? They haven’t had to contend with aggressive rate hikes and widespread risk aversion in the way we’re seeing now. At one time, bitcoin was being called a safe haven, an inflation hedge, and a deflation hedge, among other things. Right now, it’s clear it’s a risk asset and one that could be in for a lot more pain if a key support level is broken. We’ve seen $30,000 tested many times before and each time it has rallied strongly from that level – there have been brief moves below but they’ve always been short-lived – establishing it as a critical level of support in the process. If that level significantly breaks, it could be a real blow and we could see sentiment turn far more negative rapidly. Below here, there’s no obvious support until $20,000 with $24,000 perhaps offering some reprieve. The reason is the rally after breaking above $20,000 was so aggressive it took only 17 days to hit $30,000 and it’s barely traded below since. Could we see a repeat in reverse? This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Bitcoin added a symbolic 0.1% on Tuesday, ending the day around $31K and adding another $500 this morning. Ethereum has been adding 0.2% in the past 24 hours. Other leading altcoins from the top 10 showed mixed dynamics, ranging from a 10.8% decline (Avalanche) to a 0.2% gain (Binance Coin). The total capitalisation of the crypto market, according to CoinMarketCap, declined 1.6% overnight to $1.42 trillion. The Bitcoin Dominance Index rose 0.4% to 42.2%. The Cryptocurrency Fear and Greed Index added 2 points to 12 by Wednesday, starting recovery from an area where it rarely lingered. Cardano creator Charles Hoskinson has announced the beginning of new crypto winter Although Bitcoin managed to close Tuesday’s trading with a proper strengthening, a powerful offensive did not happen, as bull buying was choked again by stock market pessimism. It remains a situation where the stock or debt markets will determine whether we see another rebound from the critical $30K level or a failure of support and a complete surrender of the buyers. Cardano creator Charles Hoskinson has announced the beginning of new crypto winter. However, he does not see any factors that could trigger the market to rebound soon. Read more: Making Interest On Crypto Holdings!? Aqru: Cryptocurrency Staking Platform | FXMAG.COM Cryptocurrency investment company Galaxy Digital reported a net loss of $111.7 million for the first quarter of this year. Galaxy Digital founder Mike Novogratz allowed bitcoin to decline further in the coming quarters due to the negativity on Wall Street. Meanwhile, last week saw an influx of institutional investors into crypto funds after four weeks of capital withdrawals. El Salvador has bought another 500 bitcoins at an average of $30,744 MicroStrategy chief executive Michael Saylor said it has no plans to sell its cryptocurrency reserves. He said bitcoin would have to fall below $3562 for the firm to have insufficient assets to secure loans. El Salvador has bought another 500 bitcoins at an average of $30,744 amid a fall in the crypto market. Last autumn, the country’s recognition of BTC as legal tender was a landmark event for the global economy.

Stock markets are pushing cautiously higher again on Wednesday as investors await a huge inflation report from the US ahead of the open on Wall Street. The report is expected to be the first that will indicate inflation has peaked and a sharp decline is underway. That doesn’t mean inflation is expected to return to target any time soon but it will come as a massive relief to investors, households and businesses alike after months of watching price pressures accelerate higher. The fear is that the data today doesn’t tell us what we want to hear. A slower deceleration or worse, none at all, would be an enormous blow and I expect equity markets would feel the full effects of it. The extent to which that would be the case would obviously depend on how bad the data is. On the flip side, considering the shock to equity markets recently, a low reading that marks the end of the ascent and falls in line with the view that price pressures will ease considerably in the months ahead could be very positive for stock markets. Investors will be hoping the inflation data can provide a tailwind for equity markets for the rest of the year and perhaps even allow for interest rate expectations to be pared back. There may be some scarring from the last six months which may stop investors from getting too excited initially but indices are at a steep discount now after recent moves and a low inflation reading could tempt some back in. Lagarde drops subtle rate hike hint After months of pushback, it seems the ECB is forming a consensus around raising interest rates in the coming months. Noises from policymakers in recent weeks have alluded to that and Christine Lagarde today ever so slightly deviated from her policy of ambiguity to hint at the possibility of a July hike. That would align with where markets stand on the lift-off and make the ECB the latest central bank to abandon its transitory argument and belatedly start tightening. Whether Europe will pay the price for their hesitation, as may be the case in the UK, US, New Zealand and many other countries, isn’t clear. It may well depend on how swiftly it agrees to raise rates and how entrenched inflation becomes. There’s no doubt they don’t quite have the problem the UK and US have, for example. Bitcoin stays above crucial support as Terra plunges Bitcoin survived a brief dip below USD 30,000 on Tuesday and is making small gains so far today, easing pressure on the critical support in the process. It could have been much worse for bitcoin if it got caught up in the Terra debacle, which is down more than 50% on the day despite being a stablecoin by definition. That it hasn’t sent shockwaves throughout the broader crypto space will come as a relief to bitcoin HODLers for now. But that could change and a break below USD 30,000 could make them very uncomfortable. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Bitcoin is now sitting around a strong support zone and round number 30kMoreover, the 30k is a demand zone as we previously had an aggressive movement upward from it. Keep in mind that no matter how strong a support is, it can still be broken. That's why we don't buy blindly. Read next: (BTC) Bitcoin’s Price Tanks Along With Equities. U.S. Stock Market Awaits CPI Report, Poor Performance From The FTSE 100.  As per my trading style: I will be looking for potential bullish reversal setups on lower timeframes (like a double bottom , trendline break , and so on...) Meanwhile, BTC can still break the 30k support downward, in this case, a movement till the next rejection would be expected which would be the 20k demand zone in red Read next: Tech Stocks Plunging!? Trade Desk Earnings Announcement Pushes Tech Giant Stock Down, Russian Ruble Strengthening and Ford Motor Co.  Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich

Bitcoin managed a small bounce in the bear trend to my 32000/32100 level & collapsed again as expected in the bear trend. Obviously outlook remains negative. Ripple broke the 100 week moving average at 6700/6750 & then 9 month trend line support at 5680/40 as predicted for another sell signal targeting 4300/4250. No trouble hitting that target!! We have hit 3450 & of course the outlook remains negative with further significant losses expected. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM Ethereum broke the 500 day moving average at 2800/2750 as predicted for an important sell signal hitting all downside targets as far as 1920. A huge profit ion shorts & outlook remains negative with further significant losses expected as panic sets in. Today's Analysis Bitcoin break below 28600 is our next important sell signal as we hit 27000. Huge profits on our shorts this week. Further losses are expected of course, as we look for 25800/700 & 24400/200, eventually as far as 21900/700. Gains are likely to be limited as I always write!! Resistance at 28800/29000 & 30000/30200. Read next: (BTC) Bitcoin’s Price Tanks Along With Equities. U.S. Stock Market Awaits CPI Report, Poor Performance From The FTSE 100.  Ripple panic has set in & I imagine stops have been triggered after important levels were broken as we target 3400, 3200, 300 & eventually 2500. Huge profits on our shorts this week. Ethereum crashed after my new sell signal to my target of 1920. Next target is the 8 month trend line support at 1800/1700. I would not try longs myself. A break below here is obviously another important sell signal. Losses could then accelerate to the downside. We could hit 1300 very quickly. Gains are likely to be limited with strong resistance at 2100/2200. Shorts need stops above 2300. 2900/2950. Shorts need stops above 3000. A break higher is a medium term buy signal.   To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk

Summary:  Fires are springing up everywhere and it feels like markets are under siege, but the volatility curve doesn’t even look particularly alarming yet. We focus on the areas that could continue to keep markets on tilt, including the breaking of the largest "stable" coin Tether already in evidence today after Bitcoin melted through a huge chart level yesterday, the Hong Kong dollar peg under pressure, the Tesla-Bitcoin-Ark triangle, etc. In FX, the focus is on the jolt higher in the JPY even more so than the ongoing USD strength, while commodity traders have it relatively easy on the volatility front. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX. Listen to today’s podcast and have a look at today’s slide deck. Follow Saxo Market Call on your favorite podcast app: Apple  Spotify PodBean Sticher If you are not able to find the podcast on your favourite podcast app when searching for Saxo Market Call, please drop us an email at marketcall@saxobank.com and we'll look into it.   Read next: Saxo Bank: Markets are assessing the global growth outlook and the pace of Fed tightening| FXMAG.COM   Questions and comments, please! We invite you to send any questions and comments you might have for the podcast team. Whether feedback on the show's content, questions about specific topics, or requests for more focus on a given market area in an upcoming podcast, please get in touch at marketcall@saxobank.com.   Read next: Philip Morris Buys Match, Fed Members Spills The Tea And Gold Price Nears Quite Low Values | Saxo Bank| FXMAG.COM   Source: Saxo Bank

Summary:  The larger than expected April U.S. CPI and core CPI reversed the attempt of the equity market to rebound and brought major U.S. equity indices firmly back onto their down trends. The surprising strength in services is particularly worrying and the money market is pricing in 143 bp hikes (i.e. almost three 50 bp hikes) in the next three FOMC meetings. What’s happening in markets? What spooked markets overnight was US inflation rose more than expected, which gives the Fed more ammunition to rise rates (more than they mapped out). Rising rates will cause further carnage, as when rates rise, bond yields tend to rise, which may trigger the US 10-year bond yield, to rise back over 3%,  (which is a better yield than the Nasdaq and S&P500 combined – just think about that for a second). As such the Nasdaq (with an average dividend yield of 0.9%) continued to fall and lost 3.2%. The Tech heavy index is down 28% from its high, and the technical indicators suggest it will likely continue to fall on a weekly and monthly basis, which supports our bearish fundamental view. The S&P500 lost 1.7% on Wednesday, (it has an average dividend yield of 1.66%). The U.S. treasury yield curve flattened 13 bps since yesterday’s CPI release.  The 10-year yield fell 10 bps to 2.89% while the 2-year yield rose 3 bps to 2.64%. It is worthwhile to note that the 10-year yield has fallen 30 bps in just three days from its May 9 high of 3.20%.  The treasury market is sending signals of investors being worried about a sharper slow-down in the U.S. economy.  In Australia, the Aussie share market fell 1% and hit a support level 6,991 points, but energy companies hit new highs. If the ASX200 falls further bellow this level, it could fall 2.2% to the next support (at 6,837 points). The technical indicators, suggest this could occur, with the MACD and RSI suggesting a weekly and monthly could pull back. We ideally need to see better than expected news to break the cycle. All in all though, it’s worthwhile continuing to back those stocks that are outperforming and are likely to outperform this trajectory, with rising cashflow and earnings growth. Just take a look at today’s best performing stocks as an example. In Energy there is Ampol (ALD) up 3.5% with its shares hitting a 2-year high, and Viva Energy (VEA) up 3% to its highest level since 2019. China and Hong Kong equity markets rebounded from their lows. After a weak opening, stocks traded in Hong Kong, Shanghai and Shenzhen rebounded from their lows.  Hang Seng Index (HSI.I) was down  1% and CSI300 (000300.I) recouped all its early loss to close the morning session flat.  Infrastructure related A share, in particular county seat modernization names rallied.  Sunac China, China’s 4th largest property developer, failed to make a coupon payment of a dollar bond.  The news pushed down the shares of other Chinese developers traded in Hong Kong. Asia stocks follow Wall Street down. Japan’s Nikkei (NI225.I) was down 1% in the Asian morning following US CPI release overnight and the slide in US indices overnight. Steel makers like Japan Steel (5631) and Kobe Steel (5406) surged in a big way after earnings results and profit outlook was better than expected. Singapore’s STI Index (ES3) was also in the red. Singtel (Z74) was up over 1% leading on the index as it broadened its 5G network to underground metro line. Chinese electric car maker Nio (NIO) is going to start trading on the Singapore stock exchange form May 20. FX range trading continues. The USD had a hard time reacting to the US inflation print, suggesting range trading patterns may continue for now. While USDJPY slipped below 130 on lower real yields, EUR was still unable to overcome inflation and growth worries even with Lagarde hinting at a rate hike for July on stickier inflation, it dipped slightly to remain above 1.05 support. AUDUSD’s move above 0.7000 was not sustained and NZDUSD returned to sub-0.6300. GBPUSD is making a steadier move below 1.2300 ahead of UK GDP release. What to consider? US inflation may have peaked but the descent will be slow and painful. April U.S. CPI came at 8.3% YoY.  Core CPI, which excludes food & energy,  was 6.2% higher from a year ago.  Reiterating what we said in this piece, while headline inflation may be showing signs of peaking as base effects turn, it is likely to stay at these elevated levels. It was important to note that the 0.6% monthly increase of Core CPI  has brought inflation back to the uncomfortably high 0.5%-0.6% range from October 2021 to February 2022, after a temporary moderation in March.  Another worrying sign was the +0.7% core service price, which was the highest since 1990. Regular rents and owner-equivalent rents rose faster than expected and prices of reopening related spending, such as airfares and hotel lodging rose sharply. The US consumer remains very strong, which gives pricing power to companies. Services inflation will also broaden further, suggesting we are in for a higher-for-longer mode. Take into the mix, a prolonged war, sustained disruptions from China and still-tight labor market. This means Fed’s hawkish rhetoric is set to stay. The money market has moved towards pricing in a 50bp hike in the Sept FOMC on top of the two 50bp moves anticipated for June and July. Oil bulls pin their ears back: Both the Saudi oil Chief and UAE have warned that all energy sectors are running out of capacity, which supports our view that the oil price will hit higher levels over the longer term and also once China is out of lockdown. That being said, Saudi Aramco (ARAMCO) has strengthened regardless, along with many other oil companies, as their cashflows are rising at record paces. ARAMCO has now overtaken Apple as the world’s most valuable company. As we have been saying for some time now, it’s wise to consider revisiting oil stocks and oil ETFs. For instance, the ETF OOO that tracks the oil price, looks like it could break above a key trigger level and re-enter another uptrend, so that’s worth consideration. Also have a look at your favorite large oil stocks with rising earnings growth. Malaysia’s rate hike will be a signal for the region. Bank Negara Malaysia started the rate hike cycle yesterday as we had expected, turning away from its patient stance in April. This comes on the back of a similar rate increase decision from the Reserve Bank of India last week in an out-of-cycle meeting. Ringgit interest rate swaps are now pricing in over 75-basis points of rate hikes over the next 6 months. This similar surge in hawkish pricing is being seen across emerging Asia, suggesting more pain for EM bonds. Potential trading ides that could be worth your consideration? US dollar and US dollar ETFs move higher. As mentioned last week the USD dollar is supported higher along with US dollar ETFS. The Invesco USD Index Bullish Fund ETF closed at a brand new record high overnight. BetaShares USD ETF is also hitting higher levels and looks like. As previously mentioned, also as our head of FX Strategy also said, we are bullish on the USD, as higher volatility and bond yield are expected. This supports the USD and USD ETFs. BTC s in a bearish long term downtrend pressured by long term yield rising. For investors it could be worth considering shorting Bitcoin given rates are likely to continue to rise for now. Buy USDHKD 12-month forward. HKD interest rates are set to rise towards or even go above those of the USD as the Hong Kong Monetary Authority (HKMA) withdraw HKD liquidity in its move to buy HKD against USD.  As the USDHKD spot rate touches 7.85, which is the weak-side convertibility undertaking of the HKMA, the HKMA intervened by buying HKD versus the dollar this morning.  Given the strength of the US dollar and the weak economic sentiment in Hong Kong and the mainland, it is likely that the HKMA will have to continue to intervene and withdraw HKD liquidity further.  Given the ample ammunition that the HKMA has in defending HKD’s Linked-exchange Rate Regime, investors who are interested in betting on persistent weakness in the HKD would be better off to take a long position of USDHKD 12-month forward (currently at around 7.83) which can go up as HKD interest rate rise even when the spot being capped at 7.85.  Key economic releases this week: Thursday: India April CPI, US April PPI Friday: US Univ of Michigan sentiment, US import price index   Key earnings release this week: Thursday: Verbund, KBC Group, Brookfield, Fortum, Siemens, Allianz, Merck, Hapag-Lloyd, RWE, Atlantia, Snam, NTT, SoftBank Group, Aegon, Naturgy Energy, Motorola Solutions Friday: Deutsche Telekom, KDDI, Honda Motor, Alibaba   For a global look at markets – tune into our Podcast.  Source: Saxo Bank

George Soros' speculative attack on the Bank of England, the removal of the EUR/CHF minimum exchange rate and finally the collapse of Lehman Brothers - these are the events of the classical financial world, the scale of which may reflect what is currently happening in the world of cryptocurrencies. Unexpected factors like war could have led to price declines Sentiment in the cryptocurrency market seemed to have already deteriorated since last autumn, which could also correlate with the traditional stock markets that are part of the riskier asset category. Expectations of interest rate hikes, the cash phase of the business cycle in anticipation of higher inflation and lower GDP growth, or later, unexpected factors like war could have led to price declines. However, the current events, are no longer just a simple correction, but a true test of the entire crypto-system. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM The collapse of the NFT market The breakdown of the Terra ecosystem by detaching the 1:1 convertibility of UST to USD, the fall of its main token - Luna, from over $100 a piece to a dozen cents, the collapse of the NFT market, the attempt to detach the convertibility of the largest stablecoin USDT from 1:1 to USD, and the massive discounts of bitcoin and ethereum, the largest cryptocurrencies - these are all events that happen at once, and in a very short time, and the market is trying to cope with them. This, in turn, can cause extreme fear among cryptocurrency holders similar, perhaps, to the fear in the eyes of tech company stock holders when the dot-com bubble burst. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM On the occasion of the prior cycle, the price of BTC fell from around $19,000 to around $3,000 Nevertheless, anyone who participates in the cryptocurrency market must also be aware of its cyclicality, especially when it comes to bitcoin and halving cycles. From this perspective, a classic bear market may currently be forming ahead of the next halving, which is expected to occur in March 2024. From a historical perspective, it is during the time occurring between the two halving cycles (the previous one was in 2020) that the biggest correction in the BTC price may occur. On the occasion of the prior cycle, the price of BTC fell from around $19,000 to around $3,000. If this is compared to bitcoin's peak in 2021 around $70,000, then even a drop to $11,000 would not be out of the ordinary. However, never before has the cryptocurrency ecosystem been as extensive as it is now, nor has it been as large as it is now, hence perhaps the scale of the repricing in the cycle may not be as significant as before. Daniel Kostecki, Director of the Polish branch of Conotoxia Ltd. (Forex service) Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

TL;DR Bitcoin derives its value from a variety of different attributes. Ultimately, both crypto and fiat currencies have value because of trust. As long as society believes in the fiat system, money will continue to have value. We can say the same for Bitcoin: it has value because users believe it does, but there is more to consider. Unlike fiat, Bitcoin has no central bank, and its decentralized structure allowed for the creation of a unique financial system. Blockchain technology offers a great deal of security, utility, and other benefits. It also provided a revolutionary way of dealing with the transfer of value globally. In many ways, Bitcoin can also act as a store of value similar to gold. Introduction One of the biggest struggles for newcomers to crypto is grasping how and why a cryptocurrency like Bitcoin (BTC) can have value. The coin is digital, has no physical asset backing it up, and the concept of mining can be very confusing. In a sense, mining creates new bitcoins out of thin air. In practice, though, successful mining requires a very costly investment. But how can all of this make BTC valuable? Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM Think about the money we all use daily. There’s no longer gold or assets backing up our banknotes. Money that we borrow often exists only as numbers on a screen, thanks to fractional reserve banking. Governments and central banks like the Federal Reserve can create new money and increase its supply through economic mechanisms. Although there are remarkable differences, BTC, as a digital form of money, shares some similarities with the fiat money we are all used to. So, let’s discuss first the value of fiat money before we dive into the cryptocurrency ecosystem. Learn more on Binance.com Why does money have value? In short, what gives money value is trust. Essentially, money is a tool used to exchange value. Any object could be used as money, as long as the local community accepts it as payment for goods and services. In the early days of human civilization, we had all kinds of objects being used as money - from rocks to seashells. What is fiat money? Fiat money is the one issued and officialized by a government. Today, our society exchanges value through the use of paper notes, coins, and digital numbers on our bank accounts (which also define how much credit or debt we have).   Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM In the past, people could go to the bank to exchange their paper money for gold or other precious metals. Back then, this mechanism ensured that currencies like the U.S. dollar had their value tied to an equivalent amount in gold. However, the gold standard was abandoned by the majority of nations and is no longer the basis of our monetary systems.  After removing a currency's ties to gold, we now use fiat money without any backing. This uncoupling gave governments and central banks more freedom to adopt monetary policies and affect the money supply. Some of the main characteristics of fiat are: It’s issued by a central authority or government. It has no inherent value. It’s not backed by gold nor any other commodity. It has an unlimited potential supply. Why does fiat have value? With the removal of the gold standard, we seemingly have a currency without value. Money does, however, still pay for our food, bills, rent, and other items. As we discussed, money derives its value from collective trust. Therefore, a government needs to firmly back and successfully manage a fiat currency to succeed and maintain a high level of trust. It’s easy to see how this breaks down when faith in a government or central bank is lost due to hyperinflation and inefficient monetary policies, as seen in Venezuela and Zimbabwe. Why does crypto have value? Cryptocurrencies have some things in common with our standard idea of money, but there are some remarkable differences. Although some crypto like PAXG are pegged to commodities like gold, most cryptocurrencies have no underlying asset. Instead, trust once again plays a significant role in the value of a cryptocurrency. For example, people see value in investing in Bitcoin, knowing that others also trust Bitcoin and accept BTC as a payment system and medium of exchange. For some cryptocurrencies, utility is also an important factor. To access certain services or platforms, you may need to use a utility token. A service in high demand will therefore provide value to its utility token. Not all cryptocurrencies are the same, so their value really depends on the features of each coin, token, or project.   Read next: Binance Academy: Crypto Fear And Greed Index Explained| FXMAG.COM When it comes to Bitcoin, we can narrow it down to six features that we’ll discuss in more detail later: utility, decentralization, distribution, systems of trust, scarcity, and security. What is intrinsic value? A lot of the discussion regarding Bitcoin’s worth is whether it has any intrinsic value. But what does this mean? If we look at a commodity like oil, it has intrinsic value in producing energy, plastics, and other materials. Stocks also have intrinsic value, as they represent equity in a company producing goods or services. In fact, many investors perform fundamental analysis in an attempt to calculate an asset’s intrinsic value. On the other hand, fiat money has no intrinsic value because it’s just a piece of paper. As we’ve seen, its value derives from trust. The traditional financial system has many investment options that carry intrinsic value, from commodities to stocks. Forex markets are an exception as they deal with fiat currencies, and traders often profit from short or mid-term exchange rate swings. But what about Bitcoin? Why is Bitcoin valuable? The value of Bitcoin is a subjective topic with many differing opinions. Of course, one could say that the market price of Bitcoin is its value. However, that doesn’t exactly answer our question. What’s more important is why people judge it to have value in the first place. Let’s dig a bit deeper into some of the characteristics that make Bitcoin valuable. Bitcoin’s value in utility One of the major benefits of Bitcoin is its ability to quickly transfer large amounts of value worldwide without the need for intermediaries. While it can be relatively expensive to send a small amount of BTC due to fees, it’s also possible to send millions of dollars cheaply. Here, you can see a Bitcoin transaction worth around $45,000,000 (USD) sent with a fee of just under $50 (as of June 2021).     While Bitcoin isn’t the only network that makes this possible, it’s still the largest, safest, and most popular. The Lightning Network also makes small transactions possible as a layer two application. But regardless of the amount, being able to make borderless transactions is certainly valuable. Bitcoin’s value in decentralization Decentralization is one of the key features of cryptocurrencies. By cutting out central authorities, blockchains give more power and freedom to the community of users. Anyone can help improve the Bitcoin network due to its open-source nature.  Even the cryptocurrency’s monetary policy works in a decentralized manner. The work of miners, for example, involves verifying and validating transactions, but it also ensures that new bitcoins are added into the system at a predictable, steady rate. Bitcoin’s decentralization gives it a very robust and secure system. No single node on the network can make decisions on everyone’s behalf. Transaction validation and protocol updates all need to have group consensus, protecting Bitcoin from mismanagement and abuse. Bitcoin’s value in distribution By allowing as many people as possible to participate, the Bitcoin network improves its overall security. The more nodes connected to Bitcoin's distributed network, the more value it gets. In distributing the ledger of transactions across different users, there’s no need to rely on a single source of truth. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM Without distribution, we can have multiple versions of the truth that are difficult to verify. Think about a document sent via email that a team is working on. As the team sends the document among themselves, they create different versions with different states that can be difficult to track. Also, a centralized database is more susceptible to cyber-attacks and outages than a distributed one. It’s not uncommon to have issues using a credit card because of a server issue. A cloud-based system like the one of Bitcoin is maintained by thousands of users around the world, making it much more efficient and secure. Bitcoin’s value in systems of trust Bitcoin’s decentralization is a huge network benefit, but it still needs some safeguarding. Getting users to cooperate on any large, decentralized network is always a challenge. To solve this problem, known as the Byzantine General’s Problem, Satoshi Nakamoto implemented a Proof of Work consensus mechanism that rewards positive behavior.  Trust is an essential part of any valuable item or commodity. Losing trust in a central bank is disastrous for a nation's currency. Likewise, to use international money transfers, we have to trust the financial institutions involved. There is more inbuilt trust in Bitcoin's operations than other systems and assets we use daily. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM However, Bitcoin users don't need to trust each other. They only need to trust Bitcoin's technology, which has proven to be very reliable and secure and the source code is open for anyone to see. Proof of Work is a transparent mechanism that anyone can verify and check themselves. It’s easy to see the value here in generating consensus that is almost always error-free. Bitcoin’s value in scarcity Inbuilt within Bitcoin's framework is a limited supply of 21,000,000 BTC. No more will be available once Bitcoin miners mine the last coin around 2140. While traditional commodities like gold, silver, and oil are limited, we find new reserves every year. These discoveries make it difficult to calculate their exact scarcity.  Once we have mined all BTC, Bitcoin should, in theory, be deflationary. As users lose or burn coins, the supply will decrease and likely cause an increase in price. For this reason, holders see a lot of value in Bitcoin's scarcity. Bitcoin's scarcity has also led to the popular Stock to Flow model. The model attempts to predict BTC's future value based upon Bitcoin mining per year and the overall stock. When back-tested, it quite accurately models the price curve that we have seen so far. According to this model, the main driving force in Bitcoin's price is its scarcity. By having a possible relationship between price and scarcity, holders find value in using Bitcoin as a store of value. We'll dive further into this concept at the end of the article.   Bitcoin’s value in security In terms of keeping your invested funds safe, there aren’t many other options that provide as much security as Bitcoin. If you follow the best practices, then your funds are incredibly secure. In developed countries, you can easily take for granted the security offered by banks. But for many people, financial institutions cannot provide them the protection they need, and holding large amounts of cash can be very risky. Malicious attacks to the Bitcoin network require owning more than 51% of current mining power, making coordination on this scale almost impossible. The probability of a successful attack on Bitcoin is extremely low, and even if it happens, it won’t last long. The only real threats to the storage of your BTC are: Fraud and phishing attacks Losing your private key Storing your BTC in a compromised custodial wallet where you don’t own the private key By following best practices to make sure the above doesn’t happen, you should have a level of security that exceeds even your bank. The best part is that you don’t even have to pay to keep your crypto safe. And unlike banks, there are no daily or monthly limits. Bitcoin allows you to have full control over your money. Bitcoin as a store of value Most of the characteristics already described also make Bitcoin a good fit as a store of value. Precious metals, U.S. dollars, and government bonds are more traditional options, but Bitcoin is gaining a reputation as a modern alternative and digital gold. For something to be a good store of value, it needs: Durability: So long as there are still computers maintaining the network, Bitcoin is 100% durable. BTC cannot be destroyed like physical cash and is, in fact, more durable than fiat currencies and precious metals. Portability: As a digital currency, Bitcoin is incredibly portable. All you need is an Internet connection and your private keys to access your BTC holdings from anywhere. Divisibility: Each BTC is divisible into 100,000,000 satoshis, allowing users to make transactions of all sizes. Fungibility: Each BTC or satoshi is interchangeable with another. This aspect allows the cryptocurrency to be used as an exchange of value with others globally. Scarcity: There will only ever be 21,000,000 BTC in existence, and millions are already lost forever. Bitcoin’s supply is much more limited than inflationary fiat currencies, where the supply increases over time. Acceptability: There's been widespread adoption of BTC as a payment method for individuals and companies, and the blockchain industry just continues to grow every day. If you want to explore the topic a bit more, check out Is Bitcoin a Store of Value?. Closing thoughts There is, unfortunately, no single and neat answer as to why Bitcoin has value. The cryptocurrency has the key aspects of many assets with worth, like precious metals and fiat, but doesn't fit into an easily identifiable box. It acts like money without government backing and has scarcity like a commodity even though it's digital.  A general lack of knowledge and misunderstanding has led some to question whether Bitcoin has any value at all. With words like "scam" and "Ponzi scheme" used, it's easy to see that some people have unfounded fears. But, ultimately, Bitcoin runs on a very secure network and the cryptocurrency has a considerable amount of value placed on it by its community, investors, and traders.

Summary: Rising inflation and hawkish reserve banks left investors risk averse. No particular news driving the stock price turn around for the market. Read next: Stock Market Showing Signs Of Slight Recovery Amidst U.S CPI Report Release  Bitcoins prices crashing The price of Bitcoin crashed almost 7% during the trading day on Thursday. The reason for this seems to be the same as what is happening with investors on the wider financial market, investors are turning risk averse and selling off their Bitcoin holdings in the wake of economic insecurity. The current crash is dropped lower than the value during the crash in July 2021. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM The Fed’s increasing interest rates was an initial driver for investor sentiment to change bearish, the increasing interest rates made it more expensive to make bets on the financial markets. Investors are less confident in the ability of cryptocurrencies to hold their value as regulators battle rising inflation. Bitcoin USD Price Chart GBP likely to weaken further According to dailyfx.com, investors are betting on the Pound Sterling to strengthen against the US Dollar. The information the market has right now is that the UK economy is slowing, and likely to enter into a period of stagflation, this will likely cause the value of the GBP to weaken further. The future value of the GBP is not looking too bright. Nasdaq turns around. The Nasdaq has seen poor market performance during the trading week. However, during trading on Thursday, we have seen the stock price for the Nasdaq turn around. According to finance.yahoo.com, there does not seem to be any particular news driving this stock turn around. Nasdaq Price Chart Read next: Tech Stocks Plunging!? Trade Desk Earnings Announcement Pushes Tech Giant Stock Down, Russian Ruble Strengthening and Ford Motor Co.  Sources: slate.com, poundsterlinglive.com, finance.yahoo.com

US inflation data didn’t print a soft-enough figure to reverse the market selloff. Disappointing US inflation data sent another shock wave to the US stock markets sending all major US indices tumbling on Wednesday. The S&P500 lost more than 1.5%, while Nasdaq tumbled more than 3%. Bitcoin slumped below the 2021 lows on the back of a broad-based risk-off selloff, and panic due to TerraUSD losing its dollar peg earlier this week. The US dollar remained upbeat, and the dollar index returned above the 104 mark as the lower-than-expected cool down in the US inflation figure revived the Fed hawks. Gold rebounded from the 200-DMA, as the US 10-year yield eased despite yesterday’s higher-than-expected inflation print in the US The pound-dollar is testing the 1.22 this morning as the UK-European relationship is souring on the Northern Ireland headache. Gold rebounded from the 200-DMA, as the US 10-year yield eased despite yesterday’s higher-than-expected inflation print in the US, as US crude saw a decent dip buying interest below the $100 per barrel, even with the souring prospects of a healthy global economic recovery. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM   Watch the full episode to find out more! 0:00 Intro 0:28 Panic in cryptocurrencies as Terra loses dollar peg 2:22 Coinbase down on SEC filing about bankruptcy 4:08 Markets down on softer cool down in US inflation 6:37 Disney down, Rivian up after earnings announcement 7:25 USD up, pound down on souring EU-UK relations 8:23 Gold, oil rebound Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.

Bitcoin added 0.6% on Thursday, ending the day around $28,600, a modest gain but a significant intraday win. Bitcoin managed to find support near $25K on Thursday morning, reversing a multi-day decline. Since the start of the day on Friday, the rate has moved back above $30.5K (+6.9%). Total crypto market capitalisation, according to CoinMarketCap, jumped 14% overnight to $1.32 trillion This could be both the start of an extended buying wave and a trap for the bulls. After serious oversold previous days, altcoins rose at a double-digit pace in the last 24 hours. Ethereum is adding 16%, once again above $2K. The top 10 other leading altcoins are soaring from 25% (Solana) to 41.4% (Cardano). Total crypto market capitalisation, according to CoinMarketCap, jumped 14% overnight to $1.32 trillion. The cryptocurrency fear and greed index was down 2 points to 10 by Friday and remains in “extreme fear” The bitcoin dominance index lost 0.3 percentage points to 44.4% due to weaker altcoins. The cryptocurrency fear and greed index was down 2 points to 10 by Friday and remains in “extreme fear”, but it largely ignores the optimism of recent hours. Thus, the indicator’s current low levels might also attract “buy when you are scared” buyers. LUNA lost nearly 100% of its value Do Kwon, head of Terraform Labs, presented a recovery plan for the UST stablecoin. Against this backdrop, the cryptocurrency LUNA lost nearly 100% of its value. The Terra blockchain has halted. According to media reports, Do Kwon was previously behind Basis Cash – another failed stablecoin blockchain project. The USDT stablecoin price tested the $0.94 level on Thursday amid market turbulence. Paolo Ardoino, technical director of issuer Tether, said the company has enough reserves to buy back all assets at a 1:1 ratio to the US dollar. Tron founder Justin Sun saw signs of an imminent attack on the USDD algorithmic stack coin launched on the Tron network in May. Sun announced a $2 billion allocation from the TRON DAP Reserve organisation to prevent such a scenario.

The dust seems to be settling in cryptocurrencies. Terra and Luna are now worth almost nothing but Bitcoin returned past the $30K, which is a sign that the confidence in the broader sector may have not been damaged as much as we first feared. European stocks opened in the green and US futures are pointing to the upside, yet volatility remains high, warnings that the wind could change direction rapidly, and the high volatility environment is more favourable for further losses than sustainable gains. European gas futures gained another 13% yesterday, and the pressure on energy prices remain clearly tilted to the upside   On the geopolitical front, the Europeans are going around their own sanctions against Russia by opening accounts with Gazprom bank to pay the Russian gas in exchange of rubles (!!), but the latest news suggest that Russia is now cutting the German gas as a retaliation to its sanctions. Of course, the Europeans have been quite bad in this poker game - they showed too openly how scared they were to lose the Russian gas that now, Russia is gaining the upper hand. European gas futures gained another 13% yesterday, and the pressure on energy prices remain clearly tilted to the upside. Saudi Aramco has surpassed Apple in terms of market capitalization this week, to become the world’s most valuable company, and the US dollar index extended gains to a fresh 20-year high. Everyone is now wondering when the dollar rally will end! Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM   Watch the full episode to find out more! 0:00 Intro 0:32 The dust settles in cryptocurrencies 2:22 Market update 3:13 Energy remains upbeat... 4:21 ... and Aramco is now the world's biggest compagny 5:00 High vol hints at further headache 6:34 Meme pop up 7:28 Dollar extends gains, raising bets that it's soon time for correction! Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.

Gold held near three-month lows near 1,825 USD per ounce on Friday and is falling for the fourth week in a row from 1990 USD. One factor for the decline in gold prices could be the strengthening U.S. dollar, which seems to have stabilized near the 20-year high reached on Thursday. The USD strengthening may have followed the release of US consumer and producer inflation data, which seems to reinforce expectations of aggressive interest rate hikes by the Federal Reserve. This, in turn, may raise concerns about a weaker global economic outlook, helping to boost USD demand. The recent strengthening of the USD may also be related to the divergence in monetary policy on both sides of the Atlantic Recall that the U.S. core CPI remained near a 40-year high of 8.3 percent in April, while the core CPI also exceeded expectations at 6.2 percent, fueling fears that high price levels may persist. Thus, markets are anticipating increases of 50 basis points at each of the next two Fed meetings in June and July. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM This could also be significant for the EUR/USD major pair, which approached the 1.0350 level this week, its lowest level since December 2016. The recent strengthening of the USD may also be related to the divergence in monetary policy on both sides of the Atlantic. The Fed is moving towards aggressive hikes, while the European Central Bank may raise interest rates by 50-75 basis points in total by the end of the year. Thus, the scale of divergences seems to be very large. Bitcoin rebounded yesterday from its lowest level in almost 17 months and crossed the $30,000 mark today In addition to gold and the dollar, attention should again turn to the cryptocurrency market and towards stock market indices, where in both cases an attempt to defend against possible further declines may be underway. Bitcoin rebounded yesterday from its lowest level in almost 17 months and crossed the $30,000 mark today. Despite this, the world's most popular and widely used cryptocurrency is at this point on its way to its worst week in four months, falling more than 10 percent. Yesterday, the market additionally saw a likely panic as the tether to USD exchange rate departed at 1:1. At the apogee of fears for the collapse of the largest stablecoin, the cryptocurrency market seemed to have reached its weekly lows. Currently, USDT is trying to get back to the 1:1 exchange rate, and the rest of the market seems to be stabilizing. Read next: (BTC) Bitcoin’s Price Tanks Along With Equities. U.S. Stock Market Awaits CPI Report, Poor Performance From The FTSE 100. Daniel Kostecki, Director of the Polish branch of Conotoxia Ltd. (Forex service) Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Summary: The market's reaction to the Fed's announcement for the potential for further interest rate hikes. DJI, Bitcoin and USD Dow Jones rallied on friday The Dow Jones rallied during early trading on Friday. The market seems to be attempting to recover from the poor performance of the past week. This price increase comes after the Federal Reserve Chairman announced that two more 50 bp rises in interest rates are on the table for the next two Fed meetings. The daily rise is unlikely to rule out that the Dow Jones will end the trading week on an overall loss. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM DJI Price Chart US Dollar reacts well to the Fed's announcement On Friday the US Dollar strengthened further against its major rival, the Euro. In the wake of the Feds continuing hawkish attitude, the US Dollar is continuing on its strengthening path. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM The week for the US Dollar has been volatile, earlier in the week market participants were hesitant to place their confidence in the greenback whilst they awaited the U.S CPI report. When the report exceeded market participants expectations along with the Fed’s recent announcement regarding the likelihood of further interest rate hikes the US Dollar recovered and saw further strength. Bitcoin showing signs of recovery The price of Bitcoin has also recovered today after setting its lowest level since December 2021 on Thursday. The price of Bitcoin recovers back up to over $30,000. Whether or not this rally will continue is in question, especially with the volatility the markets saw this past week. Read next: (BTC) Bitcoin’s Price Tanks Along With Equities. U.S. Stock Market Awaits CPI Report, Poor Performance From The FTSE 100. Bitcoin Price Chart Sources: investors.com, finance.yahoo.com

TL;DR With Dual Investment, there’s an opportunity to employ different strategies depending on your market view.  For less-experienced investors, you can easily take profits, buy dips, and earn interest on your crypto and stablecoin holdings.  For experienced investors, it’s possible to enter multiple Dual Investment positions and take advantage of a short-term volatile market. Introduction For users looking to diversify their investments, Binance Earn’s products are a good place to start. Dual Investment is one of the more advanced ways to earn and provides a way to buy or sell a cryptocurrency at your desired price at your desired date in the future. Regardless of your position, you’ll earn a high-interest income no matter which direction the market goes. So now we understand the basic concept, how exactly do we start earning? There are, in fact, many ways to use Dual Investment. Each one can complement your trading strategies and predictions for the market. Let’s get stuck in! Learn more on Binance.com 1. Taking profits Although it can be easy to get carried away, it’s always good to take some profits when you can. With this particular Dual Investment strategy, you can benefit from additional returns and realize some of your crypto gains in the future. 1. Select the Sell High Dual Investment product on Binance Earn. In this example, we’ll look at an Ether (ETH) product. The current ETH price is $2,900 (all prices given in BUSD). 2. We’ll set a Target Price of $3,500 and the Settlement Date for a week’s time.  3. We’ll then have the chance to sell the deposited ETH at the Target Price if it’s reached on the Settlement Date in a week. If ETH is 3,500 BUSD or above on the Settlement Date, it will be sold for BUSD. This removes the situation of forgetting to take your profits or not doing so due to greed! At the same time, you’ll also be earning APY. 4. If your Target Price isn’t reached on the Settlement Date, you’ll still earn APY on the deposited ETH and receive the ETH back.   2. Buying the dips Buying the dip is another common trading strategy that allows you to take advantage of a market downturn. By purchasing at a lower price, you anticipate a later market upturn when you can sell for a profit. With Dual Investment, it’s simple to plan for potential future dips while earning an additional interest income. 1. Select the Buy Low Dual Investment product on Binance Earn. In this example, we’ll look at a BTC product purchasable with Tether (USDT) . BTC’s current price is $39,000. 2. We’ll choose a Target Price of $36,500 for BTC with a Settlement Date in one week. 3. If the Market Price is $36,500 or lower on our Settlement Date, for example $36,000, BTC will be purchased at our Target Price. You’ll also get your earned interest too.  4. If your Target Price ($36,500) isn’t reached on the Settlement Date, you’ll still earn APY on the deposited USDT before receiving it back.   3. Growing your HODLed crypto When entering into Dual Investment, you don’t always have to be betting on market movements. In fact, you can make good use of the product even when the price remains relatively stable or doesn’t reach your Target Price. Here, we’re just looking to make returns on crypto through interest. 1. Select the Sell High Dual Investment product on Binance Earn. In this example, we’ll look at a BTC product. BTC’s current price is $39,000. 2. We’ll choose a Target Price of $40,000 for BTC with a Settlement Date in one week. 2. To simply earn APY, we hope that Bitcoin’s price remains stable or decreases and doesn’t meet the Target Price. 3. At the Settlement Date, BTC’s price is $38,000. This means you keep your deposited BTC and receive all earned interest. This provides an easy way to earn high interest on your crypto holdings.   4. Growing your stablecoin stash Many of us keep stablecoins as a way to keep captured profits in the blockchain ecosystem. But that doesn’t mean that we can’t make them start earning too. This strategy is similar to the previous one, in that we hope the Target Price isn’t reached. 1. Subscribe to a Buy Low Dual Investment product on Bina nce Earn. In this example, we’ll look at a MATIC product purchasable with USDT. MATIC’s current price is $1.20. 2. We’ll choose a Target Price of $1.10 for MATIC with a Settlement Date in one week. 2. To earn stablecoin APY, we hope that MATIC’s price remains stable or increases and doesn’t meet the Target Price. 3. At the Settlement Date, MATIC’s price is $1.22. This means you keep your deposited USDT and receive all earned stablecoin interest. This provides a simple way to earn high interest on your stablecoin holdings.   5. Compound earning in a short-term volatile market Our previous four strategies have provided simple ways to earn interest and buy or sell at preset prices according to your strategy. However, there’s also the opportunity for more advanced plays with Dual Investment. As always, investing has an inherent risk. This strategy should only be used by experienced investors who feel comfortable in volatile markets. With this application, we expect market volatility but have no clear view of whether the market is bullish or bearish. To take advantage of this situation, we need to use a combination of Buy Low and Sell High products. Let’s look at an example. 1. Select the Sell High Dual Investment product on Binance Earn. In this case, we’ll look at a BNB product. BNB’s current price is $395. 2. We’ll choose a Target Price of $420 for BNB with a Settlement Date in one week. 3. The market is volatile, meaning two things may happen.  If the Target Price isn’t met, you’ll keep your BNB and earned interest. You can create a new Sell High order, allowing you to earn more interest or sell for a higher price.  If the Target Price is met, you’ll sell your BNB at $420 per unit and gain interest. You can now place a Buy Low order, giving you the chance to purchase crypto at a lower price.  4. Every time your Target Price is met, go for Dual Investment products in the other direction. If the Target Price is not met, continue on with the same direction until the Target Price is met.  4. Playing the market in this way lets you keep on buying lower and selling higher, all while compounding your returns.   6. Double-sided positions Our final strategy has similarities with the previous one, but in this case we open two positions simultaneously. To do this, you’ll need to hold two types of tokens: one in crypto (like BNB) and one in stablecoin (like USDT). Let’s see how it works if the price of BNB is currently $390.  1. Use BNB to subscribe to a Sell High BNB Dual Investment product with a Target Price of $420 and a Settlement Date in one week. 2. Use USDT to subscribe to a Buy Low BNB Dual Investment product. Set your Target Price to $360 with a Settlement Date in one week. 3. The market is volatile leading to three possible outcome:  The Target Price of both positions isn’t met as the price stays between $360 and $420. In this case, you’ll keep your original BNB and USDT deposits, as well as earned interest in both currencies.  The price of BNB reaches $420 or above, meaning the Sell High position’s Target Price is reached. Your BNB and accumulated interest will be sold for $420 per unit, and you’ll also keep your Buy Low USDT deposit plus earned interest. In conclusion, you get to take profit from selling BNB and also accumulate interest in USDT. The price of BNB reaches $360 or above, meaning the Buy Low position’s Target Price is reached. You’ll purchase BNB at your desired price and receive your interest, and you’ll also keep your Sell High BNB deposit plus earned interest. In conclusion, you get to buy BNB at a lower price while also accumulating interest in BNB. Closing thoughts There’s a lot more to Dual Investment than just earning interest and buying or selling. You can use the product as a way of planning your trading strategies with the added bonus of APY. So, if you’re looking for a way to diversify your investments, Dual Investment is a great product to explore. Disclaimer: Dual Investment is not a principal-guaranteed product. Subscribed assets are locked and users are not able to cancel or redeem before the Settlement Date. If the market price goes far below your Target Price to buy on the Settlement Date, you will be buying at a relatively higher price than the market price, and vice-versa. Binance does not assume liability for any losses incurred from price fluctuations. Please read through the product terms carefully before subscribing.

Bitcoin is down 9.4% over the past week, ending at around $31,000. Ethereum lost 16.1%, while other leading altcoins in the top 10 fell from 13.9% (Binance Coin) to 25.4% (Solana). The total capitalisation of the crypto market, according to CoinMarketCap, sank 15% over the week to $1.30 trillion. Bitcoin has declined for six weeks in a row, along with stock indices The bitcoin dominance index jumped 2.9 points to 44.4% over the same period due to a sharp weakening of altcoins. The cryptocurrency fear and greed index fell 8 points in the week to 10 and continues to be in "extreme fear". By Monday, the index had climbed to 14 points, thanks to the cryptocurrency market's retreat from local lows at the end of last week. Bitcoin has declined for six weeks in a row, along with stock indices. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM A prolonged one-way move in Bitcoin was last seen in late 2018 when the first cryptocurrency hit a cyclical bottom. That was followed by many more months of sluggish momentum, so investors have an essential question: choose a low point to buy or join the move when it is certain. Prudence suggests that it is less risky to follow the second strategy. The story of the Terra (LUNA) crash and the TerraUSD stablecoin project added to the negativity on the crypto market, hitting all altcoins hard Last week's decline intensified after breaking through last year's lows near $30,000, becoming the most significant weekly drop since January. The story of the Terra (LUNA) crash and the TerraUSD stablecoin project added to the negativity on the crypto market, hitting all altcoins hard. According to Global Macro Investor CEO Raul Pal, May and June will be the most worrying months, so a new wave of sell-offs in the crypto market is inevitable. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM Robert Kiyosaki, the world-famous author of the bestselling book Rich Daddy, Poor Daddy, is looking to buy bitcoin once it tests the 'bottom' at $17,000 Legendary investor Bill Miller said he sold some of his BTC holdings. Although bitcoin may continue to decline in the short term and even drop by half from current levels, Miller looks at bitcoin positively and expects it to grow over a long time. Robert Kiyosaki, the world-famous author of the bestselling book Rich Daddy, Poor Daddy, is looking to buy bitcoin once it tests the 'bottom' at $17,000. The businessman has once again expressed distrust of the US government.

BTC is sitting around a strong support zone 30k and lower trendline in green so we will be "looking" for buy setups on lower timeframes. For the bulls to take over, for the correction to start, we need a break above the red trendline. Meanwhile, we are a bearish and if we break below 30k, a movement till the next rejection would be expected (demand zone 20k) Which scenario do you think is more likely to happen? and Why? Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM Always follow your trading plan regarding entry, risk management, and trade management. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM Good luck! All Strategies Are Good; If Managed Properly! ~Rich  

Between 5 and 12 May 2022, Bitcoin fell by over $13,000, i.e. over 33%. It increased Bitcoin depreciation which started on 28 March, to over $21,000, i.e. 44%. In turn, counting from the peaks of November 2021, BTC decreased by over $42,000, i.e. 61%. Such a significant sale caused the exchange of the oldest virtual currency to drop from $69,000 to below $27,000, which was the lowest level since December 2020. It is noteworthy that this trend did not stop around the critical level of support of $29,000, where various types of demand reactions have occurred many times in the past. However, considering that the demand reaction that appeared last weekend was much more modest than the previous ones around this support, it seems highly probable that it will be only a temporary correction, after which the BTC rate will return to losing value. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM If this sell-off leads to a sustained drop below $24,000, we will have to prepare for a further depreciation towards $24,000 or even below $20,000. The current situation on the Ethereum quotes is also identical. The price of this cryptocurrency fell between 3 April and 12 May this year by 52%, dropping to the Tech Support area of $1,750, the lowest level since July 2021. The demand reaction that appeared last weekend was much more modest than the rebound observed in this region in May, June and July 2021. We assume that it will be only a correction, after which ETH will return to around $1,750. A permanent drop below this price level could open the door for further declines to $1,400 — around this price is another significant support around which we could expect a greater demand response. Solana (SOL) Loses Ca. 77% Looking at the Solana quotes, we notice that the price of this cryptocurrency fell between 2 April and 12 May this year by almost 77%, dropping to the area of technical support of $37, which was the lowest level since August 2021. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM In the second half of last week, the demand reaction appeared. Although it could signal a potential rebound towards the previously defeated support (now resistance) of $78, taking into account the general pessimism currently observed in the broad cryptocurrency market, it seems that the increases can end much earlier. The SOL rate could return to around $37 or even fall below this support if this happens. It would indicate a potential for further depreciation towards $23. The current situation on the Cardano quotes is also very interesting. The price fell between 4 April and 12 May this year by 69%, dropping to the area of technical support of $0.40, which was the lowest level since the beginning of February 2021. It is where the demand response appeared, and if the several-day increases continued, the ADA rate could even return to the area of previously defeated support (now resistance) of $0.75. However, there are many indications that this rebound will ultimately turn out to be only a correction, after which Cardano’s quotations will return to the area of $0.40, or they will drop even lower. Start your trading adventure with Geco.one

LUNA price plummets nearly 38% despite a 200% increase in trade volume. Do Kwon, CEO of Terraform Labs, has written a proposal to fork LUNA to a new chain with a cap of 1 billion coins. Binance CEO CZ believes Do Kwon’s plan to save LUNA will not work as forking does not add value to the new fork. Do Kwon’s proposal to fork Terra’s LUNA to a new chain has received criticism from Binance CEO and cryptocurrency proponents. The Luna Foundation Guard has spent $3 billion stabilizing TerraUSD’s peg, however, UST has failed to recover. Terra’s LUNA struggles to recover despite forking plan The Luna Foundation Guard has spent billions of dollars reinstating TerraUSD’s (UST) peg. However, UST price is struggling to make a comeback. At the time of writing, UST is priced at $0.082, 91.8% lower than its $1 peg. Do Kwon, the CEO of Terraform Labs, came up with a recovery plan for Terra’s tokens. The Luna Foundation Guard Council proposed forking LUNA to a new chain, using a snapshot from before the attack on the blockchain. The recovery plan proposes a cap of 1 billion coins, where 900 million tokens of the new chain are set aside to be returned to LUNA and UST holders from before the de-pegging event and chain hold, and the last 100 million tranche is to be staked at the network genesis state. Proponents criticize Do Kwon’s plan for LUNA recovery Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange, Binance, critiqued Do Kwon’s recovery plans and revealed that he does not believe that LUNA can recover and make a comeback to $120. Zhao stated that, This won’t work. – forking does not give the new fork any value. That’s wishful thinking. – one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges). On behalf of Binance, CZ asked the Terra team to compensate retail users first and supported the prioritization of the smallest wallets with UST deposits on Anchor. Binance has nearly $1.6 billion tied up in LUNA’s collapse. Kwon has requested community members for patience as Terraform Labs works on multiple tasks to stabilize UST, repeg it and drive a recovery in LUNA. Still, the CEO of CryptoQuant revealed that market maker(s), including the ones hired by LFG, sent 84,000 BTC, equivalent to $2.5 billion, to multiple exchanges last week. It is unclear whether the BTC tokens were sold, but it is likely that Coinbase digested a majority of the selling pressure and efforts to recover algorithmic stablecoin UST failed. Larry Cermak, VP of research at IntoTheBlock, pointed out that LFG has gone from $3.1 billion in its reserves a week ago to $87 million now as the non-profit organization spent nearly $3 billion on defending UST’s peg. Despite the efforts, the stablecoin collapsed. VisionPulseTrades evaluated LUNA price trend and revealed that if the bottom is in, LUNA needs to gain confidence among investors to begin a trend reversal. If so, the next bullish target for is capped between $0.00025 and $0.00033. A recovery to $120 is therefore unlikely for LUNA, as VisionPulseTrades emphasizes the demand for the token comes from investors expecting a recovery and a purchase of Terra by the LFG. Terra LUNA's collapse dragged the whole crypto market After Terra LUNA's implosion, most crypto assets suffered heavy losses. What's next for Bitcoin?

Table of Contents · Crypto Market Overview · Top Altcoin Gainers and Losers · News Highlights This Week · Bitcoin (BTC/USDT) Analysis on KuCoin Chart On Monday, cryptocurrency prices remained bearish amidst a dramatic drop in LUNA and UST. The global cryptocurrency market cap was $1.30 trillion, up from $1.14 trillion. Total crypto market volume fell from $80.16 billion to $79 billion.   Nigeria's Securities and Exchange Commission has issued new rules to guide the issuance, custody, and exchange of digital assets and classify them as securities, which is a positive development in the crypto space. Nonetheless, the Terra ecosystem collapse remained one of the top stories in the previous week.   Let's delve deeper and take a quick look at the latest crypto market news and Bitcoin's technical outlook.   Crypto Market Overview Bitcoin dominance has soared to 44.4% up from 40.60% last week. The leading cryptocurrency by the market was trading at $30,426 while Ethereum, the second-largest cryptocurrency by market capitalization, has plunged by 15.88% in the past seven days. On Monday, it was trading at $2,076.89, a 3.27% surge in 24 hours.   Maker (MKR), Pax Dollar (USDP), and Binance USD (BUSD) remained the top performers from the previous week. Maker increased by more than 29% to trade at $1,517.75, while Pax Dollar increased by 0.50% in the last seven days, maintaining a $1 peg.   Cryptocurrency Market Heatmap | Source: Coin360   While TerraUSD (UST) experienced a massive plunge, losing 82.15% to $0.1779 and Waves (WAVES) lost 48% in the last seven days. The crypto market's trading sentiment has shifted negatively due to risk-off sentiment, and digital assets are struggling to rise.   Top Altcoin Gainers and Losers Top Altcoin Gainers: ➢ Maker (MKR) ➠ 29.66%➢ Pax Dollar (USDP) ➠ 0.50% ➢ Binance USD (BUSD) ➠ 0.13%   Top Altcoin Losers: ➢ TerraUSD (UST) ➠ 82.15% ➢ Waves (WAVES) ➠ 48.05% ➢ Lido DAO (LDO) ➠ 46.54%   News Highlights Here are some of the events that made the previous week's crypto news section stand out:   Crypto’s Bloodbath: Terra (LUNA) Nears $0 If you haven't heard, TerraUSD (UST), a cryptocurrency that is supposed to remain stable at $1 (also known as a stablecoin), is no longer $1. It's usually a bad sign when a crypto token is supposed to be $1 but isn't. Furthermore, the LUNA crypto token, which underpins UST, has lost nearly all of its value. These losses have been widely reported, so this is likely the umpteenth piece about UST you've seen.   Sister asset TerraUSD, a so-called stablecoin designed to trade at around $1, broke its peg last weekend, falling to 16 cents, algorithms are supposed to help keep TerraUSD at $1, but the token uses luna as a stabilizing mechanism when the price deviates.   During the previous week, Terra (LUNA) prices fell to near $0.01. The LUNA token is currently trading at $0.0002426, down from $80 just a week ago. The platform behind the beleaguered luna cryptocurrency said that it had temporarily halted its blockchain to stop transactions after the token's price dropped nearly 100 percent overnight, making the network more vulnerable to an attack.   There are several stablecoins available, including tether (USDT), USD coin (USDC), Binance USD (BUSD), and Dai (DAI). Notably, we also had TerraUSD (UST). These are the five most valuable stablecoins, worth approximately $160 billion. These stablecoins are collateralized stablecoins issued by centralized entities (USDT, USDC, and BUSD). These entities own a treasury of dollars that back each coin, allowing the holder to redeem each coin for $1 from the issuer. However, it would be fair to say that such an incident has shaken investor sentiment.   Nigeria's Markets Regulator Publishes Rules on Crypto Assets Nigeria's Securities and Exchange Commission has made new rules about how digital assets can be issued, stored, and traded. The central bank of Nigeria prohibited banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies last year.   However, the country's young, tech-savvy population has embraced cryptocurrencies, for example, using peer-to-peer trading provided by cryptocurrency exchanges to circumvent the financial sector ban.   On its website, Nigeria's Securities and Exchange Commission (SEC) published the "New Rules on Issuance, Offering Platforms, and Custody of Digital Assets." These rules classify digital assets as securities, which is a good thing for the crypto space. Such government action points to cryptocurrency acceptance and, as a result, helps to support cryptocurrency prices.   Dogecoin Has Potential as a Currency, Elon Musk Says All that the crypto market requires now is support from crypto influencers such as Elon Musk. So, despite massive sell-offs in the cryptocurrency market, Tesla CEO Elon Musk has issued another bullish statement about the meme cryptocurrency dogecoin (DOGE).   Musk stated that dogecoin "has currency potential." His tweet responded to a comment by dogecoin co-creator Billy Markus, who noted that the meme cryptocurrency appeals to him because "it knows it is stupid."   Elon Musk, the CEO of Tesla, reaffirms that Dogecoin "Has Potential as a Currency" as the Twitter deal is put on hold. The Tesla CEO's tweet reiterated his previous claim that DOGE is the best cryptocurrency for transactions.   On the other hand, he believes Bitcoin is better suited as a store of value. Musk, also known as the Dogefather in the crypto community, stated that dogecoin is "the people's crypto." Elon Musk, a long-time supporter of DOGE, tweeted in April 2019: "Dogecoin may be my favorite cryptocurrency." It's cool." In addition to bitcoin and ether, Musk revealed that he owns dogecoin.   Despite Musk's upbeat tweet, the cryptocurrency market is still struggling to recover, but he has provided some encouragement.   Germany Declares Crypto Gains Tax-Free After 1 Year While Indian investors are disappointed by crypto taxes, the German Ministry of Finance has issued an official letter confirming that the sale of crypto assets after one year is tax-free, even if the coins are used for staking and lending. According to the finance ministry, one of the most heatedly debated issues at a hearing last year was whether the tax-free holding period for crypto lending and staking should be a minimum of ten years.   According to the ministry, in collaboration with the federated states: “The letter now states that the so-called 10-year period does not apply to virtual currencies.” This could be another factor to drive demand in the cryptocurrency market.   Crypto Calendar: Events to Watch This Week The cryptocurrency calendar features two cryptocurrency-related events, one from Basic Attention Token (BAT) and one from EOS. The EOS Hard Fork is scheduled for May 19. The cryptocurrency mainnet adheres to a set of rules.   Changes are made on a regular basis to improve network performance or to correct errors. A hard fork is incompatible with previous versions of programs that support the cryptocurrency network, and miners must update their software to continue mining cryptocurrency.   In some cases, a completely new cryptocurrency may emerge due to a hard fork, as happened with Bitcoin Cash.   Fear & Greed Index Signals Extreme Fear, Cryptos on a Downtrend As investors seek to invest in risk-free securities rather than risky assets such as stocks and cryptocurrencies, the market's trading sentiment has shifted to bearish or risk-off. As discussed in last week's weekly report, companies using debt financing must pay higher interest rates as interest rates rise, reducing their profitability. As a result, investors seeking dividends or capital gains typically sell securities or stocks on the stock exchange.   Traders shift their funds to less risky assets such as government bonds and treasury bills. As a result, the global stock markets and cryptocurrency prices positively correlate, as we recently discovered. As a result, a decline in the stock market causes a decrease in cryptocurrencies.   Fear & Greed Index | Source: Alternative   The market's risk-off sentiment has triggered extreme risk in the market. As a result, the fear and greed index shows extreme fear, indicating that cryptocurrency traders' bearish bias is weakening. Extreme fear can mean overly concerned investors and oversold cryptocurrency markets. Typically, this is when investors look for a buy entry as the coins are already cheaper. So, look for buying opportunities as the bulls are expected to enter soon.   Bitcoin (BTC/USDT) Analysis on KuCoin Chart Bitcoin is currently trading at $29,600, with a trading range of $33,150 to $28,040. Overall, the strong bearish bias in the leading cryptocurrency appears to have abated, with the BTC/USD forming neutral candles.   On the daily timeframe, the BTC/USDT has formed a Doji candle and gained support at the 28,000 level. A Doji candle followed by a strong bearish price action typically indicates a weakness in selling pressure and a potential bullish reversal.   The RSI and MACD are holding under 50 and 0, respectively, indicating a selling trend. The RSI, on the other hand, has bounced off after testing 20 levels, indicating a possible reversal. As a result, an increase in Bitcoin demand and a breakthrough $33,1050 resistance exposes the BTC price to $37,500 resistance.   BTC/USDT Chart on the Daily Timeframe | Source: KuCoin   The downward trendline and EMA series are adding to the selling pressure on BTC/USD. On the downside, the leading cryptocurrency, Bitcoin’s immediate support stays at the $28,000 level. A decline in demand and a bearish break below $28,000 expose Bitcoin to a $24,350 support level.   Did you know that KuCoin offers premium TradingView charts to all its clients? With this, you can step up your Bitcoin technical analysis and easily identify various crypto chart patterns.     Sign up on KuCoin, and start trading today! Follow us on Twitter >>> https://twitter.com/kucoincom Join us on Telegram >>> https://t.me/Kucoin_Exchange Download KuCoin App >>> https://www.kucoin.com/download Also, Subscribe to our Youtube Channel >>>Listen to 60s Podcast Source: KuCoin

Bitcoin price sees bulls popping back above $30,000 as it reclaims an important psychological area. BTC price is set to break above the high of last week and could rally to $36,709.19 by the end of this week. Expect to see a continuing rally with all stars aligned towards $44,088.73. Bitcoin (BTC) price sees bulls returning to the scene to pick up the pieces from the scattered BTC price that saw slaughter in the past trading days. BTC price quoting at a lucrative discount has made the asset attractive for cherry-picking traders and investors. With the Relative Strength Index (RSI) showing that Bitcoin still has a heartbeat, expect to see a full recovery towards $45,261, claiming back some critical levels in the process. BTC price set for complete recovery as heartbeat strengthens on the RSI Bitcoin price is showing signs of recovery after it took a beating for over two whole trading weeks. The most significant catalyst in that case was the dollar and its impact on BTC price. With the balance outweighing, in favour of the mighty dollar, BTC price is currently trading at a very nice discount. Should Bitcoin price drop below $30,000 somewhere this week, expect it to be scooped up quite rapidly and to quickly trade higher as the RSI is leaving the oversold area, proving that demand is there. BTC price thus sees investors and traders returning after a short hiatus as the dust settles over a few risk events, and some tail risks have gotten deflated. Hand in hand with that, the dollar is backing off, allowing some room for Bitcoin price to trade higher, with $36,709.19 acting as a line in the sand for this week. In case we see a weekly close above there, expect to see a rally next week towards $45,261.84, on the way up to the 200-day Simple Moving Average. BTC/USD daily chart Investors could be hesitant to pick up BTC prices after the image of cryptocurrencies got dented last week with Terra’s LUNA crash. Lack of interest could trigger a rejection at the first big hurdle at $31,321.98. Bears will probably use that level as entry to push price action back down and break below $30,000.00 again. As the price trades sideways, the risk is that interest fades and BTC price slips below $28,695 to test $24,000 to the downside.

Bitcoin has been hovering around the 30K mark for a second day, forcing the rest of the crypto market to balance declines and gains. Ethereum has lost 1.2% in 24 hours but remains near 2,000. Altcoins from the top ten are mostly declining, losing between 0.7% (DogeCoin) and 3.8% (Polkadot). Tron is gaining 1.7% but has been little changed since the end of last week. Total crypto market capitalisation, according to CoinMarketCap, declined 1.1% overnight to $1.29 trillion. Bitcoin’s dominance index remained unchanged at 44.3%. Bitcoin has stalled at the psychologically significant 30K level The Cryptocurrency Fear and Greed Index was up 4 points to 12 by Wednesday and remains in “extreme fear”. The index’s recovery from lows since 2019 is due to a waning selloff but not a market reversal to growth. Bitcoin has stalled at the psychologically significant 30K level and has also lost the momentum of the rebound at the 76.4% Fibonacci line from the downward move from late March to last Thursday’s lows. This is a typical shallow counter-trend correction. The inability of the market to develop the offensive from the current levels would raise the question that the final target for the downtrend would be the 161.8% area of that move, which is near $11.3K. Such a setback would cancel out all upside momentum from October 2020. So far, this scenario looks exceptionally pessimistic and needs to converge the disappointment of crypto-neophytes on top of an actual collapse of the global economy and stock market. Such a dip would leave Bitcoin’s price at only 16% of its peak, which has happened several times in its history. Read next: Altcoins: What Is Monero? Explaining XMR. Untraceable Cryptocurrency!? | FXMAG.COM However, a significant drop below previous cyclical highs ($20K) would be unusual, although Bitcoin was previously repurchased on similar drawdowns. Perhaps a more cautious scenario would be a dip into the $20-23K area to close the gap at the end of 2020 or a return to the 2017 highs. The realist-optimistic scenario points to the possibility of cautious buying by long-term investors from current levels. Following TerraUSD, another stable coin - DEI - lost its peg to the US dollar However, it does not suggest a new wave of explosive growth, as financial conditions and a return to the area at the start of 2021 are disappointing for those investors who have been buying cryptocurrencies as a way to make a quick buck. Moreover, inflation has weaned 10% off the dollar’s purchasing power over this period. Among the news that caught our eye were: According to CoinShares, institutional investors invested $274 million in crypto funds last week, a record since the start of the year. Following TerraUSD, another stable coin - DEI - lost its peg to the US dollar. According to the Congressional Research Service (CRS), the stable coin market needs strict regulation. Because of the speculative nature of cryptocurrencies, investors need more protection, or they could lose confidence in the markets, SEC chief Gary Gensler said. Read next: (TRX) TRON USD Decentralised Blockchain Platform That Focuses On Entertainment And Content Sharing. Altcoins: A Deep Look Into The TRON Network | FXMAG.COM The Portuguese authorities are considering introducing a tax on income earned from investments in digital assets. Dogecoin co-founder Billy Marcus called 95% of crypto-assets “trash” and suggested that 70% of investors don’t even understand the fundamentals of the crypto market.

On Wednesday, Bitcoin was down 3%, ending the day around $29,200, remaining near that mark on Thursday morning. Ethereum lost 4.3%. Other altcoins in the top 10 fell from 1.8% (BNB) to 9.8% (Cardano). The Cryptocurrency Fear and Greed Index was up 1 point to 13 by Thursday and remains in ‘extreme fear’ territory The total capitalisation of the crypto market, according to CoinMarketCap, fell 3.6% overnight to $1.24 trillion. The Bitcoin Dominance Index rose 0.4% to 44.7%. The Cryptocurrency Fear and Greed Index was up 1 point to 13 by Thursday and remains in ‘extreme fear’ territory. Bitcoin resumed its decline on Wednesday amid a sharp weakening of US stock indices, which fell even more than BTC. The Nasdaq and S&P 500 lost more than 4% on Wednesday. The impressive oversold strength accumulated by the crypto market after it collapsed 40% from late March levels (versus 16% for the S&P500) temporarily limits the declining scale. Read next: Altcoins: What Is Monero? Explaining XMR. Untraceable Cryptocurrency!? | FXMAG.COM Nevertheless, the overall negative market sentiment has prevented the bulls from turning out in full force. So far, it isn’t easy to see reliable signs of oversold or rebound formation. We should be prepared for the cryptocurrency market to test support at last week’s lows again in the near term. We consider the area near 20K the final target for a potential selloff, which corresponds to Bitcoin’s long-term support line. Billionaire Bill Ackman said one of the main reasons for Terra’s collapse was a pyramid scheme of business Among the news that caught our eye were: Former US Federal Reserve chief Ben Bernanke called Bitcoin a harmful currency. He lashed out at cryptocurrencies, calling them “a great tool for extortionists”. Binance lost $1.6 billion due to the collapse of Terra tokens on the exchange’s balance sheet. Billionaire Bill Ackman said one of the main reasons for Terra’s collapse was a pyramid scheme of business. Investors were promised a 20% yield backed by a token whose value was determined by demand from new investors. Microsoft has warned crypto investors of an increase in the activity of a new type of malware called Cryware South Korea’s Financial Services Commission, amid tensions in the Stablecoin market, is proposing to register cryptocurrencies based on their level of risk to investors. Microsoft has warned crypto investors of an increase in the activity of a new type of malware called Cryware, which allows the theft of assets from hot cryptocurrency wallets. Birgit Rodolph, executive director of the German BaFin, called for universal regulation of the DeFi industry across the EU. Follow FXMAG.COM on Google News

Hi traders, today we’re seeing a similar pattern across several coins. After yesterday’s failed lower break attempt, ranges have developed. We’re seeing this pattern on a few, BTC, BNB, ETH, SOL, ADA, and XRP. We’ve zeroed in on Bitcoin as on the 4-hour chart. The range is quite symmetrical. We saw 29K come in yesterday as a demand point, and for now, price continues to hold above. The range can be broken down into inside action and overall action. On the side, we are looking at two possible directions. One, we see price maintain the pattern and move back to the bottom of the range. Two buyers regain momentum as we see a test or break of the range roof. If number two occurs, that will line up with the overall action idea of a new breakout due to steady demand seen yesterday rejecting seller attempts to break lower. We can also see a trend break on the four-hour chart and a fast trend break on the daily. If sellers can not only move back to the range base but break through it, we would look at the 27,600 area to possible offer buyer resistance If buyers clear the range, we could see resistance develop from 32,200. On the other side, if sellers can not only move back to the range base but break through it, we would look at the 27,600 area to possible offer buyer resistance. Read next: Altcoins: What Is Litecoin (LTC)? A Deeper Look Into The Litecoin Platform| FXMAG.COM It will be interesting to see which side wins this battle. Hoping all of our readers have a wonderful weekend. Bitcoin 4H Chart The post Crypto News: Bitcoin is range-bound. Will we see a break today? appeared first on Eightcap.

US stocks edged lower as Wall Street became more focused over a deteriorating growth outlook that could see stubbornly high pricing pressures for the Fed into a much more aggressive tightening cycle. It doesn’t seem like we will see a deceleration in pricing pressures and that has many traders worried that the Fed will send the economy into a recession.  Right now markets are functioning properly but if we see another 5% decline with stocks, credit conditions will worsen and that could provide the Fed an excuse to stop tightening so aggressively.  Tighter financial conditions will hurt the parts of the economy that are doing well and further selling of stocks could remain the theme if the S&P 500 enters a bear market.  The S&P 500 is looking vulnerable here as more strategists slash their forecasts as recession risks rise.  Fed (Federal Reserve) Fed’s George affirmed the board’s stance that a half-point rate increase pace is appropriate.  The Fed remains focused with fighting inflation and they will remain aggressive with tightening policy until liquidity becomes a concern.  FX (Forex) The dollar is in freefall as investors buy up Treasuries over concerns that the economy is headed for a rough patch. The dollar was ripe for a pullback and today’s across the board weakness might continue a while longer. Read next: Altcoins: What Is PancakeSwap (CAKE)? A Deeper Look Into The PancakeSwap Platform| FXMAG.COM US Data A wrath of US economic data painted a gloomy picture of the economy: Jobless claims rose, the housing market is clearly cooling, another Fed regional survey showed the weakest print since early in the pandemic and the leading index turned negative.  Weekly jobless claims rose from 197,000 to 218,000. The Philly Fed manufacturing outlook fell sharply from 17.6 to 2.6.  Surging mortgage rates and record home prices led to a drop in April existing home sales  Crude Oil Price Crude prices rallied as the EU nears a key deadline to pay for Russian oil with a roubles account.  The oil market just has too many risks to supplies and still a strong short-term travel outlook both in the EU and US.  WTI crude should be well supported at the $100 level as US production is slowly increasing. Recession fears are rising but that impact won’t be felt for quite a while, which means the oil market won’t see imminent crude demand destruction. Crude inventories are too low for oil traders to turn bearish with WTI crude. Read next: Altcoins: What Is Litecoin (LTC)? A Deeper Look Into The Litecoin Platform| FXMAG.COM Gold Price Gold is acting like a safe-haven again as recession fears are triggering massive demand for Treasuries, which is sending both yields and the dollar lower. The US labor market is showing signs of weakness and that could lead fears that consumer spending will deteriorate much faster than most are expecting. The dollar is getting sold against everything and that is great news for gold. Right now, investors are looking for safety and Treasuries and gold should both outperform in the short-term.   Bitcoin (BTC) Bitcoin is hovering around the $30,000 level as investors continue to shy away from stocks.  A weaker dollar and bear market stock fears are making Bitcoin attractive again.  It seems the fallout from all the stablecoin drama that sent cryptos sharply lower is finally fading.  Bitcoin looks poised to consolidate here, but bulls should be happy to see prices are not mimicking what happens with the stock market.   Read next: Altcoins: What Is Monero? Explaining XMR. Untraceable Cryptocurrency!? | FXMAG.COM This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Follow FXMAG.COM on Google News

Bitcoin fluctuates around $30K and has crossed that line daily in one way or another over the past 12 days. A 3.5% increase in the day’s results on Thursday turned into another pullback on Friday morning. Ethereum has strengthened by 3.5% in the past 24 hours, finding itself pegged at $2000. By Friday, the cryptocurrency fear and greed index is unchanged at 13 points (“extreme fear”) Other altcoins in the top 10 gained between 0.4% (Solana) and 5.5% (XRP). Total cryptocurrency market capitalisation, according to CoinGecko, rose 3.1% overnight to $1.28 trillion. The Bitcoin Dominance Index rose 0.1% to 44.8%. By Friday, the cryptocurrency fear and greed index is unchanged at 13 points (“extreme fear”). Read next: Altcoins: What Is Litecoin (LTC)? A Deeper Look Into The Litecoin Platform| FXMAG.COM MicroStrategy CEO Michael Saylor said his company would buy bitcoin at any price until it reached a million dollars Bitcoin and the entire cryptocurrency market’s protracted tug-of-war promises to resolve with a strong move in one direction. However, there is hope for both bulls and bears. The latter has a minor advantage, as we saw this area touch down from above in January and June-July 2021. But now, all the fighting is concentrated below. Among the crypto news that caught our eye: MicroStrategy CEO Michael Saylor said his company would buy bitcoin at any price until it reached a million dollars. Bitcoin’s drop below $30,000 last week came after a large volume of the cryptocurrency entered exchanges. According to IntoTheBlock, traders have sent around 40,000 BTC to exchanges since May 11. According to an audit report by accounting firm MHA Cayman, USDT stable coin issuer Tether Holdings Limited reduced its reserves in the commercial papers by 17%, improving the quality of its funds. Read next: Altcoins: What Is PancakeSwap (CAKE)? A Deeper Look Into The PancakeSwap Platform| FXMAG.COM The Ethereum development team said it would migrate the Ropsten test network to the Proof-of-Stake (PoS) consensus algorithm on June 8 2022. According to the legislation, SEC chief Gary Gensler has warned that the regulator is ready to take new measures against unregistered cryptocurrency companies. The US Commodity Futures Trading Commission (CFTC) believes that amid a rise in cryptocurrency crime, the watchdog must strengthen regulation of digital assets to crack down on fraud and manipulation. Follow FXMAG.COM on Google News

Bitcoin is down 3.6% over the past week, ending near $29,900. Ethereum lost 5.8%, while other leading altcoins in the top 10 fell from 5.4% (XRP) to 9.2% (Cardano). The exception was Binance Coin (+3.3%). By Monday, the cryptocurrency fear and greed index is down 4 points to 10 According to CoinMarketCap, the total capitalisation of the crypto market has changed little over the past seven days at 1.29 trillion, as the decline at the beginning of the last week was largely reversed by its end. By Monday, the cryptocurrency fear and greed index is down 4 points to 10. Bitcoin has declined for seven consecutive weeks amid a sell-off in stock markets. Bitcoin is in its 13th day of trading through the $30K level. Galaxy Digital CEO Mike Novogratz said that the altcoin market will collapse by another 70% Over the weekend, we saw almost traditional buying by retail investors, but their strength only allowed them to bounce back from Friday's losses. If we look at Bitcoin as a leading indicator of risk demand rather than tailing off moves in the S&P500 or Nasdaq, we may well be in a situation where the tail rules the dog. Galaxy Digital CEO Mike Novogratz said that the altcoin market will collapse by another 70% with US Fed policy and a bearish trend. Read next: Altcoins: What Is Litecoin (LTC)? A Deeper Look Into The Litecoin Platform| FXMAG.COM Microsoft co-founder Bill Gates said he only invests in assets that "deliver returns". In his view, cryptocurrencies do not fall into that category. Billy Marcus, one of the creators of Dogecoin, said the cryptocurrency market is a mix of unhealthy optimism, FOMO, panic, scams, gambling, and widespread stupidity. He said he has not been involved in the DOGE project for more than 7.5 years but describes himself as a coin supporter. Follow FXMAG.COM on Google News ECB head Christine Lagarde said that, unlike central bank digital currencies, cryptocurrencies have no value and are not based on anything. A group of G7 finance ministers pointed to the importance of accelerated legislation to regulate digital assets following the collapse of the UST stable coin and LUNA cryptocurrency.

Bitcoin fell between 5-12 May 2022 by over $13,000, i.e. over 33%. It increased the range of the ongoing from 28 March 2022 depreciation to over $21,000, i.e. 44%. In turn, counting from the peaks of November 2021, BTC decreased by over $42,000, i.e. 61%. Bitcoin Price (BTC/USD) Such a significant sale caused the exchange of the oldest virtual currencies to drop from $69,000 to below $27,000, which was the lowest level since December 2020. It is noteworthy that this trend did not stop around the critical level of support of $29,000, where various types of demand reactions have occurred many times in the past. It was no different now. This time, however, the rebound turned out to be extremely modest, and as a result, Bitcoin found itself in a horizontal trend. Considering that the consolidations are corrective formations, statistically, more often, the market will push out of this type of system in the direction consistent with the earlier move. This particular case increases the risk of a potential bottom breakout, which could signal a potential for further declines to the $24,000 region or even below $20,000. This scenario may also be supported by the fact that the upper limit of this system coincides with the measurement of 38.2% Fibonacci correction from an earlier downward impulse. Ethereum Price (ETH/USD)  The current situation on the Ethereum quotes is also identical. The price of this cryptocurrency fell between 3 April and 12 May this year by 52%, dropping to the Tech Support area of $1,750, the lowest level since July 2021. However, taking into account that the demand response that appeared around this support was much more modest than the rebound observed in this area already in May, June and July 2021, one can assume that in the end, it will turn out to be only a correction, after which the ETH rate will return to around $1,750. Read next: Altcoins: What Is Litecoin (LTC)? A Deeper Look Into The Litecoin Platform| FXMAG.COM A permanent drop below this price level could open the door for further declines to $1,400. There is another significant support around which we could expect a greater demand response. It is worth mentioning here, however, that although the consolidations are corrective formations, there is no rule determining when the market should break out of the system. This fact means that, although the statistics favour further declines before they happen, the ETH exchange rate may remain in the range of $1,900 to $2,150 for some time. (XRP) Ripple Price Looking at the XRP quotes, we can see that the price of this cryptocurrency fell between 28 March and 12 May this year by over 63%. This sell-off led to the breach of several important support zones and did not stop until around $0.36, where on 12 May this year, there was a demand response. Read next: Altcoins: Ripple Crypto - What Is Ripple (XRP)? Price Of XRP | FXMAG.COM However, the subsequent rebound did not last too long. As a result, the XRP price has remained in the horizontal trend for several years. It assumes a return to the vicinity of $0.36 seems more likely. If, however, this support was permanently defeated, then the quotations of this cryptocurrency could even move towards $0.20. Binance Coin (BNB) The current situation on Binance Coin's quotes is also very interesting. The price of this cryptocurrency fell between 7 November 2021 and 12 May 2022 by over 67%. This sale only stopped around $260 technical support - on Thursday, 12 May this year, there was a demand response. Due to the rebound that has continued since then, the BNB price has risen by more than 51%, thus returning to the area of ​​previously defeated support (now resistance) of $330. If a larger supply relationship is around this level, signalling its potential rejection, the BNB price could return to around $260 or even drop further to the $200 region. It’s finally time to get down to business. Start serious trading with Geco.one - top 20 cryptocurrencies, 1:100 leverage, staking, low fees, intuitive design, no KYC. Trading on derivatives has never been easier. Join us https://app.geco.one Follow FXMAG.COM on Google News

Bitcoin continues its tedious walk around $30K in a narrow range of $28.6-30.6K. Ethereum lost 0.4%, while other leading altcoins in the top 10 fell between 1% (XRP) and 2% (Solana). The exception was Binance Coin (+2.9%). Bitcoin reversed from the upper end of its range for the past two weeks The total capitalisation of the crypto market, according to CoinGecko, fell 0.8% overnight to $1.33 trillion. The Bitcoin Dominance Index fell 0.5% to 42.1%. The cryptocurrency Fear and Greed Index was up 2 points to 12 by Tuesday and remains in “extreme fear”.The dynamics of the first cryptocurrency in recent days seem to have become determined by the balance of power between bulls and bears, but not the stock market dynamics. The latter showed gains on Monday, while bitcoin reversed from the upper end of its range for the past two weeks.CoinShares data for last week showed a record weekly outflow of institutional investors from crypto funds since the start of the year. Funds are operating cautiously, and their actions may be holding back growth while buying on the dips comes from retail and crypto-kits. Thus, the market is distilled from sporadic participants who want to “ride the wave” but are not crypto enthusiasts by nature. Read next: Altcoins: Ripple Crypto - What Is Ripple (XRP)? Price Of XRP | FXMAG.COM According to Gary Gensler, head of the SEC, many crypto-sphere projects are about to fall Without the hype inherent in the golden days’ for crypto, the flow of money into the industry is drying up, a cruel test of strength. Over the past two weeks, investors have withdrawn more than $10bn (13%) from Tether’s USDT stable coin. According to Gary Gensler, head of the SEC, many crypto-sphere projects are about to fall. But that is not stopping lobbyists from promoting cryptocurrencies as a long-term investment vehicle. A bill has been introduced in the US House of Representatives that could lift restrictions on crypto investments by pension funds. Follow FXMAG.COM on Google News

Stock markets are back in the red on Tuesday, with US futures also pointing to a negative start on Wall Street in a couple of hours. These wild swings from one day to the next have become the norm as investors try to pick the bottom in the markets only to be dealt another blow from one negative headline or another. And they continue to come thick and fast, leaving equity markets vulnerable to further drops. Snap Stock Pessimistic Chinese growth forecasts and a profit and revenue warning from Snap appear to have been behind the latest tumble, although there are so many headlines pouring out, you could probably pick another half a dozen reasons to explain the selling. Ultimately it comes down to the fact that the level of economic uncertainty is immense and while recessions are not the base case, they are a very realistic prospect. Read next: (TRX) TRON USD Decentralised Blockchain Platform That Focuses On Entertainment And Content Sharing. Altcoins: A Deep Look Into The TRON Network | FXMAG.COM Not least in the UK, where PMIs slipped back to levels not seen since lockdown. Except that the economy is fully open and operating without any restrictions at all, which is deeply concerning. The cost-of-living crisis is already having an impact and is expected to hit the economy hard, with the BoE anticipating double-digit inflation and a possible recession. The PMI data appears to be backing that up, with the services survey falling heavily from 58.9 last month to 51.8 this. That’s barely in growth territory and a hugely negative shift. The squeeze on household budgets is going to intensify later in the year which creates a feeling of inevitability about a recession. Perhaps that’s why we’re starting to see attitudes shift within government although as yet, we haven’t seen any new measures announced. Bitcoin consolidation continues There hasn’t been much change over the last week or so on the bitcoin front. It continues to bounce around USD 30,000 with moves below not gaining much traction to the downside and those above the same. It continues to look vulnerable below as there simply isn’t much of a bullish case for it in a monetary tightening and risk-averse environment. If we start to see markets pricing in fewer hikes then it may change but that looks a little hopeful at this point. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Follow FXMAG.COM on Google News

Bitcoin’s fluctuations continue to shrink, meaning the spring is being compressed further. The lower bound of the trading range has moved to $29K, from where the BTCUSD has received support since the start of active trading in New York. The upper bound of the formed triangle has moved to $30.5K against current prices at $30.0K, reflecting a 1.8% gain over the past 24 hours. Ethereum has added 0.3% in the past 24 hours, with other altcoins in the top 10 from a 2.9% decline (Avalanche) to a 1.0% rise (BNB), but all faring worse than the crypto flagship. Total coin capitalisation, according to CoinMarketCap, rose 1.1% to $1.28 trillion, with the Bitcoin Dominance Index up 0.4% to 44.7%. The Cryptocurrency Fear and Greed Index was down 1 point to 11 by Wednesday and remains in “extreme fear”. The bitcoin price is in consolidation mode, equally dangerous for both bulls and bears. Both gain liquidity over time and get used to the current prices. Read next: Altcoins: What Is Monero? Explaining XMR. Untraceable Cryptocurrency!? | FXMAG.COM On the market cycle side, the chances are higher than the current consolidation will culminate in a breakdown of the lower boundary and liquidation of stop orders, reinforcing the initial downside momentum. Behind the pessimistic outlook is a tightening of monetary policy with slowing economic growth, which puts retail investors in the mode of withdrawing capital from cryptocurrency in favour of consumption. It does not help that the expectations of getting rich fast through cryptocurrencies are not paying off, as bitcoin is worth as much now as it was in early 2021. The ECB warned that the high correlation between cryptocurrency and stock markets... Investing in the industry is becoming more professional, moving beyond naïve attempts to buy and hold. According to CoinShares, investors are withdrawing money from bitcoin and investing in blockchains that support smart contracts, such as Cardano and Polkadot. Net capital outflows from crypto funds last week amounted to $141m. The ECB warned that the high correlation between cryptocurrency and stock markets is usually seen in times of dire economic conditions and will no longer allow the diversification of investment portfolios with digital assets. Follow FXMAG.COM on Google News

Bitcoin ignored the positive dynamics of US stock indices on Wednesday, further reducing the amplitude of its fluctuations. The first cryptocurrency has been moving in a $29.5-30.0K range since the start of active trading in New York. We caution that this reduction in volatility risks turning into an explosion in the near term, potentially setting off momentum for a few days or weeks. BTC Price A formal break of consolidation would be considered a consolidation beyond the previous local extremes, which are located at $30.2K and $29.3K. Going beyond those limits in a sharp move promises to trigger a wave of liquidation of positions that the bulls and bears have brought closer to the current price due to low volatility and bored speculators in recent days. Outside of Bitcoin, the situation is more worrying. The total capitalisation of the crypto market, according to CoinMarketCap, has fallen 1.6% in the last 24 hours to $1.25 trillion. Bitcoin’s dominance index is 0.4 points to 45.1%. Ether Price (ETH/USD) Ethereum lost 3%, dropping to 1915, the lower end of a steady trading range for the past two weeks. The daily candlestick chart clearly shows a sequence of increasingly lower local highs. This dynamic is a sure sign of a sustained sell-off in crypto, temporarily covered by Bitcoin’s stability. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM Bitcoin’s stability against such an external backdrop may be nothing more than a temporary consolidation of capital in the most liquid cryptocurrency and is supported by improved sentiment in stocks. Crypto Fear And Greed Index The cryptocurrency Fear and Greed Index was up 1 point to 12 by Thursday and remains in “extreme fear”. Ripple lawyer Stuart Alderoty criticised the stance of US Securities and Exchange Commission Chairman Gary Gensler and the SEC’s desire to seize administrative control of the cryptocurrency market. Stellar will provide its technology to the Central Bank of Brazil to develop the digital currency. Follow FXMAG.COM on Google News

BTC has been stuck inside our gray range, and the last couple of days, that range is contracted to form range within a range. The longer the consolidation, the more aggressive the movement would be after the breakout. So be prepared! The question is... which way? Scenario 1: Trend Reversal For the bulls to take over, we need a daily momentum candle close above the upper bound / gray zone. In this case, a movement till the upper resistance zone 38k - 40k would be expected. Scenario 2: Trend Continuation For the bears to take over, we need a daily momentum candle close below the lower bound / gray zone. In this case, a movement till the lower demand zone resistance 18k - 20k would be expected. Which scenario do you think is more likely to happen? and Why? Always follow your trading plan regarding entry, risk management, and trade management. Read next: Altcoins: Tether (USDT), What Is It? - A Deeper Look Into The Tether Blockchain| FXMAG.COM Good luck! All Strategies Are Good; If Managed Properly! ~Rich Follow FXMAG.COM on Google News

Bitcoin is down 2.5% over the past week, ending near $29,200. Ethereum lost 10.6%, while other leading altcoins in the top 10 fell from 1% (Polkadot) to 14.8% (Solana). The total capitalisation of the crypto market, according to CoinMarketCap, sank 2.4% over the week to $1.26 trillion. Bitcoin’s dominance index jumped 1.3 points to 44.9% over the same time due to the better performance of the first cryptocurrency. Cryptocurrency fear and greed index The cryptocurrency fear and greed index was down to 10 points by Monday. However, this drop does not consider the positive market performance in the early hours on Monday. Bitcoin has closed lower for eight consecutive weeks, the longest sell-off streak in the first cryptocurrency’s existence. But the last two weeks have been very tentative declines. Follow FXMAG.COM on Google News How Much Is 1 Bitcoin? On Monday morning, BTCUSD surpassed the $30K mark again and returned to last week’s highs, breaking above the downside resistance line in a strong move. It will be premature to talk about a bullish counteroffensive until Bitcoin gets above $30.6K, its horizontal resistance line since mid-May. Renewed risk appetite in global markets is fuelling hopes of a turnaround. Divergence in equity and cryptocurrency dynamics was conspicuous last week, highlighting the weakness of the crypto market. Bill Miller, head of investment firm Miller Value Partners, called bitcoin an effective means of accessing financial services regardless of military and economic situations Dan Held, business development director at crypto exchange Kraken, believes the current crypto crisis is not as severe as previous ones, as institutional players have entered the market in recent years and increased market liquidity. We would add that thanks to the expanded crypto market capacity, we haven’t seen as much of a surge in the bull cycle of 2021 as we did in 2013 and 2017, which explains the not-so-high ‘winter’ losses. MicroStrategy CEO Michael Saylor said he will always buy bitcoin. Read next: Altcoins: Tether (USDT), What Is It? - A Deeper Look Into The Tether Blockchain| FXMAG.COM According to him, BTC is the most reliable asset in this very volatile world. Bill Miller, head of investment firm Miller Value Partners, called bitcoin an effective means of accessing financial services regardless of military and economic situations. Regulation of cryptocurrencies would help with the crisis in the crypto market, according to Deutsche Bank.

After a fall of more than $13,000 that we saw between 5 and 12 May, Bitcoin stopped in the area of ​​$28,500 technical support. There have been many different kinds of demand reactions in this area. It was no different now. Bitcoin Price (BTC/USD) This time, however, this rebound turned out to be highly modest; as a result, Bitcoin has been moving in a horizontal trend for three weeks. The rebound from the lower bound of this formation observed last weekend may drive an increase towards its upper limit, i.e. resistance of $31,500. However, it seems highly probable that the increases observed since Saturday will not lead to a permanent change in the market attitude and the return of BTC to the path of long-term gains. For this to happen, the quotations of the oldest virtual currencies would have to break above $31,500. Read next: Altcoins: What Is Polkadot (DOT)? Cross-Chain Transfers Of Any Type Of Asset Or Data. A Deeper Look Into Polkadot Protocol | FXMAG.COM Price Of Bitcoin Reaching $20K!? Considering that consolidations are corrective formations and, statistically, more often, the market breaks out of these systems in the direction consistent with the previous move, there is a high probability that there will be a more significant supply response in the area of this resistance. It could signal a potential for further declines in the region of $28,500, even further toward $24,000, or even below $20,000. This scenario supports the fact that the upper limit of this system coincides with the measurement of 38.2% Fibonacci retracements from an earlier downward impulse. This prediction can change if Bitcoin breaks above the technical resistance of $31,500. Then we could expect a continuation of increases towards $34,500, or further to $37,000. Ether Price (ETH/USD) Looking at the Ethereum quotes, we notice that, in line with our last week's projection, the cryptocurrency's rate in the second half of last week broke below the technical support of $1,900 and slipped as much as $1,730. Read next: Altcoins: Tether (USDT), What Is It? - A Deeper Look Into The Tether Blockchain| FXMAG.COM It is where the demand reaction reappeared last weekend. As the new week starts, it has led to a re-test of a previously defeated support (now resistance) of $1,900. The immediate future of ETH will now depend on what happens around the level currently being tested. Its permanent defeat, i.e. a break above $1,900, could open the way to further increases towards $2,150 or further towards $2,350. However, the emergence of a more significant supply response at this point, signalling a potential rejection of the resistance currently tested, could, in turn, indicate a potential for a further decline to $1730 or even further toward $1400. Polygon (MATIC) Looking at the MATIC quotations, we can see its price has been in the horizontal trend for almost three weeks between the technical support of $0.57 and the resistance of the $0.75. If the increases observed since last Saturday will continue, the MATIC quotations could return to $0.75. However, considering that this resistance coincides with the measurement of 38.2% Fibonacci retracements, it seems highly probable that more supply pressure will reappear in its vicinity. Read next: Stablecoins In Times Of Crypto Crash. What is Terra (UST)? A Deep Look Into Terra Altcoin. Terra - Leading Decentralised And Open-Source Public Blockchain Protocol | FXMAG.COM It is also worth remembering that consolidations are corrective patterns, which in this particular case increases the probability that the market will try to break out of this pattern with the bottom and further decline even towards $0.45. It’s finally time to get down to business. Start serious trading with Geco.one - top 20 cryptocurrencies, 1:100 leverage, staking, low fees, intuitive design, no KYC. Trading on derivatives has never been easier. Join us https://app.geco.one

Bitcoin jumped 7% on Monday, ending the day at around $31.2K. On Tuesday morning, positive momentum persisted, with the rate climbing above $32.0K, a 20-day high. Ethereum added 8.2%, while other top-ten altcoins gained between 4.9% (BNB) and 14.8% (Cardano). The total capitalisation of the crypto market, according to CoinMarketCap, rose 4.3% overnight to $1.31 trillion, with the Bitcoin Dominance Index rising 0.1 points to 46%. The Cryptocurrency Fear and Greed Index was up 6 points to 16 by Tuesday but still in “extreme fear”. Long-term? Due to the US bank holiday, markets were minimally active on Monday, but the momentum was on the plus side. The emerging rebound from the bottom may be self-sustaining at first, as many market participants believe that the crypto market has corrected enough to become attractive for long-term buying. Bank Of America And Crypto However, fundamentals such as halving, soft monetary policy or accelerated adoption are needed for growth to continue. But the latter is not easy right now. Bank of America CEO Brian Moynihan has stated that the bank has no plans to introduce cryptocurrencies in the foreseeable future because the industry is too strictly regulated. After the Terra project collapsed, CFTC Commissioner Caroline Pham compared investing in crypto-assets to buying lottery tickets, which can be expected to both win and lose. ETH With Bigger Market Capitalisation Than Bitcoin? Real Vision CEO Raoul Pal reiterated that in the long term, Ethereum, the leading smart contracts platform, will surpass bitcoin in terms of market capitalisation, trading volume and number of active wallets. SkyBridge Capital founder Anthony Scaramucci noted the interest of large investors in spot bitcoin ETFs and suggested they could be launched as early as this year. Payments service MoneyGram plans to launch Stablecoin transfer services in partnership with Stellar.

Be[in]Crypto brings you an overview of this week’s price movements for bitcoin (BTC), gold, and our stock pick, GameStop.     BTC While an improvement over the prior two weeks, bitcoin has been struggling to maintain a $30,000 baseline. Trading just below $29,000 on May 19, BTC rose above $30,000 the next day, but swiftly returned below. Over the next two days it trickled upward, before accelerating up to $30,000 by May 24. Hitting resistance again, it dropped back down to $29,000 and failed to recover over the next few days, eventually slipping further down to $28,250 by May 27. While it rose a bit over the following days, BTC spiked on May 30, reaching $32,000 by May 31. Once again, BTC plummeted from there to $29,000 by June 2 and is now trading around $30,000.     Bitcoin’s rise to $32,000 was a result of markets responding to the relaxation of COVID-19 restrictions in China, in addition to the possibility that the Federal Reserve could loosen its hawkish stance later this year. “Bitcoin’s price action today is not entirely surprising,” said Joe DiPasquale, the CEO of crypto fund manager BitBull. “Not only is it facing pressure from traditional markets, it has also been struggling to breach the resistance zone between $31K-$32K, resulting in a breakdown from the range it set over the weekend.” GOLD The gold price has fared well over the past two weeks. Trading around $1,810 on May 19, it then shot up to $1,845 later that day, before rising even further to $1,865 by May 23. While sinking a bit from there, gold rose a bit higher by May 24 before sinking a bit back to $1,845. Over the next few days, gold reached $1,855, then dropped down further to $1,830 by June 1. However, over the past day, it has surged and is now trading around $1,865.  Gold prices rose yesterday bolstered by a dip in the dollar and data showing U.S. private payrolls rose less than expected last month. “[The job data] is really raising the recession concerns that have been brewing in the market and supporting gold,” said Ryan McKay, commodity strategist at TD Securities. According to ADP National Employment Report data, private payrolls rose by 128,000 jobs last month against a forecast for an increase of 300,000 jobs. GME GameStop shares have trickled down over the past two month, but have surged over the past week. At the beginning of April, GME dropped from $190, and had fallen to $140 by April 18. Despite a brief recovery, it continued to trickle down, hitting $115 by May 1. While maintaining around $120 the next few days, it continued to fall and hit $80 by May 11. It then shot up the next day to nearly $110 and traded between $100 and $90 until May 25. From there it shot up to nearly $150 on May 26, and while it has fallen a bit since then, it is currently trading around $135. During its latest financial results, GameStop reported sales of $1.378 billion, up from $1.277 billion during the same period last year. The company said that new and expanded brand relationships have helped boost sales, in what is likely a reference to its crypto efforts. CEO Matt Furlong said in the earnings call: “We firmly believe that digital assets are core to the future of gaming,” giving a clear indication that the company is going to double down on its digital assets strategy. GameStop will release its highly anticipated NFT marketplace in the second quarter of the year, which should inject a lot of life into the company’s business, having seen a resurgence since last year’s stock incident.  Disclaimer All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.   Source: BeInCrypto

Bitcoin rose 4.9% on Monday, ending at around $31.5K. However, on Tuesday morning, the first cryptocurrency collapsed 7% to $29.5K, the second such bear attack in the past seven days. Both were of similar magnitude, but the latter should have a more considerable negative effect. It more than offset Monday's gains and temporarily brought the price back to levels from May 30. The BTCUSD consolidation has been going on for more than a month. Earlier it was formed as a triangle with decreasing amplitude of fluctuations, but since the end of last month, it became more like a sideways pattern, from which it makes several failed attempts to break upwards. The market dynamics this Tuesday morning are a reminder that the market cannot now rally again as it did in 2020. Bitcoin's prolonged sideways slide is turning current prices into the norm, although current levels seemed like a good buy for the long term two months ago. 2018 and 2019 teach us that such consolidations can last for months and often lead to new selloffs from frustrated fast earners. In our view, the bitcoin bear market is not over yet, although it has made a significant part of its way down. The market is full of rumours that short-term buyers have already capitulated, backed up by Kathy Wood. But the whole bear market rarely ends at this phase. Far more often, a bull market begins when medium-term investors and even some long-term investors capitulate, bringing stressed market professionals into play. It is unlikely to reach this point before the price returns to the highs of 2017. Bitcoin's short-term volatility is irrelevant, MicroStrategy CEO Michael Saylor said. He said BTC is the surest thing in a very volatile world and is more suited to long-term investment rather than trading. According to a survey by The Economist, 37% of respondents in the world's leading economies are interested in having their governments adopt cryptocurrencies as legal tender.

Relevance up to 10:00 2022-06-08 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Bitcoin continues to trade within a narrow range of $29k–$31.5k. The coin solidly consolidated and tried to break out of the area, but eventually made a false breakout of the $32.2k level. Subsequently, the asset tried to consolidate in the upper part of the range, but began to decline. And as of June 7, the sellers are in full control of the situation.     The cryptocurrency was traded near the upper border of the channel, but eventually fell like a stone to its lower part. As a result, the price is trading in the area of $28.6k, and on the daily chart, a "bearish engulfing" pattern has formed. It is also extremely important to understand that bears are expanding the usual price movement area. This could mean a further decline, as well as the presence of volumes of liquidity that need to be squeezed out of the bulls.     Technical indicators of the cryptocurrency have made a steep peak and are moving towards the lower boundary of the bullish zone. This indicates the formation of large sales volumes, as well as a sluggish reaction of buyers. Nevertheless, the MACD indicator has resisted and is consolidating sideways. However, clouds are gathering around Bitcoin bulls again, and bears completely seize the initiative. With this in mind, a reasonable question arises: will the previous weeks of consolidation be leveled, and the asset continue to fall? Let's start with the fundamentals, which are entirely based on Fed policy. Investors are concerned about the pace of monetary tightening, which could lead to a significant slowdown in economic growth. As a result, we saw a preventive reduction in liquidity from market players in order to preserve it and subsequently redistribute it profitably. This can also be regarded as a definite signal for the Fed about the need to pause in such strict regulation of monetary policy. Fed members have also repeatedly stated the need to return to liberal monetary policy and let the markets breathe. Such a pause would be similar to the recent correction of the US dollar index, which turned out to be a breath of fresh air for the crypto market. But there is every reason to believe that the regulator does not plan to pause, and will continue to tighten monetary policy.     This is evidenced by the statistics on the labor market for May 2022. In May, more than 350,000 jobs were created in the United States. This result was significantly lower than similar indicators in April. At the same time, analysts are confident that inflation will stay in the region of 6%–7%, which leaves the Fed with no way out. At the June meeting, it is planned to increase the key rate by another 50 basis points.     However, it is important to understand that another $45 billion will be withdrawn under the quantitative tightening (QT) program, a significant part of which was injected into the crypto market. If we combine the balance sheet contraction with the effect of the interest rate hike, it turns out that in June the key rate will be raised by 1 basis point. June could become an even more painful month for high-risk assets, even with the partial market adjustment after the May crash.     At the same time, back in May, there was a tendency for long-term investors to sell their stocks. In the short term and psychologically, this is a negative signal that contributes to the growth of bearish sentiment. But from a fundamental point of view, this means the gradual formation of a local bottom. A similar situation was observed in the market in 2014 and 2018. However, it took months for investors to fully form a long-term low. How the situation will develop in 2022 is impossible to predict.     But it is safe to say that the market has passed the worst stage of this bearish trend. In parallel with the capitulation of long-term investors, there is a massive process of accumulation that will be the catalyst for the next bull market. But only long-term hodlers can say for sure how long the period of capitulation + accumulation will take. It is likely that in order to speed up this process, we can expect a local retest of the bottom. Given these developments, Terra's collapse is not to be expected, but volatility surges and sell-offs are more than likely.   Read more: https://www.instaforex.eu/forex_analysis/313140

Relevance up to 14:00 2022-06-10 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Crypto Industry News: While New York State is pushing through a bill that will ban Proof of Work mining, members of the crypto community are voicing their opposition via social media. Jake Chervinsky, head of policy at the Blockchain Association, explained in a Twitter thread that the move would not "reduce carbon emissions" at all. According to Chervinsky, the mining ban will force New York miners to operate elsewhere where the state has no control over them. Chervinsky hopes New York Governor Kathy Hochul will veto the bill "for the sake of New York." The lawyer noted that the move sends a message that "crypto is not in a welcome state". Chervinsky added that if the law was implemented, it would be a political mistake on the part of the world's financial capital. In addition to Chervinsky, this was opposed by US Senatorial candidate Bruce Fenton. In a tweet, he said governments have no right to control the specific software that citizens use. He noted that "code is speech," implying that the ban is a movement against freedom of speech. Ethereum founder Vitalik Buterin also agreed with Fenton. Sharing his thoughts on the subject, Buterin said the government should not decide which uses are "okay" for electricity. He suggested introducing carbon prices. On June 3, a bill to ban mining was approved by the New York State Senate. After approval by the governor, the law will ban mining in the state and make it difficult to renew previously issued cryptocurrency mining permits. Technical Market Outlook: The range bounded trading conditions are still being developed on the BTC/USD pair, full of fake-outs and blow-outs and false movements. The market participants has still not decided whether the down trend should be continued or terminated and keep trading in a narrow range between the levels of $32,892 - $28,741. The first indication of the deeper correction would be a clear breakout above the range high located at the level of $32,892, however all the current attempts to rally are being faded and the Pin Bar candlesticks inside the range zone are present already.     Weekly Pivot Points: WR3 - $34,666 WR2 - $33,580 WR1 - $31,452 Weekly Pivot - $30,233 WS1 - $28,222 WS2 - $27,019 WS3 - $24,877 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the round psychological level of $20,000.   Read more: https://www.instaforex.eu/forex_analysis/279285

Bitcoin was down 0.3% on Thursday, continuing to hover around $30K. This mild decline was a bonus of last month's loss of correlation between the cryptocurrency and stock markets. Ethereum lost 0.4%, settling near $1800. Other top-10 altcoins showed mixed dynamics, ranging from a 2.5% decline (Cardano) to a 3.6% rise (Solana). Financial market veteran Peter Brandt believes Ethereum is in a downward triangle and could fall to $1268 within a month. The total capitalisation of the crypto market, according to CoinMarketCap, fell 0.2% overnight to $1.24 trillion. The cryptocurrency fear and greed index were up 2 points to 13 by Friday and remains in "extreme fear" mode. Bitcoin has crossed the $30K mark almost daily over the past month, with no significant preponderance of buyers or sellers to form a clear trend. Generally, the correlation gap between cryptocurrencies and stock markets is long-term good news as it attracts the attention of professional investors. Weakness in equity and bond markets, sagging gold and the murky outlook for the real estate market are turning their eyes to cryptocurrencies as another tool in a diversified portfolio. CNBC's Mad Money host Jim Cramer has changed his mind about investing in cryptocurrencies, calling BTC and ETH the best long-term investments. However, they should not account for more than 5% of a portfolio. PwC, an audit firm, reported that most hedge funds invest less than 1% of their assets in cryptocurrencies because of regulatory uncertainty in the industry. According to a Deloitte survey, 75% of US retailers will implement support for cryptocurrency payments within two years. USDT, the world's most prominent staple by market capitalisation, will be available on the Tezos blockchain powered by the Proof-of-Stake consensus mechanism. The USDT ecosystem is now open on 12 networks, including Ethereum, Solana, Polygon, Tron and Algorand.

Bitcoin is losing for the seventh consecutive day, at one point on Monday morning, falling below $25K. The loss in seven days of selling is approaching 18%, bringing the rate to its lowest since December 2020. Ethereum has lost 28% in seven days. Altcoins in the top 10 fell in price from 14.5% (Tron) to 32% (Solana). The total capitalisation of the crypto market, according to CoinMarketCap, sank 20% for the week, approaching the 1 trillion mark and crossing it at some point in the morning. As the price falls, so does trading volume, meaning we see investors fleeing the crypto market. However, the traditional market is suffering from the same symptoms. The cryptocurrency Fear and Greed Index dipped to 11 points by Monday. Two similarly prolonged swings of this index in the 10-20 range were in December 2018 and March 2020. In the first, it was the end of the crypto-winter; in the second, it was the final chord of the sell-off. However, it may be too early to rush to redeem the drawdown. Bitcoin does not seem to have closed the gestalt yet, having not tested the 200-week moving average as it did in the previous two cases. It is now passing through 22K. A more ambitious target for the bears would be an attempt to push Bitcoin back to the 2017 highs region, above $19K. US Treasury Secretary Janet Yellen called cryptocurrencies a ‘very risky’ option for retirement savings. Galaxy Digital CEO Mike Novogratz warned investors of a prolonged phase of market consolidation amid tightening monetary policy by the US Federal Reserve. Cardano blockchain founder Charles Hoskinson believes there are positives to be found even in the current market situation, as a bearish trend opens new opportunities for the crypto sphere. The Central Bank of Canada reported that the share of its citizens owning BTC almost tripled to 13% in 2021. The Swedish Central Bank has called for a ban on bitcoin and other Proof-of-Work cryptocurrencies because of the environmental impact.

Bitcoin collapsed 15.1% on Monday, ending the day around $23,200 and slipped another 10% on Tuesday morning on inertia before finding support from buyers after touching $20,800. Ethereum has lost 7.8% in the past 24 hours and more than 30% in the week. The top ten altcoins show buyer optimism, with Solana up 9.5% and Cardano up 7.3%. Among the decline, leaders are Tron with -8% and BNB with -3.5%. The total capitalisation of the crypto market, according to CoinMarketCap, sank 6% overnight to $0.965 trillion. The Cryptocurrency Fear and Greed Index was down 3 points to 8 by Tuesday and remains in “extreme fear”. Bitcoin collapsed on Monday in the biggest decline since the March 2020 crisis amid falling stock markets and a rising US dollar. Bitcoin closed the December 2020 gap by touching the area below the 200-week simple moving average. But in our view, Bitcoin needs to touch levels near 19500: the 2017 peak, which is also where the most aggressive growth phase started at the end of 2020, for a definitive return of long-term buyers. A similar three-point checklist for Ether is also incomplete. ETHUSD touched the 200-week average and dived below the peak levels of the previous cycle in 2018. However, the most aggressive rally at the end of 2020 came from $740, which is well below the day’s lows today at $1075. However, the latter target may prove too ambitious for the bears. Along with BTC, cryptocurrency-focused stocks also collapsed. MicroStrategy shares lost 25.2%, while Coinbase dropped 11.4%. The key trigger for the sell-off in the crypto sphere is the US inflation hike to 8.6% on Friday, followed by speculation that the Fed could raise rates by 75 points at Wednesday’s meeting or at the end of July. According to IntoTheBlock, about half of cryptocurrency holders are now incurring losses. According to Crypto.com CEO Chris Marszalek, the market has entered a phase of “cryptozyma” that could drag on, according to Crypto.com CEO Chris Marszalek. Cryptocurrency lending platform Celsius has suspended withdrawals, exchanges and transactions of digital assets due to “extreme market conditions”. Tether has ruled out the impact of the Celsius incident on USDT reserves. The US Office of the Comptroller of the Currency has warned of the risks associated with Stablecoin, citing the collapse of the Terra project. The US Treasury Department believes that the country’s authorities should be more proactive in seeking to regulate the crypto industry, given the active digitalisation of the financial sector.

Wall Street was quick to fade the morning rebound that stemmed a modest improvement with producer prices, possibly providing some hope that core inflation continues to ease for businesses. Wholesale prices are still climbing higher and while they are slightly off the record annual pace, this report does not change anything for the Fed.  Aggressive tightening over the next handful of policy meetings is the only course of action for the Fed. PPI PPI rose 0.8% for the month and 10.8% over the past year.  The April reading downward revisions across the board, so that could support the idea that consumers might see slightly less price increases passed on. The Fed will focus on the month-over-month readings and those are still rising.  The headline 10.8% increase in wholesale prices for the month of May was lower by a tick for both the downwardly revised prior reading and consensus estimate. Oracle earnings sparkle Thank you, Oracle!  If Oracle didn’t crush earnings and remind Wall Street that it is not all doom and gloom out there, US stock markets might have kept the selling pressure going.  Oracle boasted a strong outlook as they saw a “major increase in demand” for cloud infrastructure.  Oracle is somewhat viewed as a safe-haven tech trade and this strong fourth quarter performance will keep it as a must hold on Wall Street. MicroStrategy One of the biggest bitcoin backers, Michael Saylor remains committed to relentless belief with the world’s largest cryptocurrency.  Saylor tweeted, “When @MicroStrategy adopted a #Bitcoin Strategy, it anticipated volatility and structured its balance sheet so that it could continue to #HODL through adversity.” MicroStrategy is in danger of a massive margin call and there is no going back for them. In May, their president, Phong Le noted that bitcoin would need to lose half its value around USD 21,000 before they’d have a margin call. Regardless of what happens with bitcoin, investors should be hesitant to use MicroStrategy as their way of gaining exposure to cryptos.  MicroStrategy could have bought protection at any point and they remain blindly bullish on cryptos. Bitcoin ​ Bitcoin traders better be buckled up heading into the FOMC decision.  Bitcoin is still holding the USD 20,000 level and if Wall Street gets a very hawkish decision and press conference, Treasury yields and the dollar could surge once again and that would test the line in the sand many crypto traders have drawn.  If bitcoin breaks below the USD 20,000 level, support might not emerge until the USD 17,000 level. Another crypto plunge might not see major support until the 2019 summer high around the USD 14,000 level. This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Morning rebound faded as PPI remains elevated, Oracle impresses, MicroStrategy all-in on bitcoin, bitcoin holding above USD20k - MarketPulseMarketPulse

Bitcoin was down 5.7% on Tuesday, ending the day at around $22K. The decline picked up on Wednesday morning, taking another 3.3% off the price to $21K, declining for the eighth consecutive day and losing 30% in seven days. Ethereum lost 8.1% in 24 hours and 38% in a week. Leading altcoins in the top ten are losing between 2% (Polkadot) and 9.6% (Dogecoin). Total cryptocurrency market capitalisation, according to CoinMarketCap, sank 6.4% overnight to $898bn. The Cryptocurrency Fear and Greed Index was down 1 point by Wednesday, to 7, which last was in March 2020. Concerns around a sharp tightening of monetary policy are weighing on financial markets and are trickling down into cryptocurrencies through their influence on large institutional investors. It is not surprising that Bitcoin and Ether are dragging the entire cryptocurrency market down in such an environment. According to CoinShares, institutional investors withdrew $102 million from cryptocurrencies last week amid expectations of a tightening of monetary policy by the US Federal Reserve. The US regulator’s two-day meeting results will be announced todays. BitMEX founder Arthur Hayes fears that the market has not yet hit rock bottom, and we could see a massive sell-off in cryptocurrencies if bitcoin falls below $20,000. Galaxy Digital head Mike Novogratz is convinced that bitcoin is close to the “bottom” and will hold above $20,000. We believe Bitcoin may be close to its bottom, but it could take months until the next rally. During those months, the entire crypto industry will probably go through a furnace of fire, as we saw with Terra (Luna), and is now happening with Celsius. Stablecoins continue to be tested, and USDD being below parity with USD for the third day tells us that history with USDT (stable tied to Luna) could repeat itself several times.

Analyst who predicted the bear market of 2018 believes Bitcoin and Ethereum prices are very close to their bottom. Kevin O’Leary of Shark Tank detailed his crypto holdings include Ethereum and scaling solution MATIC. Analysts argue that a drop below $1,070 could push Ethereum prices lower. The cryptocurrency analyst known for accurately predicting crypto bear markets believes Ethereum is close to printing cycle lows. Analysts believe Ethereum price could continue to plummet lower. Ethereum price could hit bottom soon? The crypto strategist Smart Contracter accurately called the bottom of Bitcoin and Ethereum during the 2018 bear market. The analyst is now back with his prediction for the two largest cryptocurrencies and believes BTC and ETH are close to their cycle low. The analyst told his 208,000 followers on Twitter that Ethereum has gone through a capitulation phase and is now trading at a level that offers strong support. Smart Contracter is quoted in his recent tweet: BTC and ETH are both at their weekly respective 200-week moving averages. Bottom is very, very close in my opinion, maybe marginal new lows on lower timeframes but this is the spot to start accumulating in my opinion. This is pure unadulterated capitulation. ETH-USD price chart Kevin O’Leary is bullish on Ethereum Kevin O’Leary, a Canadian entrepreneur and investor at Shark Tank, recently revealed the cryptocurrencies in his portfolio. O’Leary has shared his investment strategy when the crypto market is hit by massive volatility. The Shark Tank star and billionaire investor abide by the general rules of portfolio theory when allocating capital to cryptocurrencies. In an interview with the Bankless podcast, O’Leary shared the rules of capital allocation in his portfolio, implying a bullish outlook on Ethereum, one of the cryptocurrencies he holds. Ethereum price drop below $1,070 could push the altcoin to new low Analysts have evaluated the Ethereum price trend and argue that $1,070 is major support for ETH, and a drop below this level could put a lot of pressure on bulls. The altcoin’s price could slide to support at $1,000 in the near term. ETH-USD price chart Ethereum price could enter the three-digit territory FXStreet analysts believe Ethereum price could decline and plummet lower, entering the three-digit territory. For more information, watch this video:

Bitcoin was down 4.9% on Thursday, ending around $20.7K and trading near $20.8K at the start of the day on Friday. Ethereum lost 6.4% in the last 24 hours, returning to the 1100 area. Altcoins in the top 10 fell in price from 2.9% (BNB) to 8.8% (Polkadot). Total crypto market capitalisation, according to CoinMarketCap, sank 3.5% overnight to $903bn. Bitcoin’s dominance index fell 0.3 points to 44.0%. The Cryptocurrency Fear and Greed Index was up 2 points to 9 by Friday. Although we did not see any new intraday lows, Bitcoin closed Thursday with a tenth consecutive day of declines. New lows in stock indices contributed mainly to this. Bitcoin could be uncharted territory in a few days when historical patterns stop working. The bearish focus remains on the circular $20,000 level, the former peak of 2017. At no time in past down cycles has BTC fallen below the high of the previous bull cycle. Closing the week below $22.3K would also be unique, as it would be the first close below the 200-week average. Bitcoin has previously fallen below this curve more than once but quickly regained some ground, finding ample demand from long-term investors amid a deep and quick sell-off. The latest issue to attract investors’ attention has been the uncertainty surrounding Singapore-based cryptocurrency fund Three Arrows Capital (3AC). The hedge fund could be the subject of a new scandal amid growing speculation about its possible bankruptcy. Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero called on the US Congress to close the cryptocurrency regulation gap and compared the collapse in the crypto-asset market to the 2008 financial crisis.

Relevance up to 10:00 2022-06-18 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. The crypto community held its breath as the price of Bitcoin approached the vital $20k level. Subsequently, the buyers managed to recapture an important milestone and stabilize the situation. The asset managed to get to the $22k level and start consolidating. The number of mentions of "buy the dip" is growing on the network, which has always been a signal for the formation of a local bottom. In addition, Bitcoin has formed a "bullish hammer" pattern, which can also be regarded as a positive signal for a likely price reversal.     All of the major metrics also point to bear market peaks. The fear index has updated its annual maximum, which indicates that the point of highest tension has been reached. Also, the volume of long positions on some crypto exchanges continues to grow. Santiment experts believe that large investors are ready to defend the $22k level, which is becoming a key area for a trend reversal.     Technical indicators also demonstrate local positive. The RSI index starts an upward movement and will soon leave the oversold zone, which indicates the activation of purchases. The Stochastic Oscillator has formed a bullish crossover and is also approaching the upper border of the oversold zone. In general, positive signals are visible, but there is no need to hope for a successful implementation of short-term bullish impulses, since similar situations have been observed over the past two weeks. In addition, the MACD is still in a direct downward peak, which indicates that the bulls are not taking any initiative in the long term.     Sellers also do not lose their grip and continue to put pressure on the price. As of June 17, the asset has fallen below $22k and is trading in the $21k area. Over the past two weeks, a record number of Bitcoins have entered crypto exchanges, and the worsening economic crisis and rising inflation continue to negatively affect the quotes of the first cryptocurrency. One of the main reasons why a wide reversal in the price of Bitcoin fails is the decrease in the overall level of liquidity.     This crisis is most evident in the situation around stablecoins. In the second quarter of 2022, stablecoin volumes declined by $10 billion, excluding the situation with UST. The market saw the negative side of stablecoins, decoupling from the US dollar and vague reporting. As a result, in addition to the general reduction in liquidity associated with the bear market and Fed policies, the market has lost a lot of investment in stables due to the fallen reputation of stable digital coins. As a result, there is less liquidity and fewer stablecoins in the market, which negatively affects the implementation of bullish impulses.     The second important factor that influenced such a powerful fall in Bitcoin was the actions of mining companies. According to Santiment, the net inflow of BTC to crypto exchanges from miners has reached a historical record of 88,000 coins. Bitcoin mining companies have faced the negative effects of the bear market, as well as the energy market crisis. As a result of the war in Ukraine and the subsequent sanctions against the Russian Federation, the energy resource market has become volatile, which directly affects the main components of the miners' activities. As a result, mining companies became the main suppliers of BTC coins to exchanges as part of the $20k retest. In addition to these factors, the Fed's aggressive policy, rising inflation, and the ongoing war in Ukraine should not be discounted. All these factors indirectly affect and destabilize Bitcoin quotes and the cryptocurrency market. Despite this, the market has found a foothold in the $22k area, where the BTC bulk buying is taking place. In addition, it is important to understand that as the asset consolidates above $20k, there is an increase in positions in the $16k–$19k range. If the round level is broken, the price will not be able to sink like a stone to $15k, as the $16k–$19k area becomes saturated and thus slows down the fall. Therefore, even a breakdown of $20k will not cause a violent reaction in the market and panic. Read more: https://www.instaforex.eu/forex_analysis/313778 Read more: https://www.instaforex.eu/forex_analysis/313778

Relevance up to 14:00 2022-06-22 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.   Technical outlook: Bitcoin dropped to fresh lows close to the $20,000 mark early this week before finding some bids coming in. The crypto remains range-bound between $23,000 and $20,000 levels for now and needs to break out to decide the next larger move. Looking at the recent price action, there could be another drop below the $20,000 mark before resuming higher again. Bitcoin has carved a meaningful downswing between $69,000 and $20,000, which ideally needs to be retraced. The recent downswing can be seen between $48,000 and $20,000, with immediate resistance around the $32,000-$35,000 zone. The asset can produce a rally in the near term before reversing lower again. Bitcoin has still not confirmed a near-term bullish reversal in accordance with price action. We shall wait for further evidence on the smaller timeframes to update the same going forward. Aggressive traders might initiate long positions with a tight risk below the $19,000 mark which conservative traders are looking to stay aside for a while. Trading plan: Preparing for a counter-trend rally at least towards $35,000. Good luck!   Read more: https://www.instaforex.eu/forex_analysis/280635

The problems surfacing in crypto markets over the past weeks are well-known in traditional finance, as are the tools to address them. If this does not illustrate why crypto regulation is welcome, what will? While the NASDAQ composite stock index has lost about a third since November last year, bitcoin has lost double that   While all financial markets have been volatile of late, crypto assets in particular are having a very bad time. Leading cryptocurrency bitcoin is currently down 30% compared to a week ago. While crypto assets were, until not too long ago, seen by many as uncorrelated with traditional stocks, the crypto downturn since November has progressed in remarkable sync with traditional assets, tech stocks in particular. The common factors that drive down traditional markets – inflation and rate hike expectations – are weighing on crypto as well. The crypto accelerator, now in reverse Moreover, where crypto appeared to enjoy an accelerator when markets were bullish, that same accelerator is now at play in the bear market. While the NASDAQ composite stock index has lost about a third since November last year, bitcoin has lost double that (see chart). This multiplier can probably at least partly be traced back to the build-up of leverage when times were good, and the unwinding of that same leverage over the past weeks and months. Indeed a number of prominent crypto investment names currently in trouble appear to suffer from margin calls on leveraged bets gone wrong. Bitcoin and Nasdaq composite (rebased to 9 Nov 2021 = 100) Source: Macrobond Algorithmic stablecoins: the emperor's new clothes? Instrumental in the recent crypto market turmoil has been the crash of “algorithmic” stablecoin Terra, in early May. This type of stablecoin is not backed up by assets to guarantee its value, but deploys an algorithm trading in the stablecoin versus a companion currency. The idea was that the algorithm could always mint new companion currency to buy stablecoin, keeping up the value of the latter. What worked for Baron von Munchhausen, does not work for algorithmic stablecoins Yet the crucial assumption for this to work is that the companion currency is perceived to have at least some value. That assumption was proved wrong by the Terra stablecoin. As a result, its algorithm took the concept of “quantitative easing” to wholly new levels when it increased the supply of companion currency Luna more than 20,000 times (from about 350 million to over nine trillion at the peak), trying to prop up Terra. Alas, what worked for Baron von Munchhausen (getting out of the swamp by pulling up his own hair), does not work for algorithmic stablecoins in an environment of evaporating confidence. Stablecoins as full reserve banks The episode was perceived by regulators as a confirmation of the need to regulate stablecoin very much like a bank. That makes a lot of sense. Like a bank deposit, stablecoins are expected to always trade at par with the currency in which they are denominated. Stability, security and liquidity are key concepts. And like a bank, a stablecoin may face runs if confidence is tested. Banks have various mitigations and remedies in place, encouraged and imposed by regulation. We expect algorithmic stablecoins to retreat to the margins of the crypto universe Purely algorithmic stablecoins are unlikely to pass the regulatory bar, and we expect them to retreat to the margins of the crypto universe. Instead, stablecoins will likely have to be fully backed by high-quality liquid assets. In other words, stablecoins will be full reserve banks (as opposed to traditional banks that operate on fractional reserves). The full reserve operation means stablecoin issuers hardly face any credit risk, removing the need for a deposit guarantee scheme, and greatly simplifying the capital buffer framework, compared to traditional banks. The need to pre-empt systemic risks Regulators are rightly worried though that if stablecoins grow further their issuers may become systemically relevant. In case of a run and the need for asset fire sales to honour redemptions, even high-quality liquid assets may temporarily trade against a discount, imposing losses on the issuer and disrupting safe asset markets for the entire financial system. The crypto universe currently houses a few dominant stablecoins. The consensus is that these may not yet pose systemic risks as described but may well start to – if their volume issued continues to grow as it has done over the past years. A textbook bank run in crypto The crypto company that had to halt redemptions earlier this week – and in so doing started a new wave of panic – is different: it is neither a stablecoin nor a regulated bank, but for its main product offering it did use bank-like language such as “savings” and “deposit”. It also distinguished itself by offering double-digit yields that are impossible to find in traditional banking. The company has had various run-ins with US supervisors, that opined it was offering a securities product without proper registration. Faced with a run, any institution that is in principle solvent, can turn illiquid The crypto company did vaguely resemble traditional banks in the sense that its assets tended to be riskier than its liabilities tended to be perceived. Also, some of its assets appear to be locked up for a longer period, whereas its liabilities were immediately redeemable. Finally, the liquidity of some of its assets proved to deteriorate fast in current markets. These transformations of risk, maturity and liquidity are core functions of a traditional bank. They also render a bank susceptible to runs. Faced with a run, any institution that is in principle solvent (its assets are worth at least as much as its liabilities), can turn illiquid (it cannot liquidate its assets immediately at the right price to honour redemptions). For this reason, bank regulation may be the most elaborate type of regulation out there, including liquidity buffers to handle redemptions, capital buffers to absorb losses, detailed risk management, and transparency requirements. If, despite all this, a bank runs into trouble, the central bank can act as lender of last resort (against proper collateral), and if the bank does fail, deposit guarantee schemes (typically financed by the sector itself) ensure depositors don’t end up with a loss. Mutual funds have the important difference that they don’t issue liabilities at par – meaning that contrary to banks, they pass on credit risks to their investors. Insofar as their assets are tied up for a longer time, they may impose lock-up periods on investors wanting to redeem.   To summarise, the problems currently faced by some crypto companies are well known in traditional finance, as are the tools to mitigate them. If regulation had been in place, risk-taking and leverage might have been more contained, or at least have been more transparent. Does regulation guarantee things never go off the rails? Unfortunately, no. But it would have established basic investor protection, and would have allowed them to realise that there is no such thing as a free lunch: high return typically comes with high risk. Our main takeaway from this week is therefore twofold: The sooner regulation is in place in crypto, the better. It will help investors to distinguish the good from the bad and the ugly, and to choose products that match their risk appetite. As leveraged positions continue to be under pressure and a lack of confidence leads investors to want to cash out, we are likely to see more currencies, companies and platforms wobble in the weeks ahead. Read this article on THINK TagsRegulation New Money Market crash Cryptocurrency Bank pulse Disclaimer This publication has been prepared by ING solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not constitute investment recommendation, and nor is it investment, legal or tax advice or an offer or solicitation to purchase or sell any financial instrument. Read more

Relevance up to 12:00 2022-06-22 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Defeat and capitulation. This is how the cryptocurrency market can be characterized. The aggressive tightening of the Fed's monetary policy, rampant growth in debt rates, the collapse of the stablecoin TerraUSD and its sister token Luna, as well as the intention of the largest crypto lender Celsius Network to suspend all withdrawals, exchanges and transfers made the bulls on BTCUSD a chop. Bitcoin went underwater, collapsing to the lowest levels over the past 1.5 years, leaving in the cold most of the buyers who bought it during this period. However, according to Bill Gates, cryptocurrencies and NFTs are assets 100% based on the fool's theory. What else did you want? Bitcoin and its analogues were bought only because people were sure that someone would pay more for them after a while. You will not receive any interest or dividends on them. There are no issuing companies or states behind them. Buying air, the Fed only inflated the bubble with its colossal monetary stimulus, which plunged real Treasury yields deep into the red and supported the entire risky asset class. The debt sell-off triggered by the Fed's aggressive monetary tightening returned the ratio between S&P 500 stock dividend yields and bond dividend yields to the lowest levels since the 2008 recession. Financial markets have returned to the era before the Lehman crisis, when bonds did not support stocks. Dynamics of the ratio of dividend yield on shares and interest on bonds     It is difficult to expect that a decrease in P/E to 15.7, the average value over the past 15 years, will reverse the downward trend in the S&P 500. In December 2018, the multiplier fell to 13.8, and in March 2020 to 13.4. As cheap as stocks look, they can get even cheaper. Given the close correlation between BTCUSD and the Nasdaq Composite, this does not bode well for fans of the leader in the cryptocurrency sector. Optimists hope that Bitcoin will be able to stabilize near the round mark of 20,000, as it did in 2018–2019 with the level of 5,000 and in 2014–2015 with the level of 300. Pessimists say that the peak to 10,000 will continue. At the same time, the lower the BTCUSD quotes will sink, the faster the sales will go. This is due to the departure of the token from the average price at which it was purchased. Parallels can be drawn with diving. In previous cases, in 2018–2019 and March 2020, it turned out to be relatively short. How will it be this time? Dynamics of BTCUSD and the average purchase price of Bitcoin     Personally, I remember the story of 2013 with gold. Then they also said that it could not sink too deep, since the cost of production is at the level of $1,300 per ounce. In fact, the precious metal almost reached $1,000. BTCUSD, Daily chart     Technically, to implement the reversal pattern of the Wolfe Wave, a return of Bitcoin to 30,000 is required. Until this happens, we use the rebound from the resistances at 23,300, 24,300, and 25,000 for sales.   Read more: https://www.instaforex.eu/forex_analysis/313784

Relevance up to 20:00 2022-06-18 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.   Technical market outlook of Bitcoin (cryptocurrency) : Trading Bitcoin (BTC/USD) : Bitcoin is at an all-time lowest against the dollar around the spot of $20,089 - Bitcoin is inside in downward channel. Since three weeks BTC/USD decreased within an down channel, for that Bitcoin hits new lowest $22k, $21k and $20,089. Consequently, the first resistance is set at the level of $21,183. Hence, the market is likely to show signs of a bearish trend around the area of $21,183 and $20,765. Bitcoin price could be awaiting a major downswing if the digital savings manages to slice below a fatal line of the first resistance that sets at the price of $21,183 (Horizontal black line). The prevailing chart pattern suggests that if the leading cryptocurrency could be expecting to rebound from the levels of $21,183. Psychological level has already set at the price of $20,000. If the BTC/USD fails to break through the support prices of $20,000 today, the market will rise further to $21,183 so as to try to break it. Bitcoin is one the best overall investment for 2022 and coming years. However, if you want to try to improve the growth of Bitcoin, thus it seems great to buy above the last bearish waves of $20,000 and $20,100. Buy orders are recommended above the majors support rates of ($20,000 and $20,100.) with the first target at the level of $21,183. Furthermore, if the trend is able to breakout through the first resistance level of $21,183. We should see the pair climbing towards the next target of $21,521 (to test the 50% of Fibonacci retracement levels). The pair will move upwards continuing the development of the bullish trend to the level $21,859 - golden ratio 61.8%. It might be noted that the level of $21,859 is a good place to take profit because it will form a new double top in coming hours. Trading recommendations : The trend is still bullish as long as the price of $20,000 is not broken. Thereupon, it would be wise to buy above the price of at $20,000 with the primary target at $21,183. Then, the BTC/USD pair will continue towards the second target at $ $21,521 (a new target is around $21,859). Alternative scenario : The breakdown of $20,000 will allow the pair to go further down to the prices of $19k and $18k.   Read more: https://www.instaforex.eu/forex_analysis/280667

Relevance up to 09:00 2022-06-21 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Crypto Industry News: One of the largest airlines in Spain - Vueling - has announced cooperation with a cryptocurrency payment service provider. The aim of the newly established cooperation is to enable customers to pay for tickets in several digital assets. The start of this service has been announced at the beginning of 2023. Vueling has announced that it will be accepting 13 different cryptocurrencies as a form of payment. According to the airline's press release, the Barcelona-based company will use Universal Air Travel Plan (UATP) technology (the sector's global clearing network) to best integrate the new payment offering. The Spanish aviation giant will initially include 13 cryptocurrency payment options in its service. Among them are some of the leaders in terms of market capitalization, such as bitcoin (BTC), ether (ETH), Bitcoin Cash (BCH), litecoin (LTC), dogecoin (DOGE) and shiba inu (SHIB). If all goes as planned and the joint project is launched early next year, the Spanish company will become the first low cost airline in Europe to introduce cryptocurrencies as a payment method for customers. Technical Market Outlook: The BTC/USD pair is starting the new trading week on the positive note, because after the weekend drop to the level of $17,600 the market bounced back above $20,000 to test this level again. The bulls are bouncing from the extremely oversold market conditions, so the next target for bulls is seen at the level of $23,287. Any failure to hit or/and break above this level will likely result in another wave down towards the recent lows. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key levels this trading week.     Weekly Pivot Points: WR3 - $35,385 WR2 - $31,310 WR1 - $25,552 Weekly Pivot - $21,486 WS1 - $15,559 WS2 - $11,561 WS3 - $5,781 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the round psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712.   Read more: https://www.instaforex.eu/forex_analysis/280791

A massive selloff hit the sector on Saturday and sent the price of Bitcoin below the $18K mark, the lowest level since the end of 2020. Ethereum fell below $900, as smaller cryptocurrencies followed their major peers to the south. Sunday saw a rebound as some dip buyers piled in on belief that Bitcoin may have cheapened enough to catch an interesting dip. In traditional markets, US equities saw some relief at the end of a heavily stressful trading week. The US dollar index is softer, gold consolidates and crude oil is down. Investor sentiment remains tense as ECB Chief Lagarde and Fed Chair Powell testify this week, and there will be a lot of inflation talk on the menu! Watch the full episode to find out more! 0:00 Intro 0:28 The heavy crypto selloff: buy the dip? 5:35 Market update 8:20 Economic events to watch this week 9.21 Corporate events to watch this week Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020. #Bitcoin #Ethereum #selloff #cryptocurrencies #Celcius #Babel #ThreeArrows #buythedip #sell #panic #economic #corporate #calendar #USD #EUR #GBP #XAU #crude #oil #Fedex #Mobilicom #IPO _____ Learn the fundamentals of trading at your own pace with Swissquote's Education Center. Discover our online courses, webinars and eBooks: https://swq.ch/wr _____ Discover our brand and philosophy: https://swq.ch/wq Learn more about our employees: https://swq.ch/d5 _____ Let's stay connected: LinkedIn: https://swq.ch/cH

European stocks are making small gains again on Tuesday, benefiting from the relatively calm start to the week. The US returns following the bank holiday weekend which could see activity pick up, with particular focus on what the various central bankers have to say. Jerome Powell’s testimony in Congress on Wednesday and Thursday will naturally be the highlight but in this rapidly changing environment, all views will have the potential to get things moving. There’s no doubt that the next few days have far more on the calendar so investors may take the opportunity to breathe and take stock of the situation. It’s been a turbulent couple of weeks and the rest of the summer is likely to bring more of the same so these periods of reflection are welcome. With that in mind, these small recoveries in stock markets shouldn’t provide any comfort. Everyone is hunting for the bottom but there’s a huge cloud of uncertainty over the outlook and the data isn’t yet showing any encouraging signs. Recession is increasingly becoming the base case and so equities are vulnerable to further losses. Bitcoin remains vulnerable Bitcoin is holding on in there after breaking USD 20,000 over the weekend but despite breaking back above here early in the week, it remains highly vulnerable to another plunge below. I can’t imagine all of the negative headlines are behind us as far as the crypto industry is concerned and the wider financial market environment remains unfavourable. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Plenty of action to come - MarketPulseMarketPulse

TL;DR   Bitcoin dominance, or BTC dominance, is measured as the ratio of the market capitalization of bitcoin to that of the rest of the cryptocurrency market. Some crypto investors and traders use bitcoin dominance as a guide to adjust their trading strategies and portfolio structures.    Introduction  While there are now thousands of altcoins out there, bitcoin, the original cryptocurrency, has remained the largest digital asset by market capitalization. Observing the dynamics of bitcoin’s share in the value of the overall crypto market, traders have spotted certain recurring patterns of market conditions. Some came to use BTC dominance as a guide for their trading behavior. In particular, BTC dominance is believed to offer insight into the current general market trend.    What Is BTC Dominance? | Binance Academy   BTC dominance and market capitalization In simple terms, market capitalization refers to the total value of a certain asset in circulation. For bitcoin, the market cap is calculated by multiplying the current price and the number of BTC that have been mined so far. You can calculate bitcoin dominance with this formula: Bitcoin dominance = Bitcoin market cap/ Total cryptocurrency market cap   Factors influencing BTC dominance Changing trends Before the explosion of altcoins, it was not uncommon for bitcoin dominance to hover above 90%. As altcoins collectively gained more user and investor interest, bitcoin lost some of this almost undivided attention to other assets with greater price swings and projects boasting new exciting use cases. While bitcoin was created to change how the transfer of value worked, crypto projects have evolved to do more. Unlike bitcoin, many altcoins are involved in different sectors, including gaming, art, and decentralized financial services beyond transferring money. Depending on the current trend, there may be more interest and trading around a particular type of crypto project. For instance, the explosion of NFTs may have caused BTC dominance to drop somewhat in favor of NFT-related tokens.  Over time, bitcoin has established itself as one of the more “stable” crypto assets. Traders’ interest in more dramatic price swings and associated profit opportunities that some newer altcoins offer can also affect bitcoin dominance, leading to funds flowing into riskier assets. In this case, the sectors these altcoins represent may not matter as much as the potential profits. Bull or bear market Over the last several years, there has been a general rise in the popularity of stablecoins, a trend that exerted sustained pressure on BTC dominance. More specifically, in a bear market or in times of volatility, stablecoins are often used to protect crypto investors’ funds amid falling prices. A stablecoin is an altcoin designed to maintain value equal to that of an asset with a more stable price, such as a fiat currency or commodity. Crypto investors and traders often use stablecoins to lock in profits without having to convert their crypto to fiat. When funds move out of the BTC market and into stablecoins, BTC dominance could go down. The inverse is likely in a bull market. When the market is up, traders can be incentivized to move value from stablecoins into more volatile assets that offer more trading opportunities, like bitcoin. However, emboldened traders may also choose riskier options and pump liquidity into altcoins that are even more volatile than BTC, so the overall effects of favorable market conditions on bitcoin dominance are highly context-dependent. On-ramping via stablecoins Stablecoins offer a convenient way to access a wide variety of cryptocurrencies compared to using fiat. This is because while there are fiat-to-crypto exchanges called gateway exchanges, they can be restrictive and only offer the more popular cryptocurrencies and stablecoins. Crypto-to-crypto exchanges, however, often provide a more comprehensive selection of cryptocurrencies tradable with select stablecoins. Hence, people who want to trade specific cryptocurrencies may enter the market via stablecoins. Naturally, if a significant amount of new funds enter the market through stablecoins and not bitcoin, the total value of the crypto market increases, causing a dilution in BTC dominance. Emergence of new coins Sometimes, new coins that enter the market can gain popularity quickly, causing BTC dominance to decrease. Remember that bitcoin is “fighting” with every other cryptocurrency in the market, so the emergence of several popular altcoins at once may affect it. However, there’s a chance that these altcoins may lose popularity after the hype dies down. If that happens and funds are moved from these altcoins to BTC or out of the crypto market entirely, BTC dominance may rise again.   Using BTC dominance in trading Wyckoff Method Developed in the early 1930s, the Wyckoff Method is a set of principles designed for traders and investors in traditional financial markets. Some of these principles, such as the law of cause and effect, can be applied when seeking profit opportunities using BTC dominance.  Many traders and investors use the Wyckoff Method to identify a market trend, estimate the likelihood of a trend reversal, and time trades. According to Wyckoff, trading behavior is organized into four phases: Accumulation, markup, distribution, and markdown. Identifying where and when funds flow can be important for some traders who rely on timing the market to make informed trading decisions.  Diversified traders and investors often use this approach to pick the stronger trend. Below are several scenarios where the Wyckoff Method is at play.  Using BTC dominance to spot altcoin season With the increasing number of altcoins in the market, it is unsurprising that bitcoin dominance is being diluted. In recent years, some altcoins have gained more popularity, causing the total market cap of all altcoins to briefly surpass that of bitcoin. Periods when altcoins steadily outperform bitcoin are known as “altcoin season” or “alt season.” Under the Wyckoff Method principles, such movement of funds from bitcoin to altcoins is cyclical. Because altcoins tend to perform better during an altcoin season, bitcoin may see its dominance weaken during this phase of the market cycle. Therefore, people who trade both bitcoin and altcoins may monitor bitcoin dominance to adjust their portfolios accordingly. Using BTC dominance with current bitcoin price Some people monitor bitcoin price along with bitcoin dominance to help them make trading decisions. Although they are not iron laws, here are some potential outcomes that various combinations of BTC price and dominance may be indicative of. When the price and dominance of BTC are rising, it could signal a potential bitcoin bull market.  When the price of BTC is rising but BTC dominance is falling, it could signal a potential altcoin bull market.  When the price of BTC is falling but BTC dominance is rising, it could signal a potential altcoin bear market. When the price and dominance of BTC are falling, it could signal a potential bear trend for the entire crypto market. While these two factors do not imply a definite bull or bear market, historical observations suggest a correlation.    Closing thoughts BTC dominance is a tool to help shed light on how the market cycles are changing. Some traders use it to adjust their trading strategies, while others use it to manage their diversified portfolios. Note that BTC dominance does not guarantee the performance of bitcoin or any other crypto but acts as a guide to help traders plan their trading approach.

Relevance up to 10:00 2022-06-25 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. It is safe to say that Bitcoin has gone through one of the most difficult periods in its history. Cryptocurrency has experienced the most massive sell-off and profit-taking in its history. Thus, the asset completed the fifth phase of the bear market, which is called "panic." If we believe this conditional division of the crypto winter into cycles, then we are at the final stage of the global price decline. But despite all the pain and the losses for investors, there are several warning signs that may indicate another attempt to find a local bottom.     First of all, we are talking about the formation of the current market bottom at $17.7k. On the daily chart, you can see that there was no price rebound as such. Most likely, this should be regarded as the depletion of the downward potential. The volumes of buying activity during reaching the local bottom of the market were at a low level. We didn't see a long lower candlestick shadow like we did in 2021. This suggests that the bears have realized all their goals, and the bulls could not oppose this.     The same can be said about the current period of consolidation. It was not preceded by an active upward correction, which is typical after any strong price movement. Instead, we see hesitant Doji candles with long wicks. All these factors together indicate a complete lack of buying initiative and the volumes necessary for an upward movement. The dynamics and results of the return of BTC/USD above $20k became possible due to the termination of the sale by the miners.     It is no longer a secret to anyone that it was the cryptocurrency mining companies that became the main sponsor of the Bitcoin price drop below $20k. The downward potential of the bears was exhausted, and only the aggravated problems of the miners provided the sellers with the necessary volumes for the price to drop below $20k. Mining firms sold off all BTC accumulated in May 2022.     In addition, since June 14 alone, companies have sold more than 18,000 Bitcoins, which has been a serious pressure on the price. If you look at the chart, it turns out that it was after June 14 that the price crusade below $20k began. As of June 24, miners have stopped the mass sale, and even resumed accumulation. However, the nature of the rebound from $17k may indicate that the $17k level will not hold if there are repeated problems.         Repeated problems are quite possible already in early July. The main catalyst for the current decline in BTC was just negative data on inflation in the United States. Fed Chair Jerome Powell said at his last meeting that the current rate of inflation growth is forcing the Fed to act tougher, but later we will monitor the indicator and rely on the results when determining the level of the key rate hike.     After the events of early June, when, contrary to market expectations, it turned out that the Fed does not control the level of inflation, players will closely monitor the level of consumer price growth. With the war in Ukraine continuing and the US announcing new military and economic aid, there is no doubt that inflation is still capable of delivering unpleasant surprises to the market.     The fundamental and technical features of Bitcoin indicate that the asset can retest $17k, and possibly go lower. However, based on the historical context of the movement of BTC/USD quotes, we can say that the likely decline will be the last in the current bear market. In the history of Bitcoin, there have been many cases when the formation of a local bottom was due to a repeated price decline.   Read more: https://www.instaforex.eu/forex_analysis/314444

Relevance up to 14:00 2022-06-25 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Technical analysis: BTC/USD has been trading upside and there is potential for further upside continuation. I found rejection of the rising trend-line in the background, which is good sign for fruther rally. Trading recommendation: Due to the breakout of the consolidation and rejection of the rising trendline, I see potential for further rally. Watch for potential buying opportunities on the intraday dips. Upside objective is set at the price of $22.880. Stochastic is showing upside reading with no evidence for the reversal, which is good sign for further bullish movement. Support is set at the price of $20.700 Read more: https://www.instaforex.eu/forex_analysis/281728   Read more: https://www.instaforex.eu/forex_analysis/281728

Relevance up to 15:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.   Technical outlook: Bitcoin rose above $21,400 on Friday as it continues to develop its corrective drop against $21,700-800. The recent pullback between $19,700 and $214,00 should be short-lived as bears might be preparing to come back on the market and drag prices towards $19,200 in the near term. Bitcoin has carved a larger degree downswing between $69,000 and $17,500 over quite a while. Even if BTC extends a further drop, it needs to produce a pullback rally towards the $33,000-35,000 zone in the next few trading sessions. Also, note that initial resistance is seen at around the $32,300 mark and a break there will encourage bulls. Bitcoin has also carved a lower degree upswing between $17,500 and $21,700 to confirm a deeper correction ahead. Prices are currently retracing the above rally and are expected to find support at around the Fibonacci 0.618 retracement seen at about $18,200. If the above scenario holds well, we should witness a drop from here before the rally resumes. Trading plan: Potential rally towards $33,000 and higher against $17,000 Good luck!   Read more: https://www.instaforex.eu/forex_analysis/281746

The first half is finally over, but the pain is certainly here to stay. Economic data looks bad, employment softens, and inflation is up. The S&P500 closed the first half in the bear market, having lost more than 20% since the beginning of the year, while Nasdaq, which is more sensitive to the Fed policy and to the rising interest rates, closed the first half more than 30% down. Did Gold Withstand Volatility On Markets? Gold did a good job as a hedge to turmoiled markets, but the rising US yields increase the opportunity cost of holding the non-interest-bearing gold certainly limited the upside potential of the precious metal. DAX Lost 20%, FTSE Decreased By "Only" 4% Bitcoin proved to be an imperfect hedge against both inflation and the falling markets, while the DAX is down by more than 20%, and the FTSE, which benefited from surging oil and commodity prices, could lose its advance. Funnily, Chinese stocks diverged positively in the latest quarter, to catch up the losses for the year. Nasdaq’s Golden Dragon China index rebounded by more than 65% since the March dip. What’s next? The pain may not be over, as the Fed is expected to remain as aggressive as needed until it sees a material and a persistent softening in inflation. Watch the full episode to find out more! 0:00 Intro 0:13 We had a tough first half! 2:13 S&P500 had its worst half since 1970 3:02 Gold, flat 3:48 Bitcoin under pressure 4:51 European stocks down, but Chinese recover 5:43 What could help the risk selloff ease? Ipek Ozkardeskaya Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020. #2H #expectations #forecasts #XAU #gold #USD #crude #oil #inflation #recession #economic #corporate #data #earnings #Bitcoin #market #selloff #DAX #FTSE #SPX #Dow #Nasdaq #investing #trading #equities #stocks #cryptocurrencies #FX #bonds #markets #news #Swissquote #MarketTalk #marketanalysis #marketcommentary _____ Learn the fundamentals of trading at your own pace with Swissquote's Education Center. Discover our online courses, webinars and eBooks: https://swq.ch/wr _____ Discover our brand and philosophy: https://swq.ch/wq Learn more about our employees: https://swq.ch/d5 _____ Let's stay connected: LinkedIn: https://swq.ch/cH  

Bitcoin was down 5% on Tuesday, ending it at around $19,400 and remaining near that level by the start of European trading. Ethereum has lost 3.3% in the last 24 hours to $1055. Altcoins from the top 10 fell from 1% (BNB) to 4.2% (Cardano). Cryptocurrency market capitalisation Total cryptocurrency market capitalisation, according to CoinMarketCap, sank 2.1% to $870bn overnight. The Cryptocurrency Fear and Greed Index lost 1 point to 15. Bitcoin fell the most since Tuesday’s beginning of the month amid a stock indices decline. BTC fell below $20,000 and tested eight-day lows below $19,300. On weekly timeframes, Bitcoin remains pinned to the oversold RSI area and under the 200-week moving average. While indicating that the market has gone too far and too fast during the recent sell-off, this disposition does not yet show signs of rebound. The bear markets of bitcoin and other risky assets of the past teach us that a sell-off is usually followed by a prolonged sideways move but not a V-shaped rebound. Moreover, a final reversal is often preceded by a power failure - a capitulation that makes assets ridiculously cheap, which we have yet to see. According to CoinShares, institutional investors have shown little interest in crypto. Capital inflows into crypto funds last week amounted to $15 million, with about half of the funds coming into Ethereum products, with inflows into ETH rising for the third week. Inflows into funds that allow shorts on bitcoin fell to $6.3 million from $51 million a week earlier. The market has yet to form a bold ‘bottom’. Cryptocurrencies could soon face severe problems as they lack catalysts for growth in the face of widespread adversity, according to CoinShares.

Bitcoin rose 1.1% on Wednesday, ending the day around $19.7K, and was back above $20K on Thursday morning. Ethereum has added 4.3% to $1100 in the past 24 hours. Top altcoins are adding from a modest 0.1% (Dogecoin) to a more notable 3.7% (Solana). Total crypto market capitalisation, according to ConMarketCap, rose 2.6% overnight to $896bn. US inflation data came out stronger than expected yesterday, which triggered an impulsive wave of dollar appreciation and a sell-off in risky assets, sending Bitcoin briefly below $19K. However, it is essential to note that the first cryptocurrency found buyers quite quickly on the decline to these levels and has already more than recovered its losses. This is a notable moment, as crypto has often taken on the role of a leading indicator of market sentiment in recent months. According to KuCoin, cryptocurrencies are popular in Saudi Arabia, with around 3 million residents investing in digital assets. Bitcoin may continue to fall but will hit another all-time high in the next 24 months, according to CoinShares. At the same time, the rate is not expected to fall below $14,000. The US Treasury Department has sought public comment on digital assets’ potential benefits and risks. According to President Biden’s executive order, the Treasury is to study the impact of cryptocurrencies on the financial system, economic growth, and national security. The Bank for International Settlements (BIS) has called for central banks to create “bridges” between the various national digital currencies (CBDC) that would allow tokens to interact with each other.

Relevance up to 13:00 2022-07-15 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Technical analysis: BTC has been trading sideways in last few weeks and I see potential for the breakout mode. Trading recommendation: Watch for the breakout of the consolidation to confirm further direction. If the price breaks the resistance level at $22.360, watch for buying opportunities on the dips with the upside objective at $27.000 If the price breaks the support level at $17.700, watch for selling opportunities on the rallies with the downside objective at $12.776.     Read more: https://www.instaforex.eu/forex_analysis/284530

Bitcoin rose 4.9% on Thursday, ending at around $20,700, and retreated 200 at the start of trading on Friday. Ethereum has added 7.3% in the past 24 hours to $1190. Top altcoins gained between 1.7% (Cardano) and 7% (Solana). Crypto Market Cap According to CoinMarketCap, the total crypto market cap is up 3% overnight to $925B.Bitcoin was in demand in the US session on Thursday amid a rebound in US stock indices. BTC rose above the $20,000 level and tested three-day highs around $20,900.Bitcoin’s hash rate fell 27% to 159.41 EH/s due to a shutdown of miners in Texas. The figure was the lowest since February this year. Miners shut down equipment to save power due to the record heat wave.During June, the cost of mining bitcoin fell from $24K to $13K, which could boost coin sales by miners and become a barrier to BTC growth, JPMorgan said. According to Thomas Peterffy, CEO of Interactive Brokers, there is a high probability that bitcoin will be outlawed.The US government could ban cryptocurrencies out of concern that they are being used to finance illegal activities, tax evasion, and the Treasury Department’s inability to monitor transactions involving crypto assets.Cryptocurrency lender Celsius has filed for “immediate” bankruptcy in the US Bankruptcy Code, Chapter 11.A federal court in New York has frozen the remaining assets of cryptocurrency hedge fund Three Arrows Capital after the company filed for emergency bankruptcy.The European Central Bank has decided on the parameters of the future digital euro and intends to issue it in 2023. The success of CBDC will depend on its mass use.

Relevance up to 09:00 2022-07-16 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Bitcoin is back inside the ascending channelCrypto Industry News: The European Central Bank expects the completion of the digital Euro project in autumn 2023 and assumes that if the digital Euro project is to be fully successful, it must be universally accepted by all users in Europe. Yesterday, the European Central Bank (ECB) released a list of key targets in connection with the introduction of the digital Euro. The authors of the document presented are Christine Lagarde (bank president) and member of the management board, Fabio Panetta. The document attached to the list describes some fundamental issues concerning the design of the digital version of the single currency of the European Union. "The digital Euro can only be successful if it becomes part of the daily lives of Europeans. It must add value compared to existing solutions," reads the published post. Both authors said it was too early to agree on the details of the project, however the ECB anticipates the end of the project's investigation phase in autumn 2023. The ECB initiated the digital Euro project in June 2021. In October, the launch of the two-year research phase of the central bank's digital currency (CBDC) study was announced. Until now, sporadic hints have been made about the introduction of the digital Euro over the next four years and how the ECB is likely to limit the amount in circulation to 1.5 trillion euros ($ 1.5 trillion). All of this is to control any negative impact this may have on financial stability. Lagarde and Panetta also announced that the digital Euro is to be a means of payment, not a form of investment. Technical Market Outlook: The BTC/USD pair has bounced back up inside the ascending channel and retrace 50% of the last wave down already. In a case of further bounce extension, the next target is 61% Fibonacci retracement level located at $21,134. The level of $21,867 will now act as a technical resistance for bulls. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels.     Weekly Pivot Points: WR3 - $27,913 WR2 - $24,489 WR1 - $23,135 Weekly Pivot - $21,065 WS1 - $19,711 WS2 - $17,641 WS3 - $14,217 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712.   Read more: https://www.instaforex.eu/forex_analysis/284642

Relevance up to 09:00 2022-07-19 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Crypto Industry News: The latest data from blockchain analytics company Arcane shows that publicly traded miners sold more BTC in June than they produced. From January to April of this year, they only got rid of 20% to 40% of their production, sticking to their hodl strategy at all costs. The dynamics changed, however, as BTC plunged from $ 40,000 to $ 30,000 in May. The report identified companies such as Core Scientific and Bitfarms as the mining entities with the largest share of the decommissioning. The former dropped nearly 10,000 Bitcoins, leaving "only" 1,959 BTC, while Bitfarms sold 3,353 BTC. Meanwhile, Northern Data wiped out all of its Bitcoin and Ethereum holdings in May and June. Arcane Research said the massive sales will pay off with the upcoming infrastructure upgrades and machine deliveries. In 2021, miners were able to raise funds to cover the costs of mining. Now, however, access to external capital has weakened drastically due to rising interest rates and less investor interest in Bitcoin. Technical Market Outlook: The BTC/USD pair has bounced 7% in the last 24h, but is still trading inside the ascending channel. In a case of further bounce extension, the next target is seen at the level of $22,492, which is the local high from July 8th. The level of $21,867 will now act as a technical support for bulls. The larger time frame outlook for Bitcoin remains bearish, however, we have unconfirmed Bullish Engulfing pattern on the Daily time frame chart, so please stay focused and keep an eye on the key technical levels. The gamechanger level is located at $25,367.     Weekly Pivot Points: WR3 - $23,780 WR2 - $22,629 WR1 - $22,245 Weekly Pivot - $21,487 WS1 - $21,094 WS2 - $20,326 WS3 - $19,175 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367.   Read more: https://www.instaforex.eu/forex_analysis/284842

Bitcoin rose 2.9% on Monday, ending the day around $21.5K, and continuing to test the $22K level on Tuesday morning. So far, we are seeing an intensification of selling as buyers push the price up into the 23K area. Ethereum jumped 9.9% to $1480 and is already above $1500 in early Tuesday trading. The rise in recent days is almost a mirror image of the decline from June 10 to 18. Except for XRP, which is down 1.5%, the top altcoins add between 0.6% (BNB) and 4.3% (Solana). The total capitalisation of the crypto market, according to CoinMarketCap, rose 2% overnight to $1.02 trillion. Bitcoin is encountering increased resistance to its 50-day simple moving average approach. This line often acts as an indicator of a short-term trend in the markets. Notably, the Nasdaq100 sold off profusely on Monday night to climb above its line but closed the day below it. The market dynamics so far suggest a continued bearish trend in the financial markets’ most closely monitored retail investors and media sectors. Nevertheless, it is worth noting that Ethereum has successfully surpassed its 50-day average, while the dollar index is losing for the third consecutive trading session, indicating a timid recovery in demand for risky assets. The cryptocurrency Fear and Greed Index climbed 10 points to 30, its highest level since April 11 and moving away from ‘extreme fear’ territory to ‘fear’. A June report by Coinbase indicates that speculators were behind the fall in the crypto market, taking massive loans. In addition, according to Arcane Research, miners sold about a quarter of their bitcoin holdings last month to cover running costs. At the same time, long-term holders of bitcoin hardly ever sell it. Former top Blackrock executive Edward Dowd said that, over time, Bitcoin may surpass gold due to its unique characteristics, such as ease of transaction, transparency, and decentralisation.

Bitcoin jumped 8.5% to $23,300 on Tuesday, showing a 20.8% gain over the last seven days. Ethereum is trading around $1570 on Wednesday morning, adding 3.4% in 24 hours and an impressive 49% for the week. Altcoins & Total crypto market capitalisation The top altcoins are also rising nicely, adding between 3.9% (Polygon) and 11% (Cardano) for the day. Total crypto market capitalisation, according to CoinMarketCap, rose 4.7% overnight to $1067bn. Bitcoin on Tuesday posted its highest gains in a month on the back of a rebound in US stock indices and a weaker dollar. Bitcoin BTC has tested the highs since June 13 near $23,700, and on Wednesday, it is trying to consolidate above its 50-day moving average. The dynamics near that line often acted as a reliable medium-term trend indicator. Only a strong buy above this level can serve as a firm reversal indicator in the next few days. If the upside momentum stalls, as it did in February and March this year, we should be prepared for a sharp increase in selling. BTCUSD also exceeded the 200-week average during the last growth wave but fixing above this level at the end of the week should be considered a reliable signal. Cryptocurrency Fear & Greed Index The cryptocurrency Fear & Greed Index climbed to 31 by Wednesday after more than two months in "extreme fear" territory. After waves of capitulation in May-June 2022, bitcoin quotes have been below the realised price for a month now. Other signals of a potential bottom forming have also emerged, Glassnode notes. CryptoQuant, the research firm, has warned investors that further sales of BTC miners in a falling market could return pressure on prices.

Relevance up to 14:00 2022-07-21 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. At the time of writing, bitcoin has already surpassed the $ 23,800 mark and is certainly going for the $ 24,280 level of resistance. Ether is likewise on the verge of revising its monthly limit. Before discussing the technical picture, however, it is important to note that the increase in optimism on the cryptocurrency market and the American stock market is directly tied to a decline in concerns that the Federal Reserve System will continue to hike interest rates rapidly. The recent impact of the US central bank's tightening of monetary policy on risky assets has been significant, resulting in a decline in the values of cryptocurrencies and the stock market.     The US central bank is anticipated to raise interest rates again at its next monetary policy meeting. However, economists anticipate a less aggressive hike of 75 basis points rather than 100 basis points, as predicted last week following the release of inflation and retail sales data. Any reduction in interest rate hikes will be viewed favorably by the market, especially considering that a large number of assets are now trading at reasonable levels. Optimists anticipate the bitcoin rebound to $ 29,500 by the end of this week. Do not forget, however, that even while the Federal Reserve System dislikes surprises, the remarks of its representatives can greatly chill the market. In addition, it is a positive development that the news of the sharp bankruptcy of huge hedge funds, cryptocurrency managers, and credit organizations, which became public this month, is gradually receding. A recent interview with one of Celsius's former directors revealed that problems have been building for years, but no one has been in a hurry to resolve them. Recent reports indicate that the largest cryptocurrency lender has filed for bankruptcy. According to analysts, many internal failures led to the cryptocurrency company's recent collapse. Several employees portrayed a picture of risk that was excessive, alluding to attempts to manipulate the market for financial gain. In an interview, Timothy Cradle, a former director of Celsius, stated that the primary issue was a failure of risk management. "I believe Celsius's concept of providing loans to organizations in desperate need was brilliant, but no one knew how to handle risks there." The business froze consumer accounts a month ago, citing "extreme market conditions." In June, the company had 1.7 million users and $ 11.8 billion in deposits before filing for bankruptcy against the backdrop of the cryptocurrency market collapse. Celsius secretly leased client-raised funds to hedge funds and other businesses eager to pay even larger profits. Additionally, the business invested in additional high-risk cryptocurrency ventures. As stated previously, the revenue model imploded alongside the price of cryptocurrencies, causing several organizations to freeze their assets and at least three to declare bankruptcy. Eventually, all the "hype and dust" will settle down, and there will be people with money to invest in new cryptocurrency trends and directions, but investors and managers must draw the correct conclusions from everything, although greed, as always, will push them to succumb to temptation – only the strongest will survive.     Regarding Bitcoin's technical prospects, the balance of power has shifted slightly. In the case of a collapse in the trading instrument, speculators will defend the closest support, around $ 22,875, which plays an important role. Its breakdown and consolidation below this range will cause the trading instrument to return to the lows: $ 21,875, $ 21,140, and $ 20,500, which are close to $ 19,880 and $ 19,320. In the event of a further upward reversal, bears will manifest in the region of $ 24,280 closest resistance. Fixing higher will drive the trading instrument to a new ceiling of $ 25,750, allowing investors to relax further. The region of $ 26,780 will be a more distant objective. Ether remains in the limelight, with buyers concentrating on the $ 1,640 resistance level. Only once growth surpasses this level can we anticipate a bigger surge with an upgrade to the maximum of $ 1,740 and the possibility of a medium-term rise. A return to $ 1,740 and consolidation on that level will spur new purchases to update the $ 1,830 resistance, for which a fierce battle will resume. In the event of ETH pressure, bulls will attempt to defend $ 1,470. Based on this range's breakdown, it is prudent to anticipate purchases in the region of $ 1,385 and $ 1,320.   Read more: https://www.instaforex.eu/forex_analysis/316717

How long does forever last? Just over a year, if you're Elon Musk. Tesla has indicated in its quarterly report that it has sold three-quarters of its Bitcoins, citing uncertainty. The past selling does not change the market disposition, as all transactions have already been made. However, investor sentiment is perhaps the main driver in this market, where a mathematical algorithm governs issuance. BTC/USD And this sentiment has been hit at a rather crucial moment. As a result of short-term investors' frustration, BTCUSD failed to break away from its 50-day moving average. The price stabilised at 23000 at the time of writing, hovering around this trendline. Failure to cross this line in a sharp move is a bearish signal. The closest development would be Bitcoin's return to the local support area at 19000. Ethereum Ethereum has lost 5.7% in the past 24 hours, to $1480. Leading altcoins have fallen even further, from -4% (Dogecoin) to 11% (Solana). Total crypto market capitalisation fell 3.6% to $1.03 trillion, according to CoinMarketCap. According to CoinShares, capital inflows into crypto funds last week were $12.2m, with $14.8m coming into the funds on bitcoin shorts. Regular bitcoin products saw a net outflow of $2.6m. The fall of the crypto market was caused by "greed, ignorance and misguided risk management", Galaxy Digital CEO Mike Novogratz said. He noted the collapse of the Terra ecosystem, which was the trigger for the subsequent problems of Celsius Network, Voyager Digital and Three Arrows Capital. A bipartisan bill to regulate the crypto industry in the US could pass as a full-fledged document in 2023, Wyoming Senator Cynthia Lummis said. She said that some lawmakers would need more time to handle the topic. SEC chief Gary Gensler said the crisis in the crypto market would require a reworking of investor protection laws.

Relevance up to 13:00 2022-07-22 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. BTC/USD has been trading downside this morning and it is on the pullback mode. Pay attention on the key pivot support at the price of $22.000. Trading recommendation: Watch for the price action around key pivot level at $22.000 in order to confirm further direction. In case of the downside breakout of the pivot at $22.000, watch for selling opportunities on the rallies with the downside objective at $20.000 In case of the rejection of the pivot support at $22.000, watch for buying opportunities on the intraday pullbacks with the upside objectives at $24.000 and $25.350   Read more: https://www.instaforex.eu/forex_analysis/285465

Relevance up to 07:00 2022-08-05 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Crypto Industry News: Bitcoin Valley is a project that aims to strengthen "crypto-tourism" in Honduras. The bitcoin town is located in Santa Lucia, a commune in the south of the country. As part of this initiative, more than 40 local companies recognized bitcoin as a form of payment. Bitcoin Valley is the first bitcoin city in Honduras. The initiative to attract new tourists takes place in Santa Lusia, a small town 20 minutes from the country's capital, Tegucigalpa. The project was jointly developed by Blockchain Honduras, Guatemalan Coincaex cryptocurrency exchange, Honduras University of Technology, Decentral Academy and Santa Lucia Municipality. Cesar Andino, owner of Los Robles shopping plaza in Santa Lucia, will now accept BTC as payment. Last week, he informed the media that he was waiting for the delivery of devices that would allow companies to accept payments in the first cryptocurrency. He also adds: "In Santa Lucia, we will all be involved in this project ... The adoption of bitcoin will open us up to a different market and attract more customers. We need to globalize. We cannot close ourselves off on technology and be left behind when other countries are already doing it." Carlos Leonardo Paguada Velasquez, founder of Blockchain Honduras and representative of the Central American Cryptocurrency Users Association (Acucrip), announced a few days before the official launch of Bitcoin Valley that around 60 companies would be involved in the project. Technical Market Outlook: The BTC/USD pair has hit the 50% Fibonacci retracement level located at $22,679 and the bulls are trying to use this level as a base for a bounce higher. The intraday technical support is seen at $22,507. The momentum is now weak and negative on the H4 time frame chart, so a deeper correction towards the level of $22,000 is possible before the bulls will wake up and start buying again. Please notice, the Bitcoin market keeps moving inside the ascending channel, so the bullish impulsive wave scenario to the upside is now invalidate. If there is no sustained breakout from the channel, the bears might accelerate the sell-off and test the swing low seen at the level of $17,600 again.     Weekly Pivot Points: WR3 - $23,739 WR2 - $23,529 WR1 - $23,421 Weekly Pivot - $23,319 WS1 - $23,211 WS2 - $23,110 WS3 - $22,900 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.   Read more: https://www.instaforex.eu/forex_analysis/287240

Table of Contents: What is a wrapped token? How do wrapped tokens work? Examples of wrapped tokens Wrapped tokens on Ethereum Benefits of using wrapped tokens Deposit, Withdraw & Trade Wrapped Tokens Closing thoughts Decentralized finance (DeFi) is rapidly disrupting the financial sector by offering trustless banking. However, it also faces multiple challenges that hinder its mass adoption. At the moment, one of the most significant obstacles is insufficient liquidity.   For instance, Bitcoin (BTC) has the largest market cap in the crypto market - (around $420 billion). However, its blockchain does not support smart contracts and hence does not support DeFi. On the other hand, the Ethereum blockchain supports the highest number of DeFi protocols. Nonetheless, the market cap of its native token, ETH, currently sits at $186 billion.   With DeFi relying on users to provide liquidity, it is imperative to have cross-chain interoperability, a necessity that has proven a tough nut to crack.   Thus far, efforts to make blockchain networks interoperable have seen developers create wrapped tokens. These tokens can function on different blockchain networks, introducing some aspect of cross-chain interoperability.   What is a Wrapped Token? A wrapped token is a cryptocurrency pegged to another cryptocurrency in a 1:1 ratio. Simply put, the price of the wrapped token always equals that of the underlying coin. To this end, wrapped token holders can redeem them for the original asset at any given time.   The wrapped token and the original token run on different blockchains, with the prior running on blockchains that support DeFi. This feature ensures that wrapped tokens create a bridge between incompatible blockchain networks. Consequently, this interoperability helps introduce more liquidity to DeFi protocols, boosting the utility of cryptocurrencies.   How Do Wrapped Tokens Work? To get wrapped tokens, users can create them by wrapping them on their own or purchasing them from centralized or decentralized crypto exchanges.   Wrapping tokens involves finding merchants for a specific token and transferring the tokens to them. The merchants then transfer the digital assets to a custodian who mints their wrapped versions in a 1:1 ratio and stores the underlying tokens in a digital vault.   After putting their wrapped tokens to use, a user can redeem them by requesting the merchant to send the custodian a burning request for a given amount of the tokens. Finally, the custodian destroys the wrapped tokens and returns the original assets to the user.   The custodian records all minting and burning transactions on-chain for transparency, ensuring that wrapped tokens always maintain their 1:1 peg to the underlying asset.   Examples of Wrapped Tokens The need to bridge the Bitcoin and Ethereum networks saw developers team up to create wrapped Bitcoin (wBTC), an ERC-20 version of BTC. wBTC is the most popular wrapped token and is currently the 18th-largest cryptocurrency by capitalization, with a market cap of over $5 billion. Needless to say, wBTC is the largest wrapped token.   The second largest wrapped token is renBTC, an ERC-20 token, which is part of the Ren Protocol. renBTC has a market cap of over $80 million. renBTC serves the same purpose as wBTC.   Wrapped NXM (wNXM) is the third-largest wrapped token by market capitalization. The token allows users to trade NXM, the native token of the Nexus Mutual platform, outside the protocol.   There are over 20 wrapped tokens in the crypto market, and they have a market cap of $5.31 billion.   Wrapped Tokens on Ethereum An interesting example of a wrapped token on Ethereum is wrapped Ethereum (wETH). Although creating a wrapped version of ETH seems to defy logic, it is worth noting ETH arrived before the network introduced the ERC-20 standard for issuing tokens. As such, ETH is not ERC-20 compliant.   To this end, developers created wrapped Ethereum (wETH) to simplify using ETH in DeFi. With the bulk of DeFi activity being on Ethereum, most dApps require users to swap ETH with ERC-20 tokens, and wETH streamlines this process.   Other wrapped tokens on Ethereum include wBTC, wNXM, wDGLD, and wCRO, among other ERC-20-compliant tokens that run on blockchains other than Ethereum.   Benefits of Using Wrapped Tokens Wrapped tokens increase the utility of cryptocurrencies by expanding the number of blockchains they can run on. As utility increases, the value of crypto networks rises, helping to expedite the maturity of the nascent asset class.   Through wrapped tokens, crypto holders can put their digital assets to use by lending them out through DeFi protocols to earn interest. Crypto holders can also stake the tokens and provide the DeFi sector with liquidity. In return, DeFi protocols offer stakers high yields.   Wrapped tokens also help minimize the transaction costs and times. For instance, using a wrapped version of BTC on a scalable blockchain network would significantly cut costs and ensure faster transaction times.   How to Deposit, Withdraw & Trade Wrapped Tokens Deposit and withdrawal functions are available from exchanges that support the wrapped tokens. For instance, KuCoin supports some wrapped tokens deposit and withdrawal, such as WBTC.   ​​In general, a wrapped token may not have a separate trading pair. For the purpose of consolidating liquidity, centralized exchanges will credit tokens based on different blockchains as its native token, similar to USDT on Tron and Ethereum are both credited as USDT. However, there are exceptions like WBTC, which has separate trading pairs like WBTC/BTC.   Closing Thoughts Wrapped tokens play a significant role in creating bridges between various blockchains. Furthermore, this interoperability helps provide DeFi and the broader crypto space with ample liquidity because networks can easily share the amount of capital locked in them.   Although wrapped tokens currently run on the centralized models, which require users to trust merchants and custodians, the future might present completely trustless options, helping the crypto space put the power back in users’ hands.   Find The Next Crypto Gem On KuCoin! Download KuCoin App>>> Sign up on KuCoin now>>> Follow us on Twitter>>> Join us on Telegram>>> Join the KuCoin Global Communities>>> Subscribe to YouTube Channel>>> Source: What Are Wrapped Tokens and How Do They Work?| KuCoin

Relevance up to 12:00 2022-08-10 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. The market begins to beat against the walls of a narrow trading corridor when traders do not know which news to trust more. Bad or good. Options are signaling that 25,000 is a kind of ceiling for BTCUSD, while 20,000 is a floor. This is due to the high backlog of puts and calls at these levels and suggests that token consolidation is just what the doctor ordered. An increasing number of institutional investors are entering the crypto asset market, new instruments are emerging that are supported by reputable companies. In particular, CME Group announced the introduction of euro-denominated Bitcoin and Ethereum futures into trading practice. According to the exchange, in 2022, the share of Europe in the volume of trade in cryptocurrencies increased from 23% to 28%. In general, the scale of the derivatives market is larger than spot trading, as they allow large players not only to speculate, but also to hedge risks. The collaboration between the world's largest asset manager BlackRock and crypto exchange Coinbase can also be regarded as good news for BTCUSD. At the same time, information about the theft of money from the Solana ecosystem undermines the credibility of the crypto industry. Estimates of the scale of losses vary. Someone talks about 7,900 wallets and $5.2 million, while someone says that $8 million was stolen from only four wallets. Note that not only crypto assets but all financial markets are currently in a tug-of-war. After the Fed canceled direct guidance in July, an indication of how federal funds rates will change at the next FOMC meeting, uncertainty has entered the market. Some investors believe that the Fed, due to the threat of a recession, will begin to slow down monetary restrictions and reduce borrowing costs in 2023. The rest believe the officials of the Committee, who claim that the Central Bank is not going to stop without a complete victory over inflation. Alas, bitcoin has not become a reliable tool for protecting against inflationary risks: despite the rise in consumer prices in the US to 9.1%, the crypto winter in the BTCUSD market continues. Dynamics of BTCUSD and inflation in the USA     In my opinion, the market has decided on the essence of the token and rightly classified it as a risky asset, which is clearly seen from the high correlation of bitcoin with American stock indices. At the same time, the Nasdaq Composite in early August is growing faster than the leader of the cryptocurrency sector. Personally, I attribute this to the bad news about the thefts at Solana.     The further dynamics of BTCUSD will certainly be influenced by the US employment report for July. Stocks are now operating in "bad news from the economy is good news for us" mode, as investors are betting on a slowdown in the Fed's monetary restriction. Technically, there is a Three Indians corrective pattern on the Bitcoin daily chart. Given the existing downward trend, it makes sense to sell BTCUSD on a break of support at 22,400 or a rebound from resistance at 24,000.   Read more: https://www.instaforex.eu/forex_analysis/318190

Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.   On the 4-hour TF, the current picture of bitcoin is also very eloquent and does not raise any questions. There is a clear ascending channel, which has been maintained for several weeks. The cryptocurrency does not even try to leave it and moves strictly inside it. This channel has a rather weak inclination angle and does not imply a strong bitcoin growth. If we try to give the clearest possible definition of the direction of this channel, then the word "lateral" rather than "ascending" will come to mind. However, this channel performs two important functions at once. First, it signals that the correction has not yet been completed. The second is that fixing below will likely signal a new round of the "bearish" trend in bitcoin. Well, until this consolidation has happened, traders must decide whether they want to trade bitcoin with minimal volatility. Recently, Tesla sold off bitcoin coins, and Elon Musk tried to make a good face at a bad game. At first, Elon Musk was considered almost the "godfather" of cryptocurrencies and he expected his companies to integrate crypto assets deeply into their activities. Then later, the more time passed, the clearer it became that Musk used his opportunities to earn. He used cryptocurrencies to make his company, Tesla, sell more electric cars. Many experts wonder why Tesla bought $ 1.5 billion worth of bitcoins. Why did it announce the possibility of a bitcoin payment on March 24 last year if it canceled its decision after a couple of months and sold almost all bitcoins a year later? If you think logically, it turns out that Tesla and Musk made some bets on "digital gold," but it doesn't seem to have worked. Some experts believe that, in this way, Musk was trying to conquer the Chinese market, which was very actively interested in digital assets at that time. Who knew that in the near future the Chinese authorities would completely ban mining and the use of bitcoin on their territory? Remarkably, Musk has never openly stated that he no longer believes in bitcoin or that he needs it for specific purposes. Tesla refused to accept payment in "bitcoins" "because of its low environmental friendliness," but at the same time, Musk continues to use Dogecoin, which is no more environmentally friendly than bitcoin. When selling 75% of the bitcoin coins, Musk said that Tesla needed additional liquidity due to various restrictions in China amid a new coronavirus pandemic. However, if bitcoin is a promising tool, why sell it? Would a company like Tesla, with an owner who is the richest man in the world, not be able to find about $ 1 billion?     In the 4-hour timeframe, the quotes of "bitcoin" continue a weak upward correction. We believe that the fall will resume, but now we need to wait for the consolidation below the ascending channel. The first target for sales will be the level of $ 17,582, which is the last local minimum. Next, the common goal for the two timeframes is $12,426.   Read more: https://www.instaforex.eu/forex_analysis/318230

Market picture Bitcoin has been down 1.2% over the past seven days, trading at $23,600. These are tiny moves by crypto market standards. Indeed, the first cryptocurrency has been dealing with little amplitude over the past week. ETH/USD Ethereum has added the same amount of 2.6% to $1720 in the last 24 hours and seven days. The top altcoins' 7-days performance ranges from -0.11% (Solana) to +19% (Avalanche). The total capitalisation of the crypto market, according to CoinMarketCap, rose 2.5% for the week to $1.1 trillion. The Bitcoin Dominance Index slipped 0.6 percentage points to 40.4% over the same period. The Cryptocurrency Fear and Greed Index fell 3 points for the week to 30 and remains in a state of "fear". Last week Bitcoin made its fourth reversal from decline to rise within a moderately rising range. Investors were probably inspired by the positive dynamics of the stock markets amid recovering risk demand there. Buying forces reversed the trend even before the price reached the lower boundary of the corridor and the 50-day average. The 200-week moving average, in this case, acted as a support line, which we see as a confirmation that the downtrend in cryptocurrencies is over. However, it is worth remembering that a rally rarely follows this. Typically, the market goes through a long period of uncertain and vulnerable growth. Only global events like halving or extreme liquidity injections from central banks or governments into the financial system can kick-start a rally. Background That said, Americans are investing in cryptocurrencies despite the market downturn. According to The Balance's financial website, 39% of US investors have become more invested in cryptocurrencies. American investor and Shark Tank star Kevin O'Leary said he had bought high market capitalisation cryptocurrencies such as Bitcoin and Ethereum despite the slump in his investment portfolio. Bitcoin According to a Cumberland survey of institutional investors, most respondents expect bitcoin to rise to $32K as soon as this year. Before that, however, BTC could fall to $16K. Tesla CEO Elon Musk again spoke out in support of Dogecoin. According to him, the "dogecoin" cryptocurrency network can handle significantly more transactions than the bitcoin network. CME Group, one of the world's leading derivatives players, will launch BTC and ETH futures in euros.

Strong US jobs data revived the Federal Reserve (Fed) hawks on Friday. The US 10-year yield jumped, and the US dollar gained. Gold gave back a part of gains, and US stocks closed in the negative, although the three major US indices closed the first week of August in the positive. S&P 500   Now, the S&P500 is nearing an important technical level near 4180 level, the peak reached in June, and the short-term direction will mostly depend on this week’s inflation data, due Wednesday. Crude oil kicks off the week slightly upbeat, below the $90 level. News that China started mass testing in the Hainan beach resort comes as a warning that China is still not done with its fight against Covid.    Crude Oil Last week, OPEC increased the production outlook by a laughable, and a completely meaningless 100’000 barrels per day. That’s about 0.1% of the global oil output. But the recession fears and the slowing demand will likely continue driving the market; we could see a further downside pressure on oil prices. On corporate front, Coinbase, Disney, Honda, Coupang, and Rivian will be revealing their latest quarterly earnings. On political front, the US Senate passed a landmark tax, climate and health-care bill, which includes tax credits for EV purchases & green energy incentives. In cryptocurrencies, Ethereum prepares for its final test before the Merge update! Watch the full episode to find out more! 0:00 Intro 0:27 Confusingly strong NFP data 3:23 Why the markets rallied in July? 4:54 Inflation is key for direction 5:55 Crude oil under pressure 7:01 Earnings calendar 7:20 US Senate passes bill to support EV & green energy 8:33 Ethereum’s final test before Merge update Ipek Ozkardeskaya Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020. #US #NFP #Fed #hawks #USD #XAU #Gold #inflation #data #crude #oil #Coinbase #Honda #Coupang #Rivian #earnings #US #climate #bill #Tesla #green #energy #Ethereum #Merge #test #Bitcoin #SPX #Dow #Nasdaq #investing #trading #equities #stocks #cryptocurrencies #FX #bonds #markets #news #Swissquote #MarketTalk #marketanalysis #marketcommentary _____ Learn the fundamentals of trading at your own pace with Swissquote's Education Center. Discover our online courses, webinars and eBooks: https://swq.ch/wr _____ Discover our brand and philosophy: https://swq.ch/wq Learn more about our employees: https://swq.ch/d5 _____ Let's stay connected: LinkedIn: https://swq.ch/cH

Relevance up to 09:00 2022-08-09 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Bitcoin continues to convince the market of the full start of the recovery season and closes another trading week on a bullish note above $23k. In total, over the past eigth weeks, the cryptocurrency has managed to close weekly trades with a green candle five times. The dynamics is evident and consist in a gradual reversal of the trend. In addition to the upward price movement, this is also seen by the main metrics that reflect investor sentiment.  Follow us on Feedly   The Fear and Greed Index, which has been below 10 for a record amount of time, made an upward spurt and reached the level of 30. Considering the situation in which the market found itself in June, this is a significant breakthrough, indicating a growing interest in Bitcoin.     This is confirmed by the number of unique addresses in the cryptocurrency network, which reached the million mark last week. Over the weekend, the figure expectedly dipped to 600,000, but given that a month ago, this number of addresses was the peak, the figure is at a high level.     At the same time, there is a continued trend to reduce the volume of Bitcoin daily trading. Over the weekend, the metric dropped to $17 billion, which is low even with the weekend. This is an unhealthy trend that indicates an increase in the activity of addresses that cannot provide a high level of trading activity. As a result, we are seeing a significant increase in the volume of unique addresses and a downward trend in BTC trading. Such a divergence could mean problems at the bottom of the upward trend formed on the Bitcoin chart.     On the daily chart of the cryptocurrency, we see that BTC again briefly became a stablecoin, which is moving around the $23k level. The asset continues to maintain the structure of the upward trend from June 19, which suggests the formation of a local bottom at $17k. It is also important to note that the cryptocurrency exited the $19k–$22k fluctuation range and successfully consolidated above $22.6k, where the key support zone of the new range of $22.6k–$24k lies. And despite the successful consolidation of the asset above $23k, Bitcoin does not show prospects for an upward trend.     On the daily chart of the cryptocurrency, the prerequisites for an upward movement are visible. The RSI index continues its upward movement to the level of 60, which is a positive signal indicating the growth of active buyers. The stochastic oscillator has also formed a bullish crossover and continues to move above the 60 mark. However, it is important to take into account the gradual recovery in trading activity after the weekend and not to pay too much attention to the current upside signals on the charts. As was noted, trading volumes continue to decline and reach local lows. In such a situation, it is not worth hoping for an upward movement, but it is quite possible to restore trading activity on the eve of the working week. August 10 will also be an important factor that slows down the formation of upward impulses. On the said day, the US will announce the results of the July Consumer Price Index (CPI). Forecasts assume that the CPI will be at the level of 8.7%. Accordingly, we can assume that this figure is already considered in the current price of BTC. The cryptocurrency will move depending on the results of the CPI report. If it is higher than expected, a retest or a breakdown of the $22.6k level is quite likely. If the indicator turns out to be lower than expected, we can expect an increase in trading activity and another attempt to break through $24k.   Read more: https://www.instaforex.eu/forex_analysis/318294

CME Bitcoin futures net-short positions reducing. ETH put-call ratio makes a new low. ETH close to short-term RSI overbought. Chart of the Week: Shorts Out of Fashion Longs are gaining the upper hand with asset managers’ net-long position in CME Bitcoin futures trending upwards and fast approaching the highest level YTD. Leveraged traders appear to also be on the same wavelength, as their net-short position has been reducing since mid-May and is currently at the lowest level YTD.     Leveraged traders are typically hedge funds and various types of money managers, including commodity trading advisors and commodity pool operators. The traders may be engaged in managing and conducting proprietary futures trading, and trading on behalf of speculative clients. The asset manager category consists of institutional investors, including pension funds, endowments, insurance companies, mutual funds, and those portfolio/investment managers whose clients are predominantly institutional. The dealer category consists of participants typically described as the “sell-side” of the market. These include large banks and dealers in securities, swaps, and other derivatives. The other reportable category consists of traders mostly using markets to hedge business risk, and includes amongst others corporate treasuries. Fund Flow Tracker Aggregated exchange balance for BTC made a new 1-year low, while ETH’s was stable over the past week.         Derivatives Pulse 1-week implied vols dropped during the past week, while other expiries were generally stable. Skews (puts minus calls) continued to fall for BTC but rebounded for ETH over the past week. 1-week implied vol currently stands at 63.1% (vs. 68.4% a week ago) and 91.9% (vs. 115.6% a week ago) for BTC and ETH, respectively. The put-call ratio for ETH extended its downtrend and is at the lowest level during the past 1-year.                     Perpetual futures funding rates remain in positive territory for both BTC and ETH over the past week.         Technically Speaking ETH’s recent strong rally has pushed it closer to short-term overbought levels based on the 14-day Relative Strength Indicator (RSI).     Price Movements         News Highlights Crypto startups raised U.S.$30.3B in 1H 2022, more than the total raised in all of 2021. Chicago Mercantile Exchange (CME) will launch Euro-denominated Bitcoin and Ethereum futures on 29 August, pending regulatory approval. The Solana network was exploited, with funds drained from around 8K wallets, and estimated loss of U.S.$8M. Catalyst Calendar             Disclaimer: The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Author Research and Insights Team Tags CRYPTO CRYPTO RESEARCH CRYPTOCURRENCIES MARKET PULSE Source: Market Pulse (Week 31, 01/08/2022 – 08/08/2022) (crypto.com)

A relatively slow start to the week as investors continue to digest Friday’s jobs report and what it means for financial markets just as some optimism was returning. The report itself was strong almost across the board, with participation being the only outlier, but Fed officials will not have been quite so enthused which makes it a tough one for investors to get too excited about. On the one hand, it strengthens the argument that the economy is not really experiencing a recession as the labour market is simply too strong. On the other, it’s also extremely tight and wages are continuing to rise at a fast rate which will make the task of fighting inflation that much harder. With another 75 basis point rate hike next month now the favoured outcome, although a lot can change in that time, it could be a nervy couple of days for investors ahead of Wednesday’s inflation report. It turns out the shift to data-dependency isn’t all it was cracked up to be. Another record Chinese trade surplus but also more lockdowns It’s a relatively quiet day, and the economic calendar continues to look very thin. How traders continue to respond to Friday’s report will be key in how we start the week. Asia is off to a mildly positive start but it’s nothing to write home about. Cities on the Chinese resort island of Hainan have been placed in lockdown following another Covid outbreak, reminding investors once more of the country’s commitment to its zero-Covid policy at all costs. At the same time, Hong Kong has sought to appease residents and the business community by cutting quarantine periods from seven days to three. While still very restrictive compared to much of the world at this point, it was a bolder move than anticipated and highlighted the pressure to return to normal life. Chinese trade data highlighted the struggles of the domestic economy, with imports rising 2.3% annually last month while exports remained surprisingly strong up 18%, delivering another record trade surplus. The numbers aren’t expected to remain quite so favourable in the months ahead as reopening momentum fades, leaving the import numbers a concern. A swift recovery Sentiment across the markets looks a little fragile this morning and yet crypto appears to have shrugged off Friday’s shock much more quickly. Up more than 3% this morning and climbing once more with its sights set on USD 25,000 it seems. The momentum indicators will be fascinating here as the recovery appeared to be losing steam during the last ascent in late July. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Cautious post-jobs report - MarketPulseMarketPulse

Relevance up to 13:00 2022-08-09 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Technical analysis: BTC/USD has been trading upside this morning and I found the breakout of the downside channel in the background. Trading recommendation: Due to the breakout of the downside channel and rejection of the rising trend-line, I see potential for further upside continuation. Watch for potential buying opportunities on the intraday dips with the upside objectives at $24.500 and $30.300. MACD oscillator is showing new fresh upside momentum, which is good sign for further rally. Key support is set at the price of $22.800     Read more: https://www.instaforex.eu/forex_analysis/287679

Relevance up to 13:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.   Technical outlook: Bitcoin rose to $24,200 intraday on Monday before easing off. The crypto is seen to be trading close to $24,050 and expected to drag towards the $22,200-300 zone before resuming its rally. Bears seem inclined to complete the Up Gartley at around $22,200 before giving in to the bulls again. The bottom line is that prices should stay below the $24,500-600 interim resistance for now. Bitcoin has been producing a counter-trend rally from the $17,500 lows as seen on the daily chart. The counter-trend is expected to reach at least $29,400-500 before terminating, if not further. Please note that the potential remains for a push through the $48,000-500 zone as well, which is the Fibonacci 0.618 retracement of the drop between $69,000 and $17,500. Bitcoin is currently working on a lower-degree upswing between $20,700 and $24,450. The Fibonacci 0.618 retracement of the above swing is seen at around $22,200-300 which is seen as strong support. Prices are expected to drag lower from here and then resume a rally as depicted on the chart here. Potential upside targets are the $29,400-500 levels. Trading plan: Potential rally through $29,400-500 against $17,500 Good luck!   Read more: https://www.instaforex.eu/forex_analysis/287687

S&P 500 bulls made a good run, but didn‘t deal with the bearish outcome looming, The renewed tightening bets spurred by strong headline NFPs figure, will take their toll on risk-on assets that had been driving Friday‘s run. Bets on another 75bp hike in Sep have increased dramatically, practically proving Daly or Kashkari right in that the Fed isn‘t done yet or even close to the Fed funds rate to really get inflation down. While they claim that 2% is doable and soft landing within reach, the progression from 9% downwards just doesn‘t go fast like that. At best (repeating myself for months here), they would get to 5-6% CPI, which means a tough Sep and one more FOMC still this year. Combined with balnce sheet shrinking projections, that would take a great toll on the real economy – one that is being softened by the still very expansive fiscal policy. Let‘s look around the world (apart from the troubles in Europe and Asia such as shown in JPY weakness), many other central banks are tightening, Latin America is also tightening. It‘s not only UK and the implications discussed on Friday: (…) Let‘s have a look at yesterday‘s Bank of England moves, kind of foreshadowing what‘s reasonable to expect from the Fed. In the UK, the prospect of entering recession Q4 2022 amd remaining in it for more than a couple of quarters, is being acknowledged. The central bank though intends to keep tightening anyway, preferring to take on inflation after it ran out of control longer they publicly anticipated. Meanwhile in the States, unemployment claims have edged higher – indicative of growing softness in the labor market. Long-dated Treasuries continue rising as is appropriate in these conditions of economic slowdown slowly gathering pace. Similarly to inflation expectations, they‘re not yet taking the Fed‘s hawkish rhetoric absolutely seriously unlike commodity prices that are at best carving out a bullish divergence (still in the making, therefore without implications yet). Precious metals appear farther along the route of acknowledging the upcoming stagflationary reality as I continue looking for inflation to remain in the stubbornly high 5-6% range no matter the Fed‘s actions over the next 3 FOMC meetings at least. Obviously, the hotter the underlying markets, the more tightening has to be done, and that‘s extra headwind for the markets, and one making the Fed pivot a bit more elusive. The key thing that has changed from the above, is the turn in yields – Treasuries would have a harder time rising now, but given that I expect better CPI on Wednesday (oil is down and hasn‘t bottomed yet etc), yields should retreat in what I look to be a positive market reaction – one of hoping that the Fed wouldn‘t tighten that much as is feared today they would. This wouldn‘t however save the stock market bulls. Consider though as well where the Fed funds rate is now, and how far above 3% Powell can take it. He will try, sure, but even 4% in our debt based economy would prove bridge too far when it comes to any soft landing (stating the very obvious). Back during the last successful one (mid 1990s), we were going through genuinely positive tech revolution that helped cushion restrictive monetary policy – these macro implications for productivity growth don‘t apply now. To feel the daily pulse, let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article features good 6 ones, with more thoughts for premium subscribers. S&P 500 and Nasdaq Outlook S&P 500 is clinging by the finernails, and the only question remains whether we have a few dozen points still to go on the upside to reach even more excessive bullishness, or whether the slow grind lower is assuming the reins from here. The bull trap is almost complete. Credit Markets HYG is going to attract a sell in the not too distant future – more so than it did on Friday. The opening gap was more than half closed, but this isn‘t going to last. All it takes to bring junk bonds down, is more conviction about the Fed‘s hawkish path ahead. Bitcoin and Ethereum Cryptos are slightly up, which bodes well for risk taking. Not expecting huge gains today here or in SPX, but a reversal of Friday‘s setback.

Relevance up to 13:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. Bitcoin began Thursday morning with a spectacular 2.5% rise, and by the time of writing, its value is balanced at around $24,100. According to digital asset price tracking website CoinMarketCap, over the past 24 hours, the lowest value of bitcoin reached $22,930, and the high was $23,359.     At the same time, the last seven-day period turned out to be extremely unsuccessful for the BTC, unlike the previous two weeks of growth. The main coin showed low activity and weak bullish momentum during the seven previous trading sessions. All this time, the value of bitcoin has been balancing near the $23,000 mark, trying in every possible way to soar towards the next round level, but it has not been able to make a significant breakthrough. As a result, at the close of the session on Sunday, the coin was trading around $22,973 with an intra-weekly drop of 3.13%. The main reason for bitcoin's negative dynamics last week, experts call the suspension of the growth of US stock indices. So, only by the end of Friday, the stock indicators of the S&P500 and NASDAQ sank by 0.16% and 0.5%, respectively. By the way, since the beginning of 2022, analysts have increasingly begun to emphasize the high level of correlation between the US securities market and virtual assets against the background of intense expectation by both of the consequences of the geopolitical conflict in eastern Europe and the next steps of the US Federal Reserve. Earlier, analysts of the investment company Arcane Research have already stated that the correlation of BTC and technology securities has peaked since July 2020. Such close parallels of bitcoin with US stock indicators, in particular with the NASDAQ index, make investors increasingly doubt the ability of cryptocurrencies to become a means of protection against inflation. Altcoin Market Bitcoin's main competitor, the Ethereum altcoin, started Monday's trading session with a sideways movement and by the time of writing the material is balancing at $1,711. Over the past day, the coin has lost about 0.9% of its value. At the same time, last July turned out to be a month of permanent growth for altcoin, when its price rose by more than 50% – to the highest levels since mid-June - above $1,700. The main catalyst for the July rise in the ETH price was a message from one of the project developers that the Ethereum blockchain could move to a new Proof-of-Stake algorithm that does not require the participation of miners, as early as mid-September. As for cryptocurrencies from the top 10 by capitalization, over the past day, all coins, except for a number of stablecoins, were traded in the green zone. At the same time, the Solana digital asset showed the highest results here (+5.33%). During the past week, all cryptocurrencies from the top ten, except for BNB and Polkadot coins, also lost in price. At the same time, the best results were recorded for the BNB coin (+6.65%), and the worst – for Solana (-9%). The spectacular fall in the value of Solana happened due to the fact that fraudsters gained access to the assets of users of this network. Later, the Solana team announced the theft of funds from users of the project. According to the world's largest aggregator of data on virtual assets CoinGecko, over the past day among the top 100 most capitalized digital assets, the Oasis Network coin topped the list of leaders (+24%), and Decred (-10.3%) took the first place in the drop list. According to the results of the past week, the Flow coin (+52.0%) showed the best results among the hundreds of the strongest cryptocurrencies, and the worst – DeFiChain (-16.4%). According to the CoinGecko portal, over the past seven days, the total capitalization of the cryptocurrency market has exceeded $ 1.1 trillion, and the share of VTS has sunk to 40.4%. Forecasts of Crypto Experts The past July was the best for bitcoin in the last nine months. According to its results, the coin grew by 27% and closed trading at around $23,800. The first cryptocurrency showed a higher rate of increase according to the results of July only in 2012. Traditionally, August is considered not the most favorable month for bitcoin. Over the past 11 years, the asset has completed its growth only in five cases and decreased six times. At the same time, the average increase was 26%, and the decrease was 15%. If the digital asset chooses the first scenario in August, it can end the month at $30,000, if the second one is about $20,000. By the way, pessimistic sentiments can also be seen in today's forecasts of experts regarding the future of the cryptocurrency market for August. The main factors of pressure on asset quotes in the current situation, they call conflicts in the geopolitical arena (the Taiwan crisis, the aggravation of the situation in Serbia and the armed confrontation between Russia and Ukraine), the consequences of the struggle of world central banks with record inflation, the technical recession in America and the high correlation of the bitcoin price with the S&P 500 stock index. Experts also call the permanent departure of serious market players who again choose investments in gold and other precious metals a significant factor of negative impact on cryptocurrencies. The only catalyst for the growth of the value of digital assets in the long term, cryptanalysts call the elections to the US House of Representatives, scheduled for November 8. Taking into account all of the above, the general forecast for bitcoin for August is extremely negative, while many experts do not exclude the risks of updating the price lows with the first cryptocurrency and bitcoin falling by 60-70%. If the main virtual coin breaks the $15,000 mark, analysts are sure, the entire cryptocurrency industry will begin to collapse. This, in turn, will cause a serious panic in the market and the flight of large players from virtual assets. As for individual scenarios of cryptanalysts regarding the near future of bitcoin and the digital asset market as a whole, on the eve of the head of the investment company SkyBridge Capital Anthony Scaramucci said that the worst part of the bearish trend was left behind. The peak of this phenomenon, the expert believes, happened amid the collapse of the digital asset market caused by the bankruptcy of the Three Arrows, Celsius and Voyager cryptocurrency funds. According to Scaramucci, in the short term, the value of bitcoin is unlikely to fall below the lowest level of $17,600. Recall that such a price indicator was reached on July 16 by the BTC quotes for the first time since November 2020, when the coin began to cost less than $18,000. Later, the head of SkyBridge added that the fair market value of the first cryptocurrency is about $40,000. However, according to the American financier, in conditions of high volatility of the BTC and with an unstable macroeconomic situation, the cryptocurrency will need about 4-5 years to fully enter the phase of active growth. Previously, the popular crypto investor Bob Lucas predicted a "real crypto winter" in the digital asset market in 2026. At the same time, Lucas is confident that before the next collapse of the virtual coin market, the bitcoin price will update the historical high. A recent report by the investment company Arcane Research says that, if BTC holds the key level of $20,700, its value will soon be fixed in the range of $27,000-28,000. The key factors influencing the behavior of bitcoin in the future, according to the company's analysts, will be the dynamics of the US stock market, as well as the monetary policy of the Fed. If the exchanges of America continue to decline, Arcane Research claims, the downward trend of bitcoin will continue.   Read more: https://www.instaforex.eu/forex_analysis/318328

Bitcoin price reaffirms a triangle breakout to $28,000 after surpassing $24,000. Whales holding 1,000 and more coins grow to 2,051 from 2,040 in a week. Bitcoin price is required to make a daily close above $24,000 to reinforce the move to $28,000. Bitcoin price kicked off the new week on a positive note, climbing 4.50% to trade at $24,086 at the time of writing. The larger cryptocurrency market appears to have flipped green, led by Avalanche’s 11.30% gains, Polkadot’s 9.20%, Solana’s 7.30% and Ethereum’s 6.50%. As for Bitcoin price, fundamentals are growing stronger by the day, thus becoming the main bear market rally drivers. Bitcoin Whales Return With A Bang There are 2,051 addresses holding 1,000 and above BTC. This number has increased by 0.54% from 2,040 addresses on August 2. A whale is any Bitcoin address containing not less than 1,000 BTC. The actual owners of these wallets remain largely unknown due to the pseudonymous nature of the blockchain network. Bitcoin Supply Distribution Bitcoin price tends to increase in value when whales buy in droves; the opposite also holds water. As observed in the chart above, Bitcoin price has been unable to sustain any bullish reversal attempts from the beginning of the year because whales increasingly sold, adding to the selling pressure. Bitcoin price settled above $24,000 as part of the plan to close the gap to $28,000 if large volume investors keep their buying activities intact. A closer glance at the technical outlook for Bitcoin price shows the possibility of a bullish daily candle forming, which will go a long way to affirm the buyers’ newly reclaimed control. After testing the ascending triangle’s hypotenuse, Bitcoin price retriggered the potential for a 22.36% breakout to $28,000. Including the step above $24,000, the flagship cryptocurrency is already quite close to hitting the upside target. Bitcoin price will only need to move another 15% to brush shoulders with $28,000. BTC/USD Daily Chart Similarly, the Moving Average Convergence Divergence (MACD) position on the daily chart further tips the scale in the bulls’ favor. As long as the MACD keeps moving higher above the mean line, the path with the least resistance will be to the upside. Traders should keenly follow the overlap of the 12-day Exponential Moving Average (EMA) and the 26-day EMA to quickly and accurately time price reversal.

Market picture Bitcoin rose 3.5% to $24,100 on Monday and retreated slightly from the highs to 23900 on Tuesday morning. Ethereum is trading near $1780, adding 3.5% in the last 24 hours. Top altcoins have gained between 0.2% (BNB) and 5% (Polkadot). Crypto Market Capitalisation The total capitalisation of the crypto market, according to CoinMarketCap, rose 1.9% to $1.13 trillion overnight. Bitcoin on Monday tested the area of the previous month's highs in the area of $24K, from where it had previously rolled back twice. Sellers' pressure increased somewhat near the earlier highs following a moderate correction in stock indices, but the general consolidation trend with an upward bias persists for now. News background Ethereum co-founder Vitalik Buterin said the network's impending move to PoS in September could boost the popularity of cryptocurrencies for everyday payments. According to him, the popularity of payments has fallen since 2018 due to high transaction fees. Bitcoin Price Reaching $773K? Last week, BlackRock entered into a partnership with Coinbase, under which BlackRock customers will be able to trade cryptocurrencies. Famous online analyst InvestAnswers believes the inflow of cryptocurrency funds from this investment company's clients could push the BTC price to $773K. According to Messari, investments in the crypto industry reached $30.3bn in the first half of 2022, more than the entire year 2021. According to Coin ATM Radar, around 15 cryptocurrencies are set up worldwide daily, with the total number exceeding 39K. Singapore-based cryptocurrency lending platform Hodlnaut suspended withdrawals and other crypto-asset transactions, saying it needed to "focus on stabilising liquidity". The World Gold Council said integrating blockchain into the gold industry's production processes could increase transaction transparency and consumer confidence.

Relevance up to 06:00 2022-08-10 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.   In the 4-hour time frame, BTC quotes hit $24,350 yesterday. So, the price has already reached this mark three times. It may seem that bitcoin rose steeply yesterday, but it is not entirely so. It gained just $1,500. According to the chart, the digital asset has been trading in the sideways channel for almost a month. The price barely showed growth within the channel. Moreover, BTC did not even try to consolidate above or even below it. Therefore, the price is likely to pull back from $24,350. At the same time, should BTC break through the mark, growth will last for several weeks. It will hardly be stronger than in recent weeks. Still, it could happen. As for a possible fall, we believe it will definitely take place if the price consolidates below the ascending channel in the 4-hour time frame. Its lower limit is now seen at around $20,500. The entire crypto market is now waiting for what is going to happen next. Clearly, if the bearish trend stopped, digital gold would already skyrocket. Instead, we see its sluggish attempts to enter a correction. Meanwhile, let's turn to Elon Musk's recent comment. Thus, according to Tesla CEO, Dogecoin is better than bitcoin because its transactions are completed in 60 seconds, while bitcoin transactions take approximately 10 minutes. "I'm mainly supporting Doge frankly because I think Doge has the memes and dogs and it seems to have a sense of humor and doesn't take himself too seriously. I think actually weirdly even though Doge was just designed to be like this ridiculous joke currency, but the actual total transactional throughput capability of Doge is much higher than bitcoin," the billionaire said. He also emphasized that the Dogecoin network allows 5 billion coins to be created annually, unlike Bitcoin with its maximum supply of 21 million coins. In his view, this makes Dogecoin a transactional currency. It is unclear why Elon Musk sees it as a good thing. After all, Bitcoin's biggest advantage is that there can be no more than 21 million coins created. So, it will not be subject to inflation or depreciation due to additional emissions. Yet, Musk always has his own point of view or perhaps an irresistible desire to promote Doge.     In the 4-hour time frame, BTC is still retracing up slightly. The price is likely to descend in the case of consolidation below the ascending channel. The first bearish target stands at $17,582, in line with the latest swing low. The common target for two time frames is seen at $12,426.   Read more: https://www.instaforex.eu/forex_analysis/318392

Relevance up to 08:00 2022-08-10 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Technical analysis:   BTC/USD has been trading downside today but I see potential for the bull flag pattern, which is sign of possible upside continuation. Trading recommendation: Due to thebull flag pattern in creation, I see potential for further rally. Watch for potential buying opportunities on the intraday dips with the upside objective at $24.550. Stochastic is showing overbought condition but with no evidence for the reversal. Key support is set at the price of $23.420 Read more: https://www.instaforex.eu/forex_analysis/287792

Relevance up to 08:00 2022-08-10 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Another trading week has started promisingly for Bitcoin and the cryptocurrency market. Most of the coins moved in the green zone, and the market capitalization reached the level of $1.13 trillion. Trading activity is gradually recovering, and the upward movement of the major cryptocurrencies gives confidence to the entire market. Bitcoin bulls finally consolidated above the $23k level, which gave the market a signal for further growth. However, above the $23k level, things are not going well for the main cryptocurrency.     The coin re-formed a strong green candle that tested the $24.3k level. However, the price was subsequently squeezed below $24k amid increased selling pressure. The $24k level has been tested six times in the last three weeks but has not been broken. This indicates serious bearish volumes near the round mark and local weakness of the bulls. Despite the recovery in trading activity after the opening of the American session, trading volumes are still insufficient to hold the $24k level and build on the bullish success. As of August 9, this is influenced by three factors, two of which are negative.     The first is to publish reports on the movement of the CPI. Given the macroeconomic and geopolitical situation, the consumer price index is the main guide for investors. It allows you to determine the future policy of the Fed and, therefore, the direction of the trend of stock indices and cryptocurrencies. And although Fed Chairman Jerome Powell said that the regulator will proceed from facts, not forecasts, the market focuses on forecasts. According to the latest data, the CPI is expected at 8.7%, and the current price movement is already adjusted to these expectations. Based on this, Bitcoin can expect a flat trend if the forecasts come true, a retest of the $20k level if the CPI turns out to be higher than the forecasts, and a probable breakdown of $24k if the index falls above expectations.     In anticipation of the publication of data on inflation, trading activity in the market has been reduced to a minimum, especially by institutional investors. This significantly limits the upward potential of the Bitcoin price. And here we are approaching the second negative factor, which contributes to increased pressure on BTC/USD quotes. We are talking about miners who continue to suffer losses following the results of the current bear market. Mining profitability has been falling since March. July was no exception, and BTC mining companies dropped another 9%. In search of available liquidity, miners are selling off their bitcoin holdings, putting pressure on the price and complicating the upward move, including a $24k retest.     The third factor in the weak upward movement in the price of Bitcoin is cumulative. In recent weeks, the asset has been growing on positive news, as can be seen from the impulsive bullish jerks and the subsequent local correction with the main support lines being held. There was also an increase in the volume of active addresses with a non-zero balance. This indicator rose to 2.7 million, which is a signal for the growth of bullish sentiment.     But at the same time, trading volumes did not grow during the day, which indicates a certain overheating of the asset and a lack of liquidity for growth. Therefore, Bitcoin needs consolidation to stabilize the ratio of addresses and trading volumes. The only thing that will help speed up this process is low volatility and macroeconomic calm.     Technical indicators indicate that Bitcoin has been in a consolidation for the last week. The asset consistently moves within the $22.5k–$24k range with clear bullish signals (retesting $24k six times). The relative strength index is moving along the 40–60 area, a positive sign indicating the stabilization of the metric and the preservation of buying activity. Stochastic and MACD have also become flat, which indicates the need for consolidation before the next breakout. Most likely, a breakthrough will occur in the coming days due to the positive dynamics of the CPI. However, as we saw in June, inflation is an unpredictable thing.   Read more: https://www.instaforex.eu/forex_analysis/318412

Equity markets are lacking any real direction in Asia and that appears to be carrying into the European session as well. Europe is seeing minor losses on the open, offsetting some of the small gains in choppy trade at the start of the week. This follows a similarly choppy session in the US on Monday as the Dow flirted with exiting correction territory and the Nasdaq bear market territory. We may have reached a point in which investors need to decide whether they truly buy into the recovery/no recession narrative or not. That is what appears to have fueled the recovery we’ve seen in equity markets despite the fact that inflation hasn’t even started falling, central banks are still hiking aggressively and recession is on the horizon for many. It’s time to decide whether this is just a substantial bear market rally or a genuine view that the economic outlook is far less downbeat than many fear. If equity markets are going to push on from here, it must be based on the latter which I’m sure many would welcome but perhaps more through hope than expectation. Don’t get me wrong, the US in particular still has plenty of reason to be encouraged. The data on Friday highlighted once more just how hot the labour market still is and the consumer is still in a very healthy position. But there are pockets of weakness as well and unless inflation starts to subside, those areas of strength will start to crack. The inflation data on Wednesday could effectively set the mood for the rest of the summer. That seems quite dramatic but if we fail to see a drop in the headline rate, considering the acceleration we’re expected to see in the core, it could really take the wind out of the sails of stock markets as it would be very difficult for the Fed to then hike by anything less than 75 basis points in September. Of course, there will be one further labour market and inflation report before the next meeting which will also have a big role to play. But the July data will be very difficult to ignore. If the rally is going to continue, we may need to see a deceleration in the headline rate at a minimum, perhaps even a surprise decline at the core level as well. It’s no wonder we’re seeing so much caution this week. Bitcoin rallies losing momentum Bitcoin is not generating the same momentum in its rallies in recent weeks, as it continues to run into strong resistance on approach to $25,000. In much the same way that US stock markets are lingering around potentially important levels ahead of the inflation data, we could see bitcoin behaving in a similar manner. A weaker inflation reading could be the catalyst it needs to break $25,000 and set its sights on the $28,000-32,000 region once more, where it hasn’t traded since the early part of the summer. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Lacking direction - MarketPulseMarketPulse

S&P 500 bulls were clearly rejected, and it‘s highly questionable whether they would make another run. I doubt they would. And even if, it‘s bound to get rejected as none of the bearish fundamental reasoning ceased to apply, and it‘s getting reflected in the chart technicals as well. As stated yesterday: (…) The renewed tightening bets spurred by strong headline NFPs figure, will take their toll on risk-on assets that had been driving Friday‘s run. Bets on another 75bp hike in Sep have increased dramatically, practically proving Daly or Kashkari right in that the Fed isn‘t done yet or even close to the Fed funds rate to really get inflation down. While they claim that 2% is doable and soft landing within reach, the progression from 9% downwards just doesn‘t go fast like that. At best (repeating myself for months here), they would get to 5-6% CPI, which means a tough Sep and one more FOMC still this year. Combined with balnce sheet shrinking projections, that would take a great toll on the real economy – one that is being softened by the still very expansive fiscal policy. Given tomorrow‘s CPI that‘s likely to come in better than the markets fear it would (i.e. in support of the inflation has peaked thesis), the room for disappointment in inflation trades is there, and the hopes that the Fed might not get as aggressive on a better CPI figure, wouldn‘t balance that out in my view. Here comes a fitting question just in that allows me to develop these thoughts further to the benefit of the whole audience: Q: CPI wednesday will certainly show much lower numbers than previously (mainly because oil was recently much cheaper than in May, June). FED has proven to be rather readily dovish in such events. Investors will see the US companies and the US technology sector as the safe haven. Because elsewhere in the world (mainly in politically and economically weak Europe) is a mess. US as safe-heaven was proven by recent Apple and Amazon earnings and also by recently approved US government stimulus for micro-chip / semiconductor production. Isn't this environment rather bullish for US equities especially to the near future ?? Outflow of money from Europe into strong and safe US. A: I doubt the Fed would react dovishly to softening inflation as they have to take on the pesky inflation expectations (it was a key lesson of the 1970s when they didn‘t). It gives them optically a better chance at taking inflation down fast – and the markets would wake up to their dovish perception mistake, should they make it in the first place. The fiscal stimulus is though being faded in the stock market, it‘s closer to the case of sell the news than anything else. The money flows are going to be selective about what assets they would lift, and odds are it wouldn‘t be parked in tech for too long if Treasuries stop revolting against the Fed‘s rate raising. Such a time point would come over the nearest months ahead, but still I am not counting on any giant Nasdaq run, or rather any run to speak of (no matter the degree of Treasuries‘ next move). To feel the daily pulse, let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article features good 6 ones, which I am unlocking today in full so that you get a better the regular care premium subscribers get, especially before tomorrow‘s inflation data. S&P 500 and Nasdaq Outlook S&P 500 is turning down, and Friday‘s signal is getting repeated – i.e. getting stronger. The daily indicators have also deteriorated, but the volume and sectoral internals message is the most important here. Credit Markets HYG indeed attracted sell – and the reversal to the downside needs a confirmation today in terms of rising volume and daily close anywhere in the Friday‘s daily range. Gold, Silver and Miners Precious metals want to turn up, and miners are at least on a daily basis following. Echoing yesterday‘s premium thoughts, they aren‘t selling too hard on the turn towards anticipating tougher tightening ahead. With hikes to be paused after Sep for a while, the metals would have an easier time before that FOMC day in Sep. Next week‘s CPI will have a short-term effect only – the consequences of recognizing inflation as sticky no matter what the Fed has done already, would be greater. This moment awaits still. Crude Oil Crude oil‘s rebound isn‘t yet turning the tide, and the approaching seasonality spells trouble ahead. I‘m still leaning towards the $88 support slowly giving way as $85 approach comes next – we may land in the low 80s really before rebounding early November. Copper Copper‘s short-term bullish move is encouraging, but the vulnerability to the hawkish Fed moves and rhetoric remains – it would probably play out after the CPI only, which applies also to oil. Bitcoin and Ethereum Cryptos are clearly reversing, and that‘s a good sign for those betting on a bearish resolution of tomrorow‘s inflation data overall.

Relevance up to 13:00 2022-08-11 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Technical analysis: BTC/USD has been trading upside this morning and I see potential for further rally. Trading recommendation: Due to the bullish momentum divergence in the background and the upside reaction, I see further rally. Watch for potential buying opportunities on the intraday dips with the upside objectives at $23.269 and $23.900. MACD oscillator is showing decreasing in the downside momentum, which is good sign for further rally. Key support is set at the price of $22.800 Read more: https://www.instaforex.eu/forex_analysis/288027   Read more: https://www.instaforex.eu/forex_analysis/288027

Relevance up to 09:00 2022-08-12 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. The price of Bitcoin edged higher after retesting the near-term downside obstacles and it seems determined to approach and reach new highs. BTC/USD ignored strong resistance levels signaling more gains. It has increased by 8.60% from yesterday's low of 22,668 to 24,619 today's high. In the last 24 hours, bitcoin is up by 7.00% and by 6.43% in the previous reporting period. Technically, the cryptocurrency signaled that the downside could be over and that the price could develop a larger rebound. Bitcoin Strong Buyers!     As you can see on the H1 chart, Bitcoin retested 22,665 and the descending pitchfork's upper median line (uml) before resuming its leg higher. It has retested 23,511 as well and now it has managed to jump above the 24,280 historical level and above the R2 (24,318) signaling strong buyers and potential further growth. Consolidating above the broken upside obstacles, testing and retesting the broken levels could bring new long opportunities. BTC/USD Outlook! Breaking above 24,280 signals further growth towards the R3 (24,995) and up to the 25,401 static resistance. A minor consolidation above the R2 could bring new long opportunities. A larger growth could be activated after making a valid breakout through the 25,401 key level.   Read more: https://www.instaforex.eu/forex_analysis/288163

Bitcoin has added 7.4% to $24.6K in the last 24 hours. It's not the magnitude of the move that draws attention but rather the ability to rewrite previous local highs. Ethereum has gained 13% to $1900 in the same time frame. Top altcoins add between 4.7% (BNB) and 13.4% (Solana). The total capitalisation of the crypto market, according to CoinMarketCap, rose 7.4% to $1.16 trillion overnight. Bitcoin jumped on Wednesday, and stock indices on US inflation data showed a more robust cooling, fuelling speculation that the Fed will soon soften its tone. On Thursday morning, BTCUSD, after three weeks of unsuccessful attempts, managed to gain ground above $24K and quickly moved into the $24.5K area. These are the highest levels since mid-June when bitcoin literally crashed. Now up to $30K, there are no significant technical obstacles. On the other hand, the benchmark crypto pair is still moving within a moderate upward trend, with the upper boundary now at $25.5K. Moving within this range, BTCUSD will be at 30K only by October. Ethereum is showing much more resurgence right now. Expectations of an imminent switch to proof-of-stake are a significant market driver. As a result, ETHUSD has already recouped all losses since June, recovering to previous consolidation levels. Ether's dominance has recovered to 19.9%. The second most popular cryptocurrency has not had a sustainable share since 2017, but last year we saw a steady climb towards these levels due to the increased use of Ether in other projects. The next significant milestone for ETHUSD looks to be the $2300 area, where the 200-day moving average and the lows of the dips earlier in the year are concentrated. We also note the drop in the bitcoin dominance index to 40%. For the past five years, a dip under this mark has often been followed by aggressive profit-taking in altcoins, whether we are in bull or bear markets. In our case, it may not mean the impending collapse of altcoins but rather an acceleration of BTC's growth.

Relevance up to 12:00 2022-08-12 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Technical analysis: BTC/USD - Technical analysis: Bitcoin Price BTC has been trading upside as I expected and the price reached both upside targets at $23.270 and $23.950. Anyway, I still see potential for further rally. Trading recommendation: Due to the strong upside momentum in the background and the weak pullbacks, I see potential for further upside continuation. Watch for buying opportunities on the intraday dips with the upside objective at $25.450. MACD oscillator is showing strong upside reading and no evidence for the reversal, which is sign that buyers are in control. Key support is set at the price of $24.200 Read more: https://www.instaforex.eu/forex_analysis/288193   Read more: https://www.instaforex.eu/forex_analysis/288193

Relevance up to 10:00 2022-08-12 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Bitcoin reacted to the CPI print by climbing 5.1% to $24,180 After the US Consumer Price Index (CPI) rose 8.5% year-on-year, cryptocurrency prices surged. While inflation has remained at one of its highest levels in decades, the actual data came in below the expected 8.7%, prompting traders to return to the markets. Bitcoin reacted to the CPI print by climbing 5.1% to $24,180, where it hit a solid bearish resistance wall that remains the last significant barrier ahead of $28,000. If today it closes higher, it will go further. Traders breathed a sigh of relief after the release, which came in 0.2% below expectations as it could potentially lead to a less aggressive Fed rate hike schedule. Federal Open Market Committee (FOMC) At the last two meetings of the Federal Open Market Committee (FOMC), the central bank has raised interest rates by 75 basis points each time, and yesterday's decline in the CPI compared to the previous month was the first evidence that the actions taken by the central bank are beginning to bear fruit. The positive reaction to the lower-than-expected CPI was immediate, with prices in the cryptocurrency market and traditional markets rising following the news. And growth will likely continue, at least next week. What's Ahead Of Bitcoin? What will happen next with Bitcoin, the cryptocurrency market, and global financial markets, in general, largely depends on the further actions of the Fed. In the broader altcoin market, there has been an even more pronounced reaction following the release of the CPI yesterday. Several of the top 200 coins posted double-digit gains, while the top altcoin, Ether (ETH), gained almost 9%. Crypto Market Capitalisation The total market capitalization of cryptocurrencies is currently at $1.14 trillion, and the Bitcoin dominance rate is 40.3%.   Read more: https://www.instaforex.eu/forex_analysis/318692

Yesterday, the US inflation report was released, which came in at 8.5% in July. The market did not expect such a large drop, estimating a level of 8.7% before the data was released. The stock markets reacted positively, and the major equity indexes rose significantly. The S&P 500 gained more than 2.1% during yesterday's session and the Nasdaq almost 2.9%. Bitcoin And Ethereum Cryptocurrencies, however, reacted most noticeably - on the Conotoxia MT5 platform, Bitcoin gained around 3.3% yesterday. And today, it continues its rise, breaking through the local peak of $2,485 on 30 August 2022. At 11.30 am GMT+3, the price of BTC is $24,471. The ETH price has risen even more strongly after a surprisingly low inflation reading. Ethereum gained more than 8.5% yesterday, and at 11.30 GMT+3, it is already up more than 2.3%. The token already costs $1,887 - its highest recorded level since 6 June this year. Reaction The market's reaction has a lot to do with expectations of interest rate hikes, which fell after the US inflation reading. However, it is still a long way from calling it a permanent decline. Inflation is still at its highest level in decades and the economy is operating in an environment of negative real interest rates. According to CME Group data, the Federal Reserve (Fed) is likely to push rates even higher. Currently, the Fed Funds Rate is at just 2.5 pp, the level before the Covid pandemic. The CME Group estimates that we will still reach the 3.25 pp level this year, and peak in 2023 at 3.5 pp. However, as for the 2023 projections. The Federal Open Market Committee (FOMC), which decides them, is already much less unanimous and a lot may still depend on the information coming out of the economy. US Economy - Most metrics - such as the yield curve, consumer sentiment, and economic growth - point to a recession Information on its state in the US is not pleasing. Most metrics - such as the yield curve, consumer sentiment, and economic growth - point to a recession. The labour market, which is surprisingly strong at the moment, is reacting last and is likely to become further evidence of a crisis soon. The cryptocurrency market has never been in such a severe recession, so it is hard to determine exactly how it will behave. For now, the data shows a relatively high level of correlation between it and the stock market. This is not good news, as the latter almost always loses in a crash. Polygon (MATIC) Polygon (MATIC) is an Ethereum token that powers the Polygon network, which is a protocol for building Ethereum-compatible blockchains and decentralised applications (DApps). Polygon is also referred to as a 2nd level (2nd level) solution to help Ethereum to scale faster, by increasing the efficiency of the network. On Wednesday, Polygon shared data on user growth. Their total number in July was 11,800, gaining 47.5% since March and up 400% year-to-date. Interestingly, according to the project, "74% of teams integrated exclusively on Polygon, while 26% deployed on both Polygon and Ethereum,". This shows a very high level of confidence in the new technology, which can be the new foundation for the development of DApps. Since the local low on 19 July this year. MATIC has risen almost 172%. Trading on CFDs is provided by Conotoxia Ltd. (CySEC no. 336/17). CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Bitcoin’s balance on exchanges drops to a four-year low, hinting at a bullish long-term outlook. Bitcoin price needs to break and keep above the 200-day SMA to affirm an impending move to $28,000. Bulls must defend the newly reclaimed $24,000 level to avert potential losses to $22,000. Bitcoin price has struggled to find a solid footing during this crypto winter. Support above $24,000 is becoming elusive amid frequent pullbacks. However, its overall technical picture points to a smooth ride to $28,000. Bitcoin price will need support from micro and fundamental factors to keep the uptrend intact. Bitcoin price regains momentum Bitcoin price is hunting for a way out of the bear market, and one sign it is having some success is the falling amount of BTCs on exchanges. On-chain data by Glassnode elucidates an exchange balance currently around 2,377,195 BTC, down from 2,652,488 BTC on January 1, 2022. Usually, a consistent drop in this metric suggests that investors prefer their coins in other wallets rather than on exchanges where they are more likely to be poised to sell them. It shows that prices will eventually turn around, which is a positive indicator for Bitcoin price. Bitcoin Balance On Exchanges The Moving Average Convergence Divergence (MACD) on the 12-hour chart has reinforced the Bitcoin price move above $24,000. Traders can squeeze in more gains as long as the bullish divergence formed by the 12-day Exponential Moving Average (EMA) and the 26-day EMA stays in place. BTC/USD 12-hour chart A break above the 200-day Simple Moving Average (SMA) at $25,257 will likely weaken the bears more, eliciting the fear of missing out (FOMO). If most of the buyers waiting on the sidelines heed the above buy signal, a breakout to $28,000 will be a matter of when. It will be safer to book early profits at $25,257 if the uncertainty of the bear market is considered. However, bullish traders could wait till $26,000, which is an inflection point likely to determine the approach to $28,000. On the flip side, a hefty buyer congestion zone is expected at $24,000. The ascending trend line will come in handy if declines soar. Fortifying this support is the 50-day SMA on the same 12-hour chart. Bitcoin IOMAP chart Bitcoin price will likely settle for the path with the least resistance, and according to IntoTheBlock’s IOMAP on-chain model, that’s the one heading north. The chart below reveals the presence of minor seller concentration areas to $28,000. On the contrary, robust support zones are in line to cushion Bitcoin price from plunging below $24,000.

Relevance up to 10:00 2022-08-13 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Bitcoin Price Technical analysis: Bitcoin Price Analysis BTC has been trading sideways at the price of $24.000 but there is potential for the breakout mode. Trading recommendation: Due to the sideways regime on the BTC, I see potential for the breakout mode. Watch for potential breakout of the key support at the price of $22.700 to confirm further drop. Downside objective is set at the price of $20.875. Stochastic is showing downside reading , which is another sign of the weakness on the BTC Key resistance is set at the price of $24.900 Read more: https://www.instaforex.eu/forex_analysis/288324   Read more: https://www.instaforex.eu/forex_analysis/288324

Summary:  The last test of the highly anticipated Ethereum merge was a success. The real merge has now been scheduled for either the 15th or 16th of September. Whereas the latter was a success, Coinbase’s Q2 result was arguably not a success compared to the market’s consensus. The Ethereum merge has been scheduled following the final test On Thursday, the final public test of the highly anticipated Ethereum merge occurred successfully as the test network known as Görli successfully adopted a proof-of-stake framework. One day later, the developers of Ethereum announced that the real merge is likely to take place on either the 15th or 16th of September next month. This is in line with what we estimated earlier this month, assigning a 95% chance of a merge in September in case Görli occurred flawlessly, as it did. This means that one of the most significant events in the history of crypto is only around a month away. It seems that traders are likewise anticipating the merge. Ethereum hit a local high against Bitcoin since January of 0.0816 (ETHBTC) this weekend alongside hitting a new 3-month high in dollar terms of over $2,000. This is rather remarkable because Ethereum has previously decreased against Bitcoin during bear markets with Bitcoin behaving somewhat as a safe haven within the highly speculative crypto market. At present, the pair trades at 0.0793. Coinbase releases Q2 2022 result On Tuesday, the largest US-based crypto exchange NASDAQ-listed Coinbase reported its second quarter result. The result was, however, not encouraging for shareholders. The company’s revenue declined by nearly 64% compared to the same quarter last year, while the company noted a loss accurately exceeding $1bn. Yet, $377mn of that was caused by depreciating its crypto holdings, with the latter taking a severe hit during the quarter. Coinbase laid off around 18% of its workforce in Q2 while enforcing a hiring freeze. The major issue for Coinbase in Q2 and not least going forward is the fact that its retail trading has decreased substantially, although its volume from institutional clients is fairly more stable. The challenge with the latter is that Coinbase earns significantly less on institutional rather than retail trading. As a consequence, institutional clients’ volume is over three times as much but pays overall 15 times less in trading fees than retail clients. So, unless retail trading surges, the fundamental of Coinbase is likely not improving. Making matters worse, Coinbase is encountering further competition on retail trading from, for instance, Robinhood, potentially over time pushing Coinbase’s high margins on retail trading down. Source: Coinbase Global, Inc. Source: Coinbase Global, Inc. Alongside 21 other companies, Coinbase is a part of our Crypto & Blockchain equity basket for investors wanting to get exposure to the crypto market through crypto-related companies (the basket should not be considered as a trade recommendation, only as an inspirational list). Bitcoin/USD - Source: Saxo Group Ethereum/USD - Source: Saxo Group Source: Crypto Weekly: Ethereum, it is time to merge

Relevance up to 08:00 2022-08-17 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Crypto Industry News: The world's largest fund managing assets worth over $ 8 trillion has opened a private trust that will allow institutional investors from the United States to gain direct exposure to Bitcoin's spot price. The event is all the more interesting in the context of BlackRock's previous moves, which from the beginning of 2022 clearly suggested an interest in the cryptocurrency industry. The company-created trust is the first such BlackRock product to focus on Bitcoin and track its performance, minus the trust fund's expenses and liabilities. Importantly, the fund was opened just now, when Bitcoin has massively lost since the beginning of 2022 and is slowly recovering. BlackRock has been researching blockchain technology and digital assets for a long time. Research areas include stablecoins, permissioned blockchains, asset tokenization and cryptocurrencies. What is even more important, BlackRock emphasized that his interest in the still 'energy-consuming' Bitcoin was caused by the research programs of the Rocky Mountain Institute (RMI) and Energy Web, which aim to bring Bitcoin mining to sustainable energy use. The fund known for its "green policy" and the so-called The ESG stressed that it "will closely monitor the progress of these programs". August was a very successful month for Bitcoin, and BlackRock made some very important strategic moves during it. Technical Market Outlook: The BTC/USD pair had been capped several times around the level of $25k as the bulls clearly do not have enough momentum to make the sustained breakout possible. The intraday technical support is seen at $23,596 and might be hit any time now as the price keeps moving away from the $25k zone. The momentum is now weak and negative on the H4 time frame chart, so a deeper correction towards the level of $22,679 is possible as well. Please notice, the Bitcoin market keeps moving inside the ascending channel, so the bullish impulsive wave scenario to the upside is now invalidated. If there is no sustained breakout from the channel, the bears might accelerate the sell-off and test the swing low seen at the level of $17,600 again.     Weekly Pivot Points: WR3 - $22,662 WR2 - $25,629 WR1 - $25,067 Weekly Pivot - $24,597 WS1 - $24,035 WS2 - $23,564 WS3 - $22,532 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout. Read more: https://www.instaforex.eu/forex_analysis/288597

Market picture Bitcoin is losing 3.7% in the past 24 hours, falling to $23.9K%. Ethereum is down 5.2% to $1870. Other top altcoins are down 2% (BNB) to 6.4% (Solana). Total capitalisation of the crypto market The total capitalisation of the crypto market, according to CoinMarketCap, fell 3.6% to $1.14 trillion overnight. Bitcoin on Monday failed to claw its way above $25K, after which short-term buyers rushed to lock in profits and returned the price to the $24K area. The pressure on BTC was exerted by the rising US dollar amid weak data from China, indicating a slowdown in the economy. However, so far, Bitcoin's decline is more appropriately seen as a corrective pullback within an uptrend. It would only be appropriate to discuss a break in this trend if it moves below $22.5K-23.0K. Sluggish and uncertain growth at the first stages is typical after a strong sell-off that prevailed since last October. News background Notably, the positive dynamics of the crypto market last week coincided with a net $17 million outflow, the first net withdrawal in seven weeks, of which $21 million came from investments in BTC. At the same time, investments in bitcoin short funds increased by $2.6 million. The Wall Street Journal reports that US pension funds remain optimistic about investing in cryptocurrencies, despite a significant pullback in prices and a wave of defaults by crypto companies. Raul Pal -- Real Vision CEO -- believes that Ethereum remains highly attractive for investors, and interest in it will grow even more after the move to PoS. Michael Saylor: BTC is not suitable for everyone, "you should invest for at least four years. Ideally, it's an intergenerational transfer of wealth." Michael Saylor, former head of MicroStrategy, called the company's decision to buy bitcoin a good one. He said, BTC is not suitable for everyone, "you should invest for at least four years. Ideally, it's an intergenerational transfer of wealth."

The latest The Week On Chain report from Glassnode says there is a growing number of investors with a short time horizon ('short-term holders' - STHs), whose investments have increased by 330,000 BTC since May. It was this month that the crypto world grappled with the great panic and news of Luna's collapse.  The percentage of active supply in the '+1 year' period also rises to some of the highest levels ever. This could be a good sign for the market, which historically speaking normally gained after spikes of this indicator. Source: Glassnode The HODL Waves chart gives a good picture of the demand structure for cryptocurrencies over the past 1.5 years. Most of the gains from early 2021 were to 1-2y investors. In the next wave of gains in the second half of 2021, investors were more likely to target a shorter period of 6-12 months. The recent surge has again seen an influx of investors in the first category. These figures could potentially indicate the timeframe of possible upswings within the next cycle.   Source: Glassnode The data presented in Glassnode's report could point to an upward movement in the price of BTC in the medium term, which overlaps with Grayscale Investment's estimate of the timing of the next long bull market, which would begin within the next year.  Bitcoin and Ethereum Leading tokens BTC and ETH are down 0.3 and 1.4% respectively today at 11:00 GMT+3 on the Conotoxia MT5 trading platform. ETH is marking its third daily bear candle. Its price has temporarily moved below the 10-day moving average. However, ETH still seems to be moving in an upward price channel, to break out of it, the token would have to permanently break through the level around $1,770. The possibility of a correction in the short term cannot be dismissed, especially after the recent wave of strong gains. The current RSI (near the overbought zone) and MACD (drawing lower positive bars in the last days than those in the previous weeks' gains and entering the negative histogram area) may support such a scenario.

A mixed start to trade in Europe after a more promising session in Asia overnight where stocks may have been boosted by talk of more pro-growth policies in China. That followed disappointing data late last week and early this from the world’s second-largest economy so the comments came at a good time. Still, we’re not seeing investors getting too carried away by comments alone, action needs to follow and small rate cuts from the PBOC don’t really fall into that category. More misery for the UK as prices rise by the most since the early 80s UK inflation hit its highest level in 40 years last month, with the annual CPI jumping 10.1% and the core reading 6.2%, both faster than expected. Double-digit inflation was inevitable but it has come earlier than expected which will leave households and businesses worrying about what that ultimately means for peak inflation later this year and how sustained it will be. The data today has probably locked in a 50 basis point hike from the Bank of England as a minimum, especially when combined with yesterday’s wage growth numbers. Real incomes are still falling at a rapid rate but the central bank will have little choice but to persevere regardless and the economy will suffer the consequences. RBNZ committed to tackling price rises as it raises the cash rate peak The New Zealand dollar is trading a little lower on the day but the session has been quite volatile. We’ve seen some big swings in response to the RBNZ announcement despite the rate decision itself falling in line with expectations. The central bank now expects the cash rate to peak higher and earlier than previously anticipated, hitting 4.1% in the second quarter of next year, compared with 3.95% in Q3. The RBNZ still firmly believes though that the actions it’s taken will both return inflation to the midpoint of its 1-3% target range in 2024 and not trigger a recession, although it did caution that the country will likely experience sub-par growth. That all sounds very hopeful but BoE aside, that appears to be the view of central banks still. Fed minutes eyed as traders seek dovish pivot clues There’s plenty more to look forward to today but the FOMC minutes naturally stand out. What’s interesting about them is that despite the supposed “dovish pivot” from the Fed, the commentary since has been anything but. Rather than talking up the prospect of falling inflation allowing for slower tightening, the message remains hawkish. What’s more, policymakers are continually pushing back against the policy u-turn next year that markets have been flirting with the idea of. I expect any hawkish components of the minutes will be overlooked today and instead traders will dissect them for any additional dovish concessions that could further fuel the stock market recovery. That’s very much what we’ve seen in recent weeks and the decline in CPI last week only encouraged it. Could Fed minutes be the catalyst bitcoin needs? Bitcoin rallies have struggled to generate much momentum of late, with $25,000 proving to be a strong barrier to the upside. What’s interesting is how shallow the pullback has so far been from that level which could be a bullish signal. Traders may be struggling to get on board with a break higher but they’re perhaps not keen to cash out either. The FOMC minutes later may be the catalyst it needs, one way or another. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Mixed ahead of Fed minutes - MarketPulseMarketPulse

Relevance up to 10:00 2022-08-18 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Technical analysis: BTC/USD has been trading sideways at the price of $23.800. I see potential for further movement and potential for the breakout of the rising trend-line. Trading recommendation: Due to the potential breakout of the rising wedge pattern, I see further downside movement. Watch for potential selling opportunities on the intraday rallies with the downside objective at $22.600 and $21.000. MACD oscillator is showing downside momentum, which is good sign for further downside movement. Key resistance is set at the price of $25.000 Read more: https://www.instaforex.eu/forex_analysis/288831

Relevance up to 10:00 2022-08-18 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Crypto Industry News: Alphabet, the owner of Google, has invested as much as $ 1.56 billion in projects from the blockchain market. This happened between September 2021 and June 2022, according to a report from Blockdata. In recent years, Alphabet, the parent company of Google, has entered the blockchain market. It is worth adding, however, that the company initially adopted a cautious approach to this sector. Ultimately, however, she partnered with Dapper Labs, a studio developing products in the Web 3.0 field. "We look at the blockchain market with interest; it is a very interesting and powerful technology with wide applications" Alphabet CEO Sundar Pichai said. How do other giants fare against this background? In the same period, i.e. September 2021 - June 202, BlackRock invested $ 1.17 billion in blockchain initiatives. Morgan Stanley, in turn, spent $ 1.1 billion on similar projects. Samsung has allocated $ 979 million for projects of this nature, and Goldman Sachs - $ 698 million. In general, companies are entering the blockchain market, despite the fact that it is still unknown if and when this technology will be widely available in a few years, and its adoption will continue. However, the current forecasts of experts indicate that the development of the block network in the coming years will continue. The current actions of giants like Alphabet mean that these corporations will have a competitive advantage as the said adoption continues to develop. Technical Market Outlook: The BTC/USD pair had been capped several times around the level of $25k as the bulls clearly do not have enough momentum to make the sustained breakout possible. The intraday technical support is seen at $23,596 and might be hit any time now as the last bounce from the local lows was very shallow. The momentum is now weak and negative on the H4 time frame chart, so a deeper correction towards the level of $22,679 is possible as well. Please notice, the Bitcoin market keeps moving inside the ascending channel, so the bullish impulsive wave scenario to the upside is now invalidated. If there is no sustained breakout from the channel, the bears might accelerate the sell-off and test the swing low seen at the level of $17,600 again.     Weekly Pivot Points: WR3 - $22,662 WR2 - $25,629 WR1 - $25,067 Weekly Pivot - $24,597 WS1 - $24,035 WS2 - $23,564 WS3 - $22,532 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.   Read more: https://www.instaforex.eu/forex_analysis/288841

Relevance up to 10:00 2022-08-18 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Let's take a look at the technical picture of NZD/USD, GBP/USD, USDX and Bitcoin. Read more: https://www.instaforex.eu/video_analysis/288849

Relevance up to 10:00 2022-08-19 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Crypto Industry News: Oscar winner Anthony Hopkins has teamed up with Orange Comet, Web3's startup creative studio, to create the actor's first NFT series, the Eternal Collection. "NFT is a blank canvas for creating art in a new format," Hopkins told reporters at an online press conference. "I'm probably the oldest guy in the NFT community and on social media, which proves that anything is possible at any age," he adds. According to the 84-year-old actor, metaverse "offers an amazing opportunity to connect with audiences in a completely different way." The Eternal Collection series is based on visuals inspired by 10 different roles that Hopkins has played in his film career - including Hannibal Lecter from The Silence of the Lambs and Odin in three Marvel films. According to Dave Broome, Orange Comet CEO, the NFTs will appear in mid-September. Part of the proceeds from the sale of tokens will be donated to a charity designated by Hopkins and his wife Stella Arroyave. Technical Market Outlook: The BTC/USD pair had broken below the key short-term technical support located at the level of $23,596. The momentum is now weak and negative on the H4 time frame chart, so a deeper correction towards the level of $22,679 is possible as well. Please notice, the Bitcoin market keeps moving inside the ascending channel, so the bullish impulsive wave scenario to the upside is now invalidated. If there is no sustained breakout from the channel, the bears might accelerate the sell-off and test the swing low seen at the level of $17,600 again.     Weekly Pivot Points: WR3 - $22,662 WR2 - $25,629 WR1 - $25,067 Weekly Pivot - $24,597 WS1 - $24,035 WS2 - $23,564 WS3 - $22,532 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.   Read more: https://www.instaforex.eu/forex_analysis/289045

Australian financial firm to launch 'spot' crypto ETFsA few days ago, Australian asset management and advisory services firm Monochrome Asset Management became the first in the country to obtain an Australian Financial Services License (AFSL) from the regulator to create a crypto exchange-traded fund (ETF) Monochrome Bitcoin ETF under the ticker IBTC.Jeff Yew CEO of Monochrome Asset Management in an interview with Cointelegraph, announced that this is a major milestone for the local market, given that till now, crypto ETFs in the Australian market had to operate under asset authorization holding cryptocurrencies only indirectly.IBTC, under its AFSL licence, will be able to directly trade and hold tokens under Australian Securities & Investments Commission (ASIC) authorization. This will allow for more independent capital management. It will also provide the opportunity to directly influence the market and facilitate active investing. The latter is not a breakthrough for IBTC, which is intended to be a fund that invests rather passively, but for more aggressive asset managers, it could open up a range of new opportunities.The new license also offers investors greater capital protection based on ASIC 705 regulations - these include appropriate benchmarking against the spot price and depository arrangements in line with Australian regulations."The regulator's approval of this license variation represents a major step forward for both the advice industry and retail investors, allowing advisers to meet the market demands of their clients when it comes to the nascent crypto-asset class," - Jeff Yew said in a press statement."Investors investing in Monochrome's ETFs will know that their funds are investing directly in Bitcoin (BTC) and Ethereum (ETH), and importantly within the regulatory rails established by ASIC specifically for crypto-assets," - added the CEO, reassuring investors that they will not end up with just one crypto ETF.ETFs are instruments that could appeal especially to conservative and long-term investors. This could mean an opportunity for the market to see an influx of capital from a new class of investors who, through their investment perspective, can stabilize a highly volatile market.Today, most cryptocurrencies are seeing little daily price movement. As of 11:00 GMT+3, BTC is gaining 0.08% and ETH is losing 0.25%. Ethereum yesterday crossed the 10-day moving average and appears to be approaching the 20-day moving average, while BTC is already below the 20-day moving average.

Relevance up to 08:00 2022-08-20 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Crypto Industry News: Leading Chinese cryptocurrency mining maker Canaan has no problems with a local cryptocurrency ban as the company's overall performance continues to grow in 2022. Canaan officially announced its financial results for the second quarter of 2022, posting a 117% increase in gross profit for the same period of 2021. According to the company, Q2 profit was almost $ 139. The company's net profit for the second quarter was $ 91 million, an increase of 149% compared to the same period last year. Canaan noted that the second quarter foreign currency translation adjustment was income compared to the previous losses due to the appreciation of the US dollar against the RMB in the second quarter. "Despite significant gains, Canaan found the second quarter a difficult period with Bitcoin falling below $ 20,000 in June because off the lowered demand for our AI chips" - said CEO Nangeng Zhang. Zhang mentioned that Canaan is expanding its global presence by establishing an international headquarters in Singapore. The company is also working on scaling up its mining activities, generating more Bitcoins thanks to the improved power supply. Technical Market Outlook: The BTC/USD pair had broken below the 50% Fibonacci retracement level of the last wave up seen at $22,953. The momentum is still weak and negative on the H4 time frame chart, so a deeper correction towards the level of $22,428 (61% Fibonacci retracement level) is possible as well. Please notice, the Bitcoin market keeps moving inside the ascending channel, so the bullish impulsive wave scenario to the upside is now invalidated. If there is no sustained breakout from the channel, the bears might accelerate the sell-off and test the swing low seen at the level of $17,600 again.     Weekly Pivot Points: WR3 - $22,662 WR2 - $25,629 WR1 - $25,067 Weekly Pivot - $24,597 WS1 - $24,035 WS2 - $23,564 WS3 - $22,532 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.   Read more: https://www.instaforex.eu/forex_analysis/289172

Relevance up to 09:00 2022-08-20 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Bitcoin has been bearish since hitting the swing high of $25k. The first bearish signs came last week, but they quickly faded due to the descending triangle of intraday trading volumes and the unsuccessful retest of $25k. In addition, a row of negative fundamental factors exerted pressure on the crypto market. The US dollar index started to recover, while BTC-based crypto funds lost over $20 million last week.     As a result, digital gold plunged, broke through $23k, and bounced to $21.2k. The steep fall came after a bearish breakout through the range of $22.8k-$23.4k. Consequently, the price tumbled to $21.4k support.     A few more fundamental and technical factors have contributed to the fall in BTC. The FOMC Minutes hinted at the continuation of rate hikes. In addition, the number of long positions grew. The volume of bullish positions has been $1 billion higher than that of bearish positions. And the market, as you know, plays against the majority.     Consequently, the market capitalization of BTC fell by 3.5% in an hour and by 5.7% in a day. The rising wedge pattern headed down, as expected. The bullish trend that emerged on July 18 stopped when the price dropped to $21,4k. Even if bulls recoup losses, the main two bearish targets are still reached: the large volume of long positions was liquidated and the uptrend line was broken.     Speaking of a possible rebound above $23k, it is highly unlikely. Technical indicators show the continuation of the bearish trend. The Stochastic Oscillator formed a bearish crossover near 60 and nosedived to the oversold level near 18. The RSI gives no signals of an impending reversal. The MACD started to move down and could enter the red zone soon. These factors reflect bearish power and the likelihood of a retest of $20k.     On the 4-hour chart, there are the first signs of a recovery. The Stochastic Oscillator shows a bullish crossover in the oversold zone. The indicator has already reached the mark of 22 and is now moving up. The RSI, however, is moving down. Thus, we have a divergence, which means that a bullish impulse is unlikely. Bitcoin has reached a point where low trading volumes make it impossible to defend major support levels. Should the current trend go on, next week would kick off with a retest of $20k.   Read more: https://www.instaforex.eu/forex_analysis/319391

Relevance up to 10:00 2022-08-20 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Technical analysis: BTC has been trading downside as I expected. The price has reached the first downside objective at $22.600 and is heading towards next targets. Trading recommendation: Due to the strong supply and broken rising wedge pastern, I see further drop in play. Watch for potential selling opportunities on the intraday rallies with the downside objectives at $21.000 and $19.000. MACD oscillator is showing fresh new momentum to the downside, which is another confirmation of the momentum. Key resistance is set at the price of $25.000 Read more: https://www.instaforex.eu/forex_analysis/289220

Since the beginning of July, the crypto market seemed to be on the rise. The largest tokens (BTC and ETH) at the local peak, gained around 35% and 101% respectively. However, today at 11:30 GMT+3 BTC is losing around 7.3% and ETH around 8%. Today, ETH broke through its price channel and the 20-day moving average. If the price does not return to the channel in the next couple of days, we will be able to say that a possible reversal of the short-term trend we mentioned in previous articles has taken place. Especially if this is confirmed by indicators such as the Wilder directional indicator. BTC has also moved far out of its price channel and is currently below the 10, 20 and 50-day moving averages. The directional indicator has already shown a potential trend reversal and the MACD is approaching the negative zone. Today on the Conotoxia MT5 platform at 11:00 GMT+3, Filecoin (FIL) is down the most. It is experiencing a loss of almost 18%. According to Coinmarketcap, it has a capitalisation of almost $1.8 billion and a daily volume of over $511 million. Filecoin was launched in 2020 to decentralise data storage, providing an alternative to industry giants such as Amazon and Alibaba at a cost reduction of almost 99%. The project's network connects storage providers with customers looking for a place to keep their data. Those offering their storage from laptops to server rooms after verifying data integrity and security can obtain a FIL token as a reward. This creates a highly diversified and low-cost database network. However, the characteristics of the project are inherently inflationary, unlike BTC. The declines described are attributed to a broad market correction, the exit of 'big money' and growing pessimism about the increasing supply of FIL tokens. Rafał Tworkowski, Junior Market Analyst, Conotoxia Ltd. (Conotoxia investment service) Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.   Source: The crypto market falls as profits are realised

Relevance up to 15:00 2022-08-22 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.   Trading Cryptocurrency BTC/USD (Bitcoin) : Bitcoin price prediction : Remember that Cryptocurrencies are the new money! so, Bitcoin is really a great fortune. Hence, our target $30,000 in the next few weeks. Today, BTC/USD is trading below the weekly pivot point $22 k. Because BTC/USD broke support which turned to a minor resistance at the price of $22,462 last week in 2022. The price of $22,462 is expected to act as major resistance in the first week of August 2022. As long as there is no daily close below $22,462, there are no chances of a fresh increase below $22,462 (R1) in the H1 time frame. The support levels will be placed at the prices of $20,804 and $20,000. As long as there is no daily close below $22,462, there are chances of breaking the bottom of $20,804. The volatility is very high for that the BTC/USD is still moving between $22,462 and $20,000 in coming hours. As a result, the market is likely to show signs of a bullish trend again. Hence, it will be good to sell below the level of $22,462 with the first target at $20,804 and further to $20,000 in order to test the weekly last bearish wave. However, if the BTC/USD is able to break out the daily resistance at $22,462, the market will decline further to $30,000 to approach resistance 3 in coming days. Daily Forecast : Pivot Point : $22,462. As we know that : 1 BTC ---> $21,260 approximately. 1 ETH ---> $1,627 approximately. It follows that : 1 ETH ---> 0,0765286923800564 BTC. Thereby, one Ethereum is only worth 0,0765286923800564 Bitcoin (August 20, 2022). Forecast : According to the previous events the price is expected to remain between $22,462 and $20,00 levels. Sell-deals are recommended below $22,462 with the first target seen at $21,000. The movement is likely to resume to the point $ $20,804 and further to the point $20,000. Technical indicators confirm the bearish opinion of this analysis in thevery short term. However, be careful of excessive bearish movements. It is appropriate to continue watching any excessive bearish movements or scanner detections which might lead to a small bullish correction.   Read more: https://www.instaforex.eu/forex_analysis/289326

Relevance up to 10:00 2022-08-23 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Crypto Industry News: The Federal Bureau of Investigation (FBI) explained the origin of the colloquial name. It is about "the way fraudsters feed their victims with promises of wealth before they take all their money." As vividly added Lakewood Public Information Officer John Romero, the term "basically refers to a farmer fattening a pig before slaughter." The police officer explained that it all starts with social media or dating sites. Criminals mainly use Linkedin and Tinder. There they find and convince their victim to donate some funds to them. Then they place the funds on a cryptocurrency wallet. They also show the victim that digital currencies are gaining in value, causing them to deposit more money into their account. Then the scammer disappears with lots of cryptocurrencies. According to one of the people who fell victim to criminals, she was initially able to make several withdrawals from the cryptocurrency wallet without any problems. So everything looked legal. Suddenly, however, she received a message stating that she needed to deposit over $ 204,000 in order to access the funds. Technical Market Outlook: The BTC/USD pair has been seen testing the lower channel line around the level of $21,000. The momentum is still weak and negative on the H4 time frame chart, bounces are shallow and the market is clearly controlled by bears that might accelerate the sell-off and test the swing low seen at the level of $17,600 again. The nearest technical resistance is located at the level of $22,410.     Weekly Pivot Points: WR3 - $22,059 WR2 - $21,713 WR1 - $21,486 Weekly Pivot - $21,368 WS1 - $21,140 WS2 - $21,022 WS3 - $20,677 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.   Read more: https://www.instaforex.eu/forex_analysis/289416

Relevance up to 09:00 2022-08-23 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Bitcoin has completed a sluggish upward trend that originated after the formation of the local market bottom. The price has pulled back to the $21k–$22k level, where a large cluster of long-term investors accumulating Bitcoins are concentrated. The upward movement of the cryptocurrency was built around illusory desires to see a $30k retest and start a new stage of recovery. However, if you look at the weekly chart of the cryptocurrency, it becomes clear that the upward trend of the asset until mid-August looked very unconvincing.     On the weekly chart, Bitcoin has formed a "bearish engulfing" pattern, which indicates that the downward momentum will continue in the near term. However, judging by the trading volumes, this pattern was formed due to a decrease in overall trading activity, and buyers in particular. Despite the negative end of the previous week, technical indicators in the weekly perspective point to price consolidation rather than the second stage of a major fall. The Stochastic and the RSI are moving flat, as is the MACD moving below zero. Technical metrics indicate that Bitcoin has no reason to start a powerful upward trend in the medium term.     On the daily chart, the situation is somewhat more complicated. Despite a sharp recovery from the fall, technical metrics hint at a likely second stage of decline. In particular, the stochastic oscillator was falling to the overbought zone, where it tried to reverse. However, in the end, the metric completes the implementation of another bearish crossover. The RSI also starts to drop below 40, indicating growing selling volumes. The MACD indicator also enters the red zone and moves below the zero mark. These factors indicate the predominance of sellers at the current stage, and hence the continuation of the downward price trend.     As a result, the US dollar index, which has an inverse correlation with Bitcoin, has significantly strengthened. However, this factor may be overestimated due to the overall macroeconomic environment. Investors are in the process of developing an acceptable trading strategy that will allow them to capitalize in an environment of high inflation and the risk of stagflation. This is the reason for the low trading volumes. However, there is no doubt that an investment strategy will be developed, and the deflationary potential of Bitcoin will play an important role.     The second factor influencing the price reduction is the capitulation of the miners. Bitcoin mining companies, as of August 22, have sold most of the BTC coins they received in July. Since the beginning of August, at least 6,000 coins have been transferred to exchanges. At the same time, there is reason to believe that the capitulation of miners is gradually coming to an end. This opinion was shared by Charles Edwards, founder of the Capriole Investments firm. The entrepreneur believes that the current capitulation of mining companies has already become the third longest in history. Most likely, this is a sign of its completion in the coming months.     Despite the local negative situation and the likely retest of $20k, Bitcoin is gradually approaching the end of the main phase of the bear market. At the same time, it is too early to talk about the beginning of a recovery movement since the coin does not have fundamental factors for growth. With this in mind, in the short term, we are waiting for another fall in the price of BTC. In the medium term, we should expect the trend in the cryptocurrency price movement to continue within a wide range of fluctuations of $20k–$25k.   Read more: https://www.instaforex.eu/forex_analysis/319522

The average bitcoin payment fee recently fell below $1 for the first time in years. Transaction fees are needed to enable crypto intermediaries to operate, but they are hampering the adoption of payment solutions, affecting small payments in particular. Because the network is expensive to maintain due to its energy-intensive nature, commissions have been able to shoot up many times, for example, Ethereum commissions during the NFT hype. This is even more painful for transfers of small sums. This is why new technological solutions are so important. Here comes ethereum's Merge and payment solutions for bitcoin (Lightning Network and Taproot overlays), which are already revolutionising the world of crypto payments. They allow settlements to be faster, less energy-intensive and less expensive. The current average transaction fee for BTC payments has fallen below $0.825 - the lowest since 13 June 2020, ETH below $0.64, and is likely to be even cheaper. Their decline is not only a reason for the ever-improving technology, but also the recent crash of tokens, NFTs and an increase in the ease of mining in the long term. However, current energy and cryptocurrency prices may cause a short-term decline in mining activity. Many have already suspended operations or exited the crypto world. This can be seen in particular through the massive sale of mining rigs and used computer hardware (especially graphics cards). ETH, BTC and most tokens seemed to continue their declines. ETH and BTC prices are below the price channel and in the absence of a return above its bottom line, we can probably already speak of a short-term trend reversal. ETH has found its support on the 50-day moving average for now, while BTC has already crossed it. Moreover, the technical indicators (RSI, MACD and ADX) do not indicate a reversal of the short-term trend either. Declines in the major stock market indexes, hawkish announcements from the FED and further pessimistic data from the economy seem to be putting a lot of pressure on crypto. RafaÅ‚ Tworkowski, Junior Market Analyst, Conotoxia Ltd. (Conotoxia investment service) Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.   Source: BTC and ETH payments getting cheaper. Will Cryptocurrencies experience further declines?

Summary:  On Friday, crypto long positions worth north of $500mn were liquidated, as fatigue spread in the crypto market. Not helping was speculation that exchanges may be forced to censor certain transactions on Ethereum in the future. Speaking of transactions, the demand for them on Bitcoin and Ethereum has decreased significantly, weakening the fundamentals of particularly Ethereum. Traders standing in line to be liquidated The crypto market, notably Ethereum, recovered partially in July and August until last week. From a low of 17,600 (BTCUSD) and 880 (ETHUSD) in June, Bitcoin and Ethereum surged to a local high of 25,200 and 2,030 on the 15th and 14th of August, respectively. Following new local highs, the market was seemingly becoming exhausted last week. Since then, Bitcoin has plunged by 15.6% to 21,270, whereas the Ethereum price has declined by 23.3% to 1,565. On mainly Friday, crypto derivative exchanges saw red. On this day, long positions were liquidated worth a combined $562mn in 24 hours. This is almost as much as the day in June, when Celsius halted withdrawals, even though the market movement to the downside was larger in June. This means that the crypto market has been extremely leveraged to ride the uptrend the past month and that party came to a halt on Friday. It seems that traders have particularly leveraged Ethereum trades going into the merge. Can exchanges censor certain Ethereum transactions? Two weeks ago, the US sanctioned the most used mixer on the Ethereum network called Tornado Cash. The latter has often been linked to money laundering; however, it was frequently used by private individuals to engage with the Ethereum network privately. The Tornado Cash protocol cannot by default be shut down, since it is a smart contract, so the sanctions involve that no US person or entity is allowed to engage with transactions originating from Tornado Cash. Afterward, speculation arose about what could possibly be next in line to be sanctioned. The ultimate sanction could be to censor certain Ethereum transactions, thus possibly shutting down the Tornado Cash protocol for good. At the moment, it would not be possible for governments to directly censor such transactions, however, it might be possible for them, as soon as Ethereum adopts proof-of-stake instead of a proof-of-work framework in the middle of September, known as the merge. This is because the majority of the Ether staked, hence Ether used to verify transactions, is done through exchanges or other intermediaries by clients handing over their Ether to these companies for them to verify transactions on Ethereum. For instance, Coinbase handles close to 15% of the total amount of Ether staked. Governments can technically make Coinbase adhere to such sanctions by ensuring it does not verify transactions related to Tornado Cash on a network level. Without going into too many details, in our opinion, it is very unlikely that this will occur, both from a societal and technical point of view. Yet, if it in reality occurs, then everything in the industry is at risk since the main selling proposition is full decentralization without intermediaries. In case certain transactions are ruled out from the network, we need to look ourselves in the mirror and ask if this industry has then anything to offer at all. The speculation in this matter did arguably contribute negatively to the price development of Ethereum in the last week. Brian Armstrong, Coinbase’s co-founder and CEO, commented on this on Twitter last week. Here, he said that Coinbase would possibly exit its staking operations if governments came to enforce the sanction of transactions on-chain, as Armstrong stated, “to focus on the bigger picture” by keeping Ethereum decentralized. If all staking providers do this, then it will presumably not be a problem, as the network will be kept online by solo stakers. When prices drop, fees follow suit For the majority of the year, the crypto prices have been on a downward trajectory. Transaction fees paid on particularly Bitcoin and Ethereum have followed suit. In November last year, Bitcoin generated around $500,000 - $1mn in fees daily, while Ethereum set at around $50mn - $80mn in transaction fees daily. Now, Bitcoin averages around $150,000 - $300,000 daily, while Ethereum sits at around $2mn - $3mn daily. This emphasizes that most activity on Bitcoin but primarily Ethereum is highly speculative and strictly linked to the prices of cryptocurrencies. Source: Token Terminal For Bitcoin, there are no direct consequences of lower total transaction fees in the near term. However, it might have consequences in the next decades, since the network might not be able to sufficiently compensate miners. For Ethereum, the lower transaction fees result in less Ether burned, effectively meaning less is removed from the supply. This makes the fundamentals of Ethereum weaker. For instance, Ethereum has for the past year burned 4.71 Ether per minute from transaction fees, whereas it has only managed to burn 0.89 Ether per minute in the past 30 days. Bitcoin/USD - Source: Saxo Group Ethereum/USD - Source: Saxo Group   Source: Crypto Weekly: Leverage is the language of crypto

Most of the cryptocurrencies ended up in the heavy red over the past week, with most reaching double-digit losses. The overall cryptocurrency market volume in the past 24 hours came up to $60.83 billion - a drastic drop of over $17 billion from the past week. The overall crypto market cap decreased slightly compared to the previous week, coming up to $1 trillion, a slight decrease from the previous week’s $1.15 billion.   Let's delve deeper and take a quick look at the latest crypto market news and BTC's technical outlook.   Crypto Market Overview Bitcoin's dominance has remained below the 40% mark but increased slightly to 39.31%. This came as a result of BTC outperforming the top cryptocurrencies by making a smaller downturn. The most valuable cryptocurrency pair, BTC/USDT, is currently trading at $21,293.62, while Ethereum, the second-largest cryptocurrency by market capitalization, has fallen to $1,570.88, down 18.92% in the last week.   The top performers from the previous week were EOS (EOS) and Chiliz (CHZ), while the rest ended their week in the red. EOS has increased by 19.74% to $1.51, while CHZ gained 7.54% in the past seven days.   Cryptocurrency Market Heatmap | Source: Coin360   On the other hand, Lido DAO (LDO), Near Protocol (NEAR), and Curve DAO Token (CRV) were the worst performers of the week. LDO is down 31.27% to $1.91; NEAR is down 26.63% in the last seven days; CRV is down 26.17% to $1.   Top Altcoin Gainers and Losers Top Altcoin Gainers: EOS (EOS) ➠ 19.74% Chilliz (CHZ) ➠ 7.54% Top Altcoin Losers: Lido DAO (LDO) ➠ 31.27% Near Protocol (NEAR) ➠ 26.63% Curve DAO Token (CRV) ➠ 26.17%   News Highlights Here are some of the events that made the previous week's crypto news section stand out:   Ethereum 2.0 Merge in the Limelight, PoW Ethereum the Talk of the Town The Ethereum blockchain is on track to make its highly anticipated transition from its current Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) one. The Merge date is officially scheduled for Sept. 15–16 after the successful final Goerli testnet integration to the Beacon Chain on Aug 11.   However, not everything is going smoothly, as a group of miners and PoW supporters have announced that they will opt to hard fork Ethereum and continue operations on the new version. Chandler Guo, a Bitcoin (BTC) miner, was among the first to bring out a case for the PoW Ethereum chain post-Merge. In a tweet on July 28, Guo shared with the public a screenshot of Chinese miners saying that PoW Ethereum is coming soon.   However, Vitalik Buterin has denounced those who are in favor of PoW Ethereum, claiming that the move is just a ploy for miners to make easy money without benefiting humanity - especially after them declining to move to ETC, a Proof-of-Work Ethereum fork from 2016.   Cardano Testnet Critical Bug a Controversy? Charles Hoskinson, the founder of Cardano, has come out to speak about how the issues surrounding the Cardano Vasil hard fork have been “incredibly corrosive and damaging.” After a rumor broke out that Cardano’s testnet is “catastrophically broken,” Hoskinson stated that there’s been an “unfair narrative” floating around Cardano and its testnet issues, which he called “incredibly corrosive and damaging.”   He spoke about how people can and should not conflate a failed testnet with the mainnet, because testnets are constructed and destroyed all the time in this industry. He then added that “They are in no way, in any way harm Cardano itself.”   The Vasil hard fork has already been delayed several times this year, with the most recent delay being announced at the end of July due to issues identified on the testnet. Hoskinson, however, remains optimistic that the Vasil hard fork will ship “imminently.”   USDC Records a 22-Month Low Whale Holding Percentage The percentage of USD Circle (USDC) stablecoins held by the top 1% of wallet addresses dropped to its lowest point in almost two years as the crypto market downturn continues. While the real reason or reasons for this are unknown, various commentators have suggested that some users shifted their stablecoin holdings from USDC to USDT. This claim was made given the correlation in the decline and growth of the respective stablecoins’ market cap.   Data from Glassnode, an on-chain analysis firm, shows that the percent of USDC held by the top 1% of addresses is currently at a 22-month low of 87.667%.   However, even though the market cap of USDC ended up reducing somewhat, the stablecoin reached a three-year high in terms of weekly mean transaction volume, surpassing the previous high it registered in June of this year.   Tether Decreases Commercial Paper Holdings by 58% An announcement from USDT issuer Tether Holdings Limited revealed the results of the independent Q2 attestation performed by the top accounting firm BDO Italia.   Tether had previously made an announcement that they intend to reduce their commercial paper holdings to 0% by the end of October 2022. Data from this report revealed a 58% decrease in commercial paper exposure since the previous quarter. When translated into dollar value, this is a decrease from $20 billion to $8.5 billion.   The CTO of Tether, Paolo Ardoino, tweeted that Tether plans to continue to decrease its commercial paper holdings to $200 million by the end of August, and to ultimately reach zero by the following October.   The Fear & Greed Index at 29, Market Turning More Bearish The fear and greed index continues to signal "fear," with an index indicating a 29 score. Fear levels have increased greatly since the past week, with the market now being much more fearful than on Monday past week, when the Index showed 45.   Fear & Greed Index | Source: Alternative Crypto Calendar: Events to Watch This Week ➺ 22/08/2022 - JEWEL - DeFi Kingdoms AMA ➺ 22/08/2022 - DFI - BitMart Listing ➺ 23/08/2022 - TRX - Telegram AMA ➺ 24/08/2022 - SAND - Alpha Season 3 Begins ➺ 25/08/2022 - Crypto - CoinFest Asia ➺ 26/08/2022 - ICP - BTC Testnet AMA   Bitcoin (BTC/USDT) Analysis on KuCoin Chart Bitcoin has had a very bad week, with its price slowly recording double-digit losses and dropping below several support levels. The largest cryptocurrency by market cap has seemingly failed to maintain the uptrend it kept for over a month, while also falling below the 21-day moving average level.   This downtrend has led BTC from a little over $25,000 all the way up to a high of $20,760, which it hit on Saturday. However, the price bounced back above the $21,000 mark, and it’s fighting to stay above this level.   BTC/USDT Chart on the Daily Timeframe | Source: KuCoin   Analysts are predicting an even further drop due to worldwide uncertainty, with long-term lows possibly hitting the low teens.   Bitcoin’s immediate support level stays at $21,000, while its immediate resistance level lies at the 21-day moving average, currently sitting at $23,100.   Did you know that KuCoin offers premium TradingView charts to all its clients? With this, you can step up your Bitcoin technical analysis and easily identify various crypto chart patterns.     Sign up on KuCoin, and start trading today! 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According to Coinmarketcap data, the total capitalization of cryptocurrencies has fallen to nearly $1 trillion, showing a major shift in sentiment among traders and investors in recent days. The last time market capitalization was at this level was in late July. The possible trend reversal does not only apply to cryptocurrencies. The Nasdaq and S&P 500 have fallen from their local highs of August 16 by 5.7% and 3.8%, respectively. This is a significant change for such large indexes. Interest rates on U.S. 5-year Treasury bonds, after recording a local low of 2.55% on August 1, have risen to 3.17% in recent weeks, as Fed policymakers' statements proved more hawkish than expected. These are potential signs of a deteriorating outlook again, which should not be ignored. A chart of the Crypto Fear & Greed Index may show a decline in crypto market sentiment and an increase in investor fear. As recently as last week, the index showed a reading of 44, and now it is 28 points. Despite the partial decrease in the correlation between bitcoin and the S&P 500, it still seems to be high. Especially since it has historically risen during crashes - the last peak in the correlation was reached in mid-May, when both markets were down. BTC and ETH, despite finding support at $20,700 and $25,300, respectively, could be more exposed to the downside due to deteriorating economic data and market sentiment.  On the Conotoxia MT5 platform as of 12:00 GMT+3, one of the strongest falling tokens is EOS, which is losing nearly 9% after a 7-day gain of 48%. EOS is the native token of the EOSIO network. In practice, the project provides blockchain developers with a set of necessary tools and services to build and scale decentralized applications. The project's first whitepaper was released in 2017, and the team conducted an ICO, securing more than $4 billion in investment. It was one of the largest crowdfunding events in the history of cryptocurrencies.   Rafał Tworkowski, Junior Market Analyst, Conotoxia Ltd. (Conotoxia investment service) Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Source: Does data signal more short-term declines in the crypto market?

It’s been a choppy day of trade, with much of Asia and Europe treading water while the US is expected to open marginally higher. It’s clear that investors already have an eye on the Jackson Hole Symposium later in the week and we’re perhaps seeing some apprehension and anxiety ahead of that. I’m not entirely sure where that has come from because they’ve been perfectly happy to bat away hawkish warnings in recent weeks and if anything, the data has turned slightly in their favour. It may simply be a case of profit-taking after a good run in case the message finally gets through and causes a wobble in the markets. Equally, we could just be seeing markets being set up for a strong end to the week if Chair Powell says anything remotely dovish that excites traders once more. Positivity in PMIs not going to last Outside of the US, it doesn’t seem there’s much to be optimistic about. European PMIs this morning, while marginally beating expectations in some cases, were pretty poor. The flash services PMIs for France and the euro area just about remained in growth territory but the trend suggests that’s only a matter of time. The UK services PMI was a positive surprise, falling only a touch from 52.6 to 52.5 against expectations of a much steeper decline. Unfortunately, not only was the manufacturing PMI frankly appalling, the performance of the far more important services sector is highly unlikely to last. A recession is coming, regardless. Steady after Friday’s tumble Bitcoin has stabilised a little in recent days following Friday’s sharp plunge. It appears to have run into support just above $20,000, around the same level it did back in late July. It’s also around the 61.8% retracement of the June lows to the August peak. As appears to be the case elsewhere, we may be seeing traders adopting caution ahead of Powell’s Jackson Hole appearance. A break below $20,000 could be a major blow. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Choppy trade - MarketPulseMarketPulse

Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Crypto Industry News: Since last Friday, August 19, there has been an increased amount of liquidations which has had a key impact on the cryptocurrency market. Since then, bitcoin (BTC) has depreciated by more than 10%. The market capitalization of all digital assets fell below the $ 1 trillion mark again. At the time of writing this article, the rate of the first cryptocurrency is $ 21,000. This means a slight decrease during the day by almost 1%, although bitcoin is losing 12.24% of its value over the last week. Bitcoin's market cap is currently over $406 billion. However, despite the return of bearish dominance and hence the decline in rates, interest in long BTC positions remains at the highest levels in 12 months. Technical Market Outlook: The BTC/USD pair has been seen testing the lower channel line around the level of $21,000 as the bears are getting ready do break out below the lower channel line soon. The momentum is still weak and negative on the H4 time frame chart, bounces are shallow and the market is clearly controlled by bears that might accelerate the sell-off and test the swing low seen at the level of $17,600 again. The nearest technical resistance is located at the level of $22,410. Weekly Pivot Points: WR3 - $22,059 WR2 - $21,713 WR1 - $21,486 Weekly Pivot - $21,368 WS1 - $21,140 WS2 - $21,022 WS3 - $20,677 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout. Read more: https://www.instaforex.eu/forex_analysis/289563 Read more: https://www.instaforex.eu/forex_analysis/289563 Source: Forex Analysis & Reviews: Technical Analysis of BTC/USD for August 23, 2022 Read more: https://www.instaforex.eu/forex_analysis/289563

Company does not offer investment advice and the analysis performed does not guarantee results.The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.   Black line -resistance For a 3rd day Bitcoin price has made no real progress. After the sharp sell off from $24,000 to $20,800 Bitcoin has paused the decline and price is moving sideways. Bottoms are not formed in this way and that is why I give very little chances that we have seen the low in Bitcoin price. Bitcoin remains vulnerable to new lows below $17,600 as long as price is below the major resistance trend line. Bitcoin remains in a sideways price action with a slight positive slope. Bitcoin buyers will get another chance to buy Bitcoin at lower levels. This remains our key scenario.   Source: Forex Analysis & Reviews: Bitcoin remains for a third day around $21,300  

Market picture Bitcoin has added 2% in the past 24 hours to $21,400. Ethereum added 4.6% to $1640, while top altcoins added between 0.9% (Dogecoin) and 4.4% (Polkadot). Total cryptocurrency market capitalization, according to CoinMarketCap, rose 2.2% to $1.03 trillion overnight. The Cryptocurrency Fear and Greed Index fell 3 points to 25 by Wednesday and went from "fear" to "extreme fear". Unlike stock indices, Bitcoin has not fallen but has appeared as if it is disconnected from the market, having reached an equilibrium between the sell-off lows of late July at $20.5K and $22.5K. The technical picture looks like a consolidation before a new downward momentum, potentially to the lows near 17600. BTCUSD could update that low if the decline gets caught up in the storm of falling stock markets. But it is too early to bet on this. News background CoinShares strategy director Meltem Demirors believes that because of the holiday season, we should not expect significant changes in the cryptocurrency market until the end of September. According to SkyBridge Capital CEO Anthony Scaramucci, bitcoin cannot yet act as an asset to hedge inflation as adopting the first cryptocurrency is not enough. According to Arcane Research, Bitcoin could become one of the world's leading power consumers by 2040. Developers of the Dogecoin Foundation have reported that a DOGE-ETH bridge will be launched by the end of the year to move DOGE from the Dogecoin blockchain to the Ethereum network and back again.

Relevance up to 09:00 2022-08-25 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Crypto Industry News: A hospital worker in Upper Altai, the capital of the Altai Republic in southern Siberia, was arrested for running a cryptocurrency mine in a medical facility. The mining equipment was launched at the beginning of last year, Russian news services reported. In February 2021, a man who worked as a chief information security officer installed cryptocurrency mining equipment and connected it to the hospital's servers that had previously been used to treat patients with Covid-19. According to a statement by the regional department of the Federal Security Service (FSB), mining equipment operated on stolen electricity for almost a full year, causing damage amounting to nearly $ 7,000. Law enforcement also noted that an IT expert decided to mine cryptocurrencies after experiencing financial difficulties. He quickly realized that he did not have the necessary computing power and energy at home, which prompted him to start mining at his workplace. During the searches in the suspect's home, police and FSB officers confiscated mining equipment and other computer equipment. A cryptocurrency miner whose identity has not been disclosed can get up to two years in prison for his crimes under the Criminal Code of the Russian Federation. Technical Market Outlook: The BTC/USD pair has been seen testing the lower channel line around the level of $21,000 as the bears are getting ready do break out below the line soon. The momentum is still weak and negative on the H4 time frame chart, bounces are shallow and the market is clearly controlled by bears that might accelerate the sell-off and test the swing low seen at the level of $17,600 again. The nearest technical resistance is located at the level of $22,410.     Weekly Pivot Points: WR3 - $22,059 WR2 - $21,713 WR1 - $21,486 Weekly Pivot - $21,368 WS1 - $21,140 WS2 - $21,022 WS3 - $20,677 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.   Read more: https://www.instaforex.eu/forex_analysis/289755

A relatively slow session so far in the middle of the week, with the focus very much still on the Fed and interest rates ahead of the Jackson Hole Symposium that kicks off tomorrow. It’s interesting that the fear of what could be said is seemingly having a far greater impact on sentiment and the markets than what has actually been communicated in recent weeks. Investors have repeatedly turned a blind eye to Fed commentary since the last meeting which has enabled stock markets to recover a lot of lost ground. It’s always hard to say how long that will last and whether it will continue as markets have spent much of the last year not on the same page as the Fed and as it’s turned out, for good reason. Any trepidation now may simply be a case of groundwork being laid for another rally later if Powell is deemed to be remotely dovish on Friday, intentionally or otherwise. The fact remains that Jackson Hole has on occasion in the past been used as a platform to send clear messages to the markets and not always one that is expected. That may be feeding some of the nervousness but if Powell is going to stick to the script and get through to the markets, he’ll need to do so far more convincingly than he and his colleagues have managed so far. Vulnerable with an eye on Jackson Hole Bitcoin remains quite stable after last Friday’s shock plunge. As is the case across financial markets, it seems traders have their sights set on Jackson Hole later this week to dictate the next moves. It continues to look vulnerable to a break of $20,000 which could be a painful blow but if Powell says anything that excites the risk-on crowd, we could see it quickly eat away at last week’s loss. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Relevance up to 11:00 2022-08-25 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Bitcoin managed to hold above the support level of $21,000 and rebounded slightly. As of August 24, the price reached $21,400 and continued to consolidate. At the same time, the Bitcoin network has not seen an increase in trading activity or an increase in the number of addresses. Considering this, we can assume that bears may try to retest the level of $21,000.     Bears managed to reach the important level of $21,000 and one more step closer to the retest of $20,000. During the last 5 days, the price has tested the level of $21,000 three times, which may indicate that it might break through this level soon. The technical indicators point to the high probability of a bearish breakdown of the level of $21,000. The stochastic oscillator completed a bearish crossover below 30 and the RSI is still declining below 40. Meanwhile, the MACD is declining in the red zone, indicating the emergence of a medium-term downtrend.     Despite clear factors pointing to further price declines, there is a possibility of an uptrend. It is based on the movement of the DXY index. The index reached the level of 109, but at the end of August 23, failed to break through that level and closed the day with a red candlestick. A failure of the DXY index could be a window of opportunity for Bitcoin, which got a chance to end the day with an uptrend. However, this probability is very low given the fact that the red candlestick on the DXY daily chart could not even overlap the previous bullish candlestick in volume, indicating a continued bullish sentiment for DXY.     Stock indices also continue to decline within a bearish trend. The S&P 500 index has reached the support area at $4,100, but technical indicators point to further downside. The stochastic oscillator and the RSI continue a strong downtrend peak and the MACD has formed a bearish crossover, indicating that a medium-term downtrend is forming. Given the SPX and DXY movements, Bitcoin should prepare for a drop below $21,000 in the near term.     Another important reason that could play both for and against Bitcoin is the Fed symposium. Market participants expect that Fed Chairman Jerome Powell will announce the key theses, which will allow to the markets draw certain conclusions about the future of the market and the Fed policy. Analysts forecast a negative outcome of the event and announcement of these may aggravate the current downturn in the markets. It is reported that Powell may confirm the Fed's desire to accelerate the reduction of balance sheets and further plans to raise the key rate.     Given the current situation, we should expect a decline in trading activity before Powell's speech on August 25-27. The general direction of the cryptocurrency market and investor sentiment suggests that Bitcoin and other crypto assets may decline in the coming days. It is impossible to predict the impact of Powell's rhetoric on the market but sharp price movements are likely to occur due to a significant increase in volatility. We will see by the end of the current trading week where the price may go.   Read more: https://www.instaforex.eu/forex_analysis/319781

Relevance up to 09:00 2022-08-25 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Bitcoin made a powerful fall to the $20.7k–$22k range, where it continues to move in a flat and tries to realize local impulses. However, in general, after a bullish period provoked by a number of factors, Bitcoin and the entire market returned to its original state in mid-June. Glassnode experts also note that, despite a powerful rebound, where the main cryptocurrencies managed to reach local highs, there was no significant influx of new investors.     Analysts noted that after Bitcoin formed a local bottom at $17.7k, the market moved into a phase of local recovery. It lasted for about a month and ended with a downward breakdown of the $23.5k BTC level. Glassnode experts confirm that positive fundamental news has become the main source of Bitcoin growth. This indicates the impulsive nature of growth and does not correspond to the classic upward trend. The second important signal indicating an imminent fall in BTC/USD quotes was low trading volumes during the upward movement of the cryptocurrency.     An important part of the upward movement of the main cryptocurrency was the correction of the DXY index, which strengthened significantly after the Fed tightened monetary policy. Bitcoin has an inverse correlation with this index, and, therefore, the monthly correction of the dollar index provoked an easing of pressure on the crypto market. However, the true reason for updating the local high of BTC is due to several reasons. And the main one is the macroeconomic situation, which remains unpredictable and changes at an astounding rate.     Among the unexpected but important factors that contributed to the growth of the crypto and stock market are the economic problems of the European Union. In mid-July, the EUR went below 1 against the US dollar. This forced the Fed to suspend its quantitative reduction policies and release large amounts of USD into the markets. In other words, the Fed deliberately weakened the US dollar to stabilize the situation with the currencies of other countries. As a result, the DXY correction increased significantly, which allowed Bitcoin to continue its upward movement.     As of August 24, we see a continuation of the DXY upward trend and a new stage of correction in Bitcoin and the cryptocurrency market. Many analysts point to a movement towards the local bottom and even an update of this indicator. However, at the same time, the cryptocurrency market is approaching the historical update of Ethereum called Merge. Capriole Investments founder Charles Edwards said that mining companies have passed the capitulation stage, and the volumes they sell do not affect the price of BTC.     On the macroeconomic front, there are also prerequisites for a likely change in the Fed's monetary policy. Over the past month, inflation fell by 0.6%, but at the same time, the regulator continued to withdraw liquidity and raise the rate. However, the ECB said that the aggressive rate hike did not help the EUR and the European economy. As a result, the euro once again caught up with the US dollar, which may force the Fed to change its monetary policy again. Given that the peak of inflation has passed and the risk of a recession is increasing, the monetary policy of the US regulator may change as early as September, which will give a positive impetus to the crypto market.     In the current situation, Bitcoin and the cryptocurrency market will have to go through another serious downturn. However, given the normalization of the overriding factors that contributed to the BTC price crash, such as miner capitulation, the $20k key milestone will remain intact. Ethereum also remains in demand among institutional investors and miners, whose stocks have updated a three-year high. With this in mind, the main fundamental factors indicate that a new recovery phase of the crypto market will begin in the fall.   Read more: https://www.instaforex.eu/forex_analysis/319763

Relevance up to 09:00 2022-08-25 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. According to the latest data on the outflow of the exchange from Arcane Research, crypto holders are not interested in trading their tokens and, instead, prefer to keep their BTC safe on cold wallets. The events in the crypto market in 2022 caused many to rethink their risk management practices as the collapse of decentralized finance protocols and bankrupt centralized finance platforms exposed the truth that there is no privacy, no keys, no cryptocurrencies. As a result of blocking or loss of funds, bitcoin holders began to withdraw their capital from exchanges at an astounding rate. According to a report published by Arcane Research, deposits began to flow away from both crypto exchanges and lenders. Arcane Research cited the collapse of Terra Luna. This includes the now-defunct crypto hedge fund Three Arrows Capital, crypto lender Celsius, and crypto brokerage Voyager, which are now in bankruptcy. As these firms collapsed, client funds were blocked and could not be withdrawn, and it is becoming increasingly likely that this will be a complete loss for many of the participants. Because of this, years spent building trust in exchanges and lending platforms have evaporated, and crypto holders have begun withdrawing their funds en masse from both crypto exchanges and lenders. The net outflow from exchanges in June was 119,000 bitcoins. This was the highest outflow since November 2020. July also saw a massive outflow, with 96,000 bitcoins being withdrawn from exchanges. The outflow of funds from the exchange continued in August, and 65,000 bitcoins were withdrawn in the first 22 days of the month. As a result of the outflow, the number of bitcoins held on exchanges is now at its lowest level since July 2018.Investors are also more reluctant to invest in cryptocurrency investment products, as the latest report from Coinshares shows that the outflow of funds from digital asset investment products was $8.7 million for the week. Overall, while crypto holders continue to hold on to their beliefs about the future of the asset class, they are reluctant to trust others to hold their tokens and have instead reverted to the original crypto idea of being their own bank. Source: Forex Analysis & Reviews: Bitcoin holders are leaving crypto exchanges en masse

Crypto Industry News: Cryptocurrency bulls seem sleepy ahead of Friday's Jackson Hole conference. At the same time, on August 26, Bitcoin traders' options worth almost USD 1 billion will expire, which may result in volatility depending on the valuation of the cryptocurrency on that day. The king of cryptocurrencies has still not tried for good to attack levels close to the 200 session average below which it slipped last week, causing a massive wave of liquidation of leveraged positions of traders in the cryptocurrency market. Let's take a look at the options market again and the key resistance for Bitcoin to answer the question where the 'king of cryptocurrencies' could land at the end of this week? The liquidation of the aggressive investors took place during the fall to USD 20,800 which began last week, where the price of Bitcoin landed just after breaking the USD 25,000. This meant a 16.5% drop between August 15-19. The declines in fuels added to the dismal conditions in the real estate market in China, as well as concerns about the further cycle of monetary tightening in the US. It is hard to imagine that the Bitcoin correlating with the indexes would show divergence, so the declines on the American stock exchange each time bring with them a weakening of cryptocurrencies. This week, August 26, nearly $ 1 billion worth of options will expire, and demand has held support at $ 20,800, preventing supply from crossing the red line. The bulls hope their expiration will clear the way for cryptocurrencies north. Technical Market Outlook: The BTC/USD pair has been seen testing the lower channel line around the level of $21,000 as the bears are getting ready do break out below the line soon. The momentum is still weak and negative on the H4 time frame chart, bounces are shallow and the market is clearly controlled by bears that might accelerate the sell-off and test the swing low seen at the level of $17,600 again. The nearest technical resistance is located at the level of $22,410.     Weekly Pivot Points: WR3 - $22,059 WR2 - $21,713 WR1 - $21,486 Weekly Pivot - $21,368 WS1 - $21,140 WS2 - $21,022 WS3 - $20,677 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.   Relevance up to 08:00 2022-08-26 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/289928

Bitcoin Statements from members of the US Federal Reserve suggest they are leaning to support the third consecutive 75bp rate hike in September. They will not stop tightening until they are "fully convinced" that overheated inflation is falling, contributing to a marked decline in cryptocurrency prices. Only during last Friday's session Bitcoin dropped by more than 10%, increasing the range lasting from August 15 this year depreciation to over 17%. Such a significant sell-off caused Bitcoin to slide below the horizontal support of $ 22,500 and below the upward trend line, the lower limit observed since the mid-June parallel growth channel. There was some upward rebound last weekend. Its dynamics, however, is so modest that this increase will probably not even exceed the previously defeated support (now resistance) of $ 22,500, after which the market will return to the downward path. If this happens, the Bitcoin price could drop to $ 19,000, which would be the lowest since mid-July. Considering the significant impact of the last week's statements of the Federal Reserve representatives on the BTC quotations, one can assume that an exhilarating month in the cryptocurrency market is ahead of us. The annual symposium in Jackson Hole will take place this Thursday and Friday, during which (on Friday) the Fed president will deliver his speech. He may then provide some hints on the September meeting of the Federal Open Market Operations Committee (FOMC), during which a decision will be made on the scale of the following federal funds rate hike. In addition, on September 2 and 13, 2022, we will get to know the latest reports on employment changes in the US non-agricultural sector (NFP) and consumer inflation (CPI) in the US, while the FOMC mentioned above meeting will be held on September 21 this year. Ethereum Looking at the Ethereum quotes, we can see that the price of this cryptocurrency has fallen by almost 25% in recent days, breaking the bottom of the upward wedge formation and sliding below the technical support of $ 1780. This sell-off only stopped below $ 1,600, where there was a slight demand reaction last weekend, which could signal a potential for at least a corrective upward rebound towards $ 1,780. However, it cannot be ruled out that the gains will not reach the recently defeated support (now the resistance), and the ETH rate will return to the downward path without any correction. If this sale continues, the ETH rate could soon return to around $ 1,400 or even fall further to $ 1,250. Litecoin Litecoin's quotations have fallen by almost 20% recently, slipping below the technical support of $ 57.50 and breaking the bottom from the upward wedge pattern observed since mid-June this year. The sell-off halted around $ 54 technical support, where a demand reaction surfaced last weekend, triggering an upward correction rebound towards $ 57.50. We are currently seeing a test of this resistance. However, considering that this level coincides with the measurement of 38.2% Fibonacci retracement, it seems highly probable that its rejection could initiate another downward rally towards USD 47 or even USD 42.

Nvidia earnings released after the market close were in line with the downside-adjusted market expectations, but the current quarter sales forecast fell $1 billion short of expectations. Nvidia stock dived 4.5% in the afterhours trading, and brought forward the pricing of the ‘end of the chip shortage’. But, it is still too early to call the end of the rare chips, as chips for industrial use, cars and machineries remain difficult to find. Here is, as promised, more on that subject: https://medium.com/swissquote-educati... Elsewhere, stocks were flat yesterday. Even though the US futures are up this morning, the direction remains unclear, and conviction low before the much-expected Jerome Powell speech at the Jackson Hole meeting in the coming hours. The dollar is off the early-week peak, gold and Bitcoin consolidate, while crude oil is preparing to test the 200-DMA to the upside. Hence, energy stocks extend gains along with nat gas and nuclear stocks! Watch the full episode to find out more! 0:00 Intro 0:27 Nvidia’s sales forecast falls $1 billion short of expectations! 1:40 Is the chip shortage over yet? 2:40 Market update 3:56 Crude up, oil, nat gas & nuclear stocks race to the top 6:46 USD softer, EUR firmer before ECB minutes 8:00 Gold & Bitcoin traders await Powell speech for direction Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020. #Nvidia #chip #shortage #Fed #Jerome #Powell #JacksonHole #enegry #crisis #crude #oil #natural #gas #nuclear #stocks #USD #EUR #ECB #minutes #XAU #Gold #Bitcoin #SPX #Dow #Nasdaq #investing #trading #equities #stocks #cryptocurrencies #FX #bonds #markets #news #Swissquote #MarketTalk #marketanalysis #marketcommentary ___ Learn the fundamentals of trading at your own pace with Swissquote's Education Center. Discover our online courses, webinars and eBooks: https://swq.ch/wr ___ Discover our brand and philosophy: https://swq.ch/wq Learn more about our employees: https://swq.ch/d5 ___ Let's stay connected: LinkedIn: https://swq.ch/cH   Source: Nvidia upsets, again. But chip shortage is not over yet! | MarketTalk: What’s up today? | Swissquote

Watch for the breakout mode on GBP/USD...   Relevance up to 10:00 2022-08-26 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/video_analysis/289970

Crypto Industry News: Ledger, a French cryptocurrency wallet maker, announced a partnership with The Sandbox. Its fruit is to be Ledgerverse - dedicated cyberspace in the Metaverse, which will educate people about the security of cryptocurrencies. Users will learn how to protect their digital assets at a time when hacker attacks on the blockchain market are increasingly occurring. What's more, the cooperation with The Sandbox involves the creation of a game called "The School of Block". Its purpose is to make people aware of the dangers that lurk in the world of cryptocurrencies. The participants of the game will fight cybercrime, for which they will receive exclusive NFT rewards in the game. Ledgerverse is Ledger's first Metaverse initiative to be developed in collaboration with The Sandbox and Swipe Back, the Metaverse creative agency. Ledgerverse will be a digital land in the Metaverse Sandbox where players must navigate the map using their cryptocurrency security knowledge. Technical Market Outlook: The BTC/USD pair has been seen testing the lower channel line around the level of $21,000 as the bears are getting ready do break out below the line. The momentum is still weak and negative on the H4 time frame chart, bounces are shallow and the market is clearly controlled by bears that might accelerate the sell-off and test the swing low seen at the level of $17,600 again. The nearest technical resistance is located at the level of $22,410, but so far the highest level hit by bulls was $21,903. Waiting game continues. Weekly Pivot Points: WR3 - $22,059 WR2 - $21,713 WR1 - $21,486 Weekly Pivot - $21,368 WS1 - $21,140 WS2 - $21,022 WS3 - $20,677 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout. Relevance up to 08:00 2022-08-27 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/290115

Market picture Things are slow now in crypto, with a slight downward bias for the second day. Bitcoin is losing 1.5% to $21.4K in the last 24 hours. Ethereum is unchanged for the same time, remaining at $1680. Top altcoins show mixed dynamics, ranging from a 4.1% decline (Solana) to a 2.6% increase (Cardano). Total cryptocurrency market capitalisation, according to CoinMarketCap, was down slightly, by 0.1% overnight, to $1.04 trillion. The Cryptocurrency Fear & Greed Index rose 2 points to 27 by Friday and moved into "fear" status from "extreme fear". Bitcoin lags behind the equity market and altcoins on Thursday and early trading on Friday. And now, it is crucial to understand whether this is a formidable warning of domestic weakness in the latest demand for risky assets. Alternatively, the poor performance of the first cryptocurrency might be its own problem. But it would break the trend of recent months, where Bitcoin has often acted as a leading indicator for the global equity market. News background Coinbase CEO Brian Armstrong said that eventually, cryptocurrencies would be integrated everywhere, as the internet has previously been, and the catalyst for their universal adoption will come from large tech companies. Vitalik Buterin Ethereum co-founder Vitalik Buterin believes that people underestimate how much cryptocurrency payments are superior to other traditional payment instruments. One of the world's leading technology companies, South Korea's Samsung, is serious about entering the crypto market by launching its cryptocurrency platform in the first half of 2023. Olli Rehn, governor of the Bank of Finland, said the digital euro and the use of private financial technology could make cross-border payments easier in Europe.

The day we’ve all been waiting for has finally arrived as Jerome Powell prepares for his keynote speech at Jackson Hole. I have no doubt Powell will have chosen his words very carefully today, all too aware of the consequences of even the smallest deviation in his intended message. It’s a little ridiculous that markets put so much weight on such things but that is the situation we are in and I expect the Fed Chair will be very clear in the message he wants to send. The difficulty for Powell stems from the fact that there’s the message investors desperately want to hear and the one they’ve repeatedly ignored since the July Fed meeting. The “dovish pivot” played nicely into the hands of the perma-bulls that have waited impatiently for the stock market to recover this year. Despite policymakers’ best efforts, attempts to correct this narrative have been brushed aside and the view today is that Powell may try to address this in a more forceful and convincing way. If he fails or gives the slightest impression that there is any substance to the dovish pivot narrative, we could see yields slip and stock markets end the week on a high. That could come intentionally, or otherwise, but investors will be clinging to his every word for even the slightest hint. Especially in light of the recent inflation reading. No pressure. Plenty of US economic data ahead of Powell’s speech While I’m sure that would be enough excitement for one day, there’s plenty of economic data due from the US later that will have a big role to play as well. Ahead of the speech, we’ll get income, spending and core PCE price index data, the latter of which is the Fed’s preferred inflation measure. The timing couldn’t be better. The UoM consumer sentiment survey is also released around the time his speech starts which will also be interesting, given that it’s languishing near its lowest level in decades even as actual spending remains strong. Sterling slips after eye-watering energy price cap rise and forecasts The pound fell this morning after it was confirmed by Ofgem that the energy price cap will rise by 80% in October, taking the average annual household energy bill to £3,549. It’s the moment many have feared for months and to make matters worse, the eye-watering hike was accompanied by a warning that prices are continuing to rise ahead of the next revision in January, with Cornwall Insight suggesting the cap could hit £6,616.37 next year. While looking that far ahead leaves enormous room for error if this year is anything to go by, that is devastating for so many and will require immense government support. It will also make the job of the Bank of England horrifically hard, with its previous projection of inflation this year peaking at 13.3% now looking unrealistically optimistic. Five quarters of contraction may also start to look like the optimistic scenario at this rate. Japanese inflation rises but BoJ to remain calm Contrast that with inflation in Japan, where the Tokyo CPI rose to 2.9% y/y in August and only 1.4% ex-fresh food and energy. It’s no surprise the central bank is pushing back against the need to tighten monetary policy at this point in time. Of course, it’s easy to say that when the pressure on the currency and bond yields have eased to the extent they have over the last six weeks. That could well change if Powell strikes a hawkish tone today and triggers another jump in yields and the dollar. Crypto hoping for dovish Powell Everything I write about at the minute seems to require the need to reference back to Jackson Hole and Fed Chair Powell and bitcoin is no different. Last Friday’s sell-off has left bitcoin vulnerable ahead of today’s speech and crypto bulls will be hoping for anything dovish that could help it get back on its feet. The opposite could see $20,000 come under pressure. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. All eyes on Jackson Hole - MarketPulseMarketPulse

Everything is at stake! Many financial market assets are ready to go all in, depending on what Jerome Powell says at Jackson Hole. And bitcoin is no exception. Sensitively reacting to the dynamics of American stock indices, and recently to the dynamics of the US dollar, the cryptocurrency needs to indicate the direction of further movement. And who can do it better than the chairman of the Federal Reserve? While Goldman Sachs believes that Powell will present the case for lowering the rate of monetary restriction, JP Morgan believes that he will not be able to surprise with overly aggressive hawkish rhetoric. Both options are positive for risky assets, including equities and crypto assets. Moreover, history shows that the USDBTC downward trend may be about to come to an end. The bear markets of 2014 and 2018 lasted an average of 12–13 months, with a maximum drawdown of 85%. Today, the token has fallen by 70% from the November high, and its peak continues for almost 300 days. On the other hand, September is a seasonally weak period for the crypto industry leader. Bitcoin has consistently closed in the red for the past five years and has declined by an average of 10%. Bitcoin Dynamics in September     This circumstance increases the demand for insurance against BTCUSD quotes falling below 18,000 and 15,000. Interest in options with these strikes has increased significantly, as well as the number of premiums for them. An analysis of the derivatives market also shows the maximum open interest near the psychologically important mark of 20,000. Its breakthrough may provoke a surge in hedging operations, which will take the cryptocurrency significantly lower. The recently increased correlation with the US dollar does not promise a quiet life for bitcoin. In order to achieve its goal of returning inflation to 2%, the Fed must tighten financial conditions, and for this, Powell needs to convince the markets that the federal funds rate will rise to 4% and remain at or above this level for a long time. This creates a tailwind for the US currency and will put pressure on BTCUSD. Dynamics of the US dollar and Bitcoin         In my opinion, without a steady growth above 25,000, it is premature to talk about breaking the downward trend for the analyzed asset. On the contrary, there are increased risks of its further decline towards 18,000. It is doubtful that Jerome Powell in Jackson Hole will spare stock indices, the fall of which will negatively affect the entire cryptocurrency sector. Technically, on the daily chart of BTCUSD, the Three Indians reversal pattern has clearly worked out the revelations in previous materials. It allowed us to form short positions on the token from the level of 24,000. A successful assault on the support at 20,900 will allow building them up based on the exit from the cluster within the framework of the Ross Hook model. The pivot points at 19,800 and 17,800 act as targets for the downward movement. On the contrary, the growth of bitcoin above 22,200 may become the basis for profit taking on shorts and a reversal.   Relevance up to 11:00 2022-08-31 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/320020

Technical analysis: BTC/USD has been trading downside as I expected. There is the breakout of thee tight consolidation and triangle, which is very good confirmation for further downside movement. Trading recommendation: Due to the breakout of the triangle pattern and strong supply in the background, I see further downside movement. Watch for potential selling opportunities on the intraday rallies with the downside objectives at the price of $20.800 and $19.000. Stochastic is downside reading with no evidence for the reversal.... Key short-term resistance is set at the price of $21.900 Relevance up to 13:00 2022-08-27 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/290179

US stocks declined after Fed Chair Powell delivered a short and clear message that they will continue to raise rates and hold them at a higher level until they are confident inflation is under control. The market reaction was for rate cuts to get priced further out and a minimal boost for additional pricing to get done before the end of the year.  Powell is not budging on having restrictive policy and that should mean the economy will steadily weaken going forward.  Powell drove home the point that when they are done raising rates that we should expect them to stay there for a long period of time.  The terminal rate may need to be higher, but for now it seems we might not need to worry about rates rising into the 5% range. There was no dovish pivot, but it seems financial markets are getting close to fully pricing in the remaining Fed rate hikes. Downside for equities may remain limited if inflation pressures continue to ease sharply.        Pre-Powell Speech There was no calm before the Jackson Hole speech storm.  The euro surged after reports that some ECB officials want to discuss a 75 basis-point rate increase in September.  A wrath of Fed speak also confirmed the data-dependency stance for determining the magnitude of rate hikes. Fed’s Bullard, one of the more hawkish members, noted that pulling rate hikes forward is appropriate and that the pace of rate increases matters. Fed’s Bostic stated that if the data is strong, they could lean towards a 75 basis-point hike next month and that if data is softer like the PCE today, he will lean towards a half-point increase.  Bostic added that we are not in a restrictive range yet which is probably 3.5-3.75%, but that they hope to get there by year end. Fed’s Harker said that the Fed must move ‘methodically’ to a restrictive stance.  Powell’s Jackson Hole Speech This was an easy Jackson Hole speech.  Fed Chair Powell clearly explained in order to bring down inflation, we should expect higher rates, slower growth, and a softening labor market.  Powell did not say anything to change the data-dependency over what will lead to shifts in the pace of tightening but he did warn against premature loosening.  Powell noted it will be appropriate at some point to slow the pace of tightening, but that doesn’t seem like it will happen anytime soon.  The 2-year note yield rose 4.1 basis points to 3.407% and will probably have another 30 basis points to go over the next couple FOMC decisions.  US Data The US consumer is weakening and hopes for a robust third quarter rebound might be overdone.  Personal income rose 0.2%, much less than the 0.6%, while spending increased by 0.1%, well below the expected 0.5% consensus estimate.  July headline inflation came in at -0.1%, while the year-over-year fell from 6.8% to 6.3%.  The August University of Michigan final readings also showed inflation expectations fell more than expected, with the 1-year outlook dropping to 4.8% and the 5-10year expectations ticking lower to 2.9% This round of economic data along with all the Fed fireworks still suggests it will come down to the September 13th inflation report to determine if they will deliver another 75-basis point rate increase or only a half-point one.    Energy Crude prices went on a kiddie roller coaster after softening US economic data, a Jackson Hole speech that has the Fed committed to restrictive policy that will eventually get this economy into a recession. Despite today’s weakness, the oil market is still tight and a break below the $90 level is not warranted.   The next big in crude will likely be determined by the demand side and that will draw extra attention to China’s factory activity data.    It is important to pay close attention to the political pressure growing in Europe to do something about the global energy crisis.  The Czech Republic is expected to call an extraordinary meeting of energy ministers to combat the surge in power prices.  The pressure is on for decisive action and that could lead to emergency measures that might cap the move higher with energy prices.  Gold Gold prices declined as Treasury yields rose after Fed Chair Powell stuck to the hawkish script.  The short-end of the Treasury curve rose as investors anticipate no dovish pivots for the rest of the year.  Gold is vulnerable here as the Treasury yields could gain further momentum next week if the labor market remains healthy.  The risks of one last major move lower remains for gold, but then prices should stabilize quickly as financial markets will be more confident in pricing in the remaining Fed rate hikes.  Bitcoin Bitcoin weakened after Fed Chair Powell didn’t blink with his reiteration that the Fed will tighten policy to bring down inflation.  Risky assets are struggling as Powell’s fight against inflation will remain aggressive even as it will trigger an economic slowdown. Bitcoin is tentatively breaking below $21,000 and momentum traders will wait to see if the risk aversion sends prices towards the $20,000 level.   This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Jackson Hole Reaction: No doves allowed, ECB hike expectations rise, Oil slumps, Gold lower, Bitcoin dips below $21k - MarketPulseMarketPulse

  Over the past couple of weeks, the cryptocurrency has fallen by $ 5,000. Recall that we have repeatedly talked about $ 24,350 as a strong resistance level in recent articles. Bitcoin has tried to overcome it three times to continue the kind of correction it has been in for the past 2.5 months. The total "bitcoin" is adjusted for such a period by $ 7,500. Is it necessary to say that the movement of $ 7,500 in 2.5 months is a meager amount for the first cryptocurrency in the world? But the most important thing is something else – bitcoin failed to overcome the level of $ 24,350, failed to overcome the Senkou Span B line, and failed to overcome the trend line. Therefore, everything shows that the decline in its quotes will continue for at least several months. We also remind you that we support the option of a further drop in the "bitcoin" and believe it can drop to $ 10,000 per coin, or maybe even lower. Now no one doubts that the "bullish" trend is over. Therefore, we are inside the "bearish" trend. And any trend on a 24-hour TF is at least a year or two old. Thus, now the nearest target for the fall is the last local minimum near the 127.2% Fibonacci level (marked in the illustration). Next, traders will try to take the cryptocurrency to $ 12,426. It will be some intermediate limit to the fall. I want to note that Bitcoin is already at very low levels. For example, many analytical agencies call the level of $ 20,000 the cost of bitcoin mining (of course, an approximate or weighted average since electricity costs differ in different places). Thus, right now, bitcoin is relatively cheap, but for some reason, investors and institutions are in no hurry to buy it at attractive prices. From our point of view, this is a very important point. If large and medium-sized players expected that the "bearish" trend would end in the near future, they would have started buying the "bitcoin" in advance. But they don't, which means they expect a new fall. Also, for some reason, there are no predictions that bitcoin will soon conquer the world's financial system, displace all fiat money, and cost $ 100,000 per coin.     In the 24-hour timeframe, the quotes of "bitcoin" could not overcome the level of $ 24,350 and fell below the Ichimoku cloud. Thus, the target for a new fall is the level of $ 12,426. We believe there are still no technical grounds for growth, and the rate of 5–10 thousand dollars per coin will become a reality in 2022. Moreover, there was not even a single attempt to gain a foothold above the trend line. A rebound from $ 24,350 is a new signal for sales, and consolidation below $ 18,500 will confirm this signal. Relevance up to 07:00 2022-08-29 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/320089

  On the 4-hour TF, it is even better to see that bitcoin has not managed to surpass $ 24,350. And there were quite a lot of attempts. A weak ascending channel supported the further growth of quotes until recently, but the "bitcoin" dropped below it just yesterday. It means that we have another sell signal at our disposal. Recall that several sell signals were formed on the 24-hour TF. Thus, no matter what TF you look at now, the technical picture says the same thing everywhere. And what about the "foundation"? Those who regularly read our articles should be aware that the key factors in the fall of the euro and the pound (as risky currencies) were the divergence in monetary approaches between the Fed and the ECB with BA, as well as geopolitics. The US dollar was, is, and will be the safest currency, no matter how the Fed pumps up its economy with unsecured dollars (especially since the ECB, BA, and other central banks of the world also did this very actively during the pandemic years). Thus, in "difficult times," it is in demand as a safe asset. Accordingly, the demand for risky assets is falling. And it is difficult to find an asset even riskier than bitcoin. Thus, the geopolitical factor alone is enough for bitcoin to continue flying into the abyss. Also, raising the Fed's key rate plays a very important role. With a rising key rate, demand is growing for bank deposits and treasury bonds, while stocks and cryptocurrencies are falling. If the US stock market is still trying to show growth from time to time, which is probably due to the flow of capital from Europe to the States, then the cryptocurrency market is one, and no one is in a hurry to pour their capital from relatively safe and secured assets into a "dummy."     Unfortunately, after 14 years of existence, bitcoin has not become a "pillar" of the global financial system and has been unable to displace fiat money anywhere (except in El Salvador). For many, bitcoin remains an "investment toy," a tool with which you can earn a lot of money in a relatively short time. As a currency, it is mostly used for payments on the Internet, and even then, it is often for "gray" and "black" transactions. Of course, we do not mean payments for amounts equivalent to $ 100 or $ 1,000. They are too small to be taken into account at all. Thus, for the growth of bitcoin, you need to wait for a favorable fundamental background. And it can be formed only when the Fed at least stops raising the key rate. On the 4-hour timeframe, the quotes of "bitcoin" apparently completed an upward correction. We believe that the decline will now continue. In this case, the first target for sales will be the level of $ 17,582, which is the last local minimum. Next, the overall goal for the two timeframes is $ 12,426. Relevance up to 08:00 2022-08-29 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/320091

  In previous articles, we have already figured out why bitcoin will likely continue declining. In addition to a whole pile of technical signals for sale, there are a fairly large number of fundamental signals. For example, on Friday, Jerome Powell gave a speech at a Jackson Hole conference. Before we analyze it in detail, we recall that any tightening of the Fed's monetary policy contributes to the fall of cryptocurrencies, particularly "bitcoin." Any hint of tightening monetary policy also works against bitcoin. And on Friday, the markets, we can say, got both. Jerome Powell confirmed that the Fed's monetary policy would remain tight and the monetary approach would remain aggressive. In other words, the Fed will not stop raising the rate in the coming months, as it is now completely unclear whether inflation in the US will continue to slow down or whether the August report was just an accident. Of course, after the publication of the September inflation report, it will become a little clearer what is happening now with the consumer price index. But it's still a long way off, and Powell's performance has already taken place. However, the head of the Fed did not pour promises and specifics in all directions. He noted that much would depend on statistical data, clearly referring to inflation reports, not GDP reports. The growth of the American economy was secretly decided to be neglected in favor of the return of inflation to the target level of 2%. All this suggests that the main cryptocurrency may continue its decline. Geopolitics is also worth noting. A month ago, a new conflict almost broke out on the world map. Then skirmishes began on the border between Serbia and Kosovo, a partially recognized state. Recall that Kosovo appeared on the world's political map after the collapse of Yugoslavia. Since ethnic Serbs remain living on the territory of Kosovo, special treatment is required for them, according to Belgrade. But in Pristina, they believe that the same rules and regulations should apply to everyone in Kosovo. In particular, we are talking about documents used on Kosovo's territory, money, and rules of entry into the country. Pristina is unhappy that many Serbs continue to use Serbian money on the territory of Kosovo, continue to enter and leave using Serbian documents, and are not eager to give them up. On August 1, a law was supposed to come into force that obliges everyone living on the territory of Kosovo to use only Kosovo documents and money. Then, the conflict had almost flared up, but under the influence of NATO, it was possible to postpone the law's entry into force for one month. And now, this month has almost expired, and Serbia is moving heavy military equipment to the border with Kosovo with might and main. Naturally, the deterioration of the geopolitical situation may cause an even greater drop in demand for risky assets. Relevance up to 09:00 2022-08-29 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/320093

Crypto Industry News: Bitcoin's price has fallen by about 5% after Friday's speech by US Federal Reserve Chairman Jerome Powell in Jackson Hole, Wyoming. He said the central bank would "definitely use its instruments" and it would take some time to fight inflation. Powell discussed the importance of price stability during the meeting. He stated that this is the "backbone of the economy" and that without it, the economy would not benefit anyone. He stressed that price stability must be restored and maintained, but until the economy reaches this point, "it will be harder for households and businesses. Powell said: "These are undesirable costs of controlling inflation. However, not restoring price stability would have had a much worse effect." This year, the price of Bitcoin has been shaken by massive liquidation of the market. The asset is -70% below its all-time high of $69,045 of last November. Technical Market Outlook: The BTC/USD pair has fallen out from the ascending channel around the level of $21,000 and after the Powell statements, the bears had pushed the prices below the level of $20,000. The next target for bears is seen at the level of $18,940 (technical support from July 13th) and $18,640 (technical support from July 1st). The momentum remains weak and negative, however, there is a bullish divergence seen on the H4 time frame chart between the price action (last low) and momentum. The larger time frame trend (daily and weekly) remains down until further notice.     Weekly Pivot Points: WR3 - $20,566 WR2 - $20,144 WR1 - $19,963 Weekly Pivot - $19,722 WS1 - $19,540 WS2 - $19,300 WS3 - $18,878 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout. Relevance up to 09:00 2022-08-30 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/290332

The crypto market could have collapsed after Jerome Powell's heavily hawkish speech in Jackson Hole. That day, the leading tokens, bitcoin and ethereum lost 4% and 9%, respectively, and continued their declines over the weekend, reaching levels not seen in two months. On the Conotoxia MT5 platform, bitcoin is losing 0.5% today at 10:30 GMT+3. After breaking through the likely support level of $20750 on Friday, the token may have entered a short consolidation phase. However, given the potentially high level of pessimism in the market, it may be expected that this will not last long, with possible further downward movements ahead.  The BTC price is far below the 10-, 20-, 50- and 100-day moving averages. The nearest possible support levels are around $19300 and $18600. The MACD indicator and the directional indicator seem to indicate the continuation of the downtrend. The RSI oscillator may foretell its reversal, slowly entering the overbought area. However, since oscillators can usually give signals well ahead, one should be very cautious about this signal.  On the Conotoxia MT5 platform, ethereum is losing 2% today at 10:30 GMT+3. The token tested the likely support level of $1530 on Friday, then broke through it on Saturday. Unlike BTC, ETH has had a much more intense series of rises, and the potential for continued declines maybe even more tremendous. That's probably why the cryptocurrency hasn't even entered a short consolidation phase like BTC, and instead is set lower and lower on successive daily candles.  ETH is also below the 10-, 20-, 50- and 100-day moving averages. Popular technical indicators (RSI, directional indicator and MACD) seem to point to a continuation of declines. Even the RSI, which may look optimistic for BTC, has yet to reach the overbought area for ETH.  On the Conotoxia MT5 platform, the Cardano project's native token (ADA) is losing strongly today, falling nearly 2.5% at 11:00 GMT+3. Cardano is an ecosystem that allows developers to create tokens and decentralized applications (dApps) within DeFi. ADA uses the Proof-of-Stake (POS) blockchain. For a long time, the project has been considered one of the 10 best projects in the crypto world, according to a Forbes ranking. Currently, the token is most likely following the market and seems to be recovering from the increases over the last two months. The current declines in the crypto market may continue after the Fed chairman's hawkish speech. The expected pivot in monetary policy is likely to happen, but much later than investors anticipated. In the short to medium term, the speculative nature of cryptocurrencies and optimism about blockchain technology could be stifled by the recession, high-interest rates and lower disposable income.    Rafał Tworkowski, Junior Market Analyst, Conotoxia Ltd. (Conotoxia investment service) Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.   Source: Crypto on fire - ETH and BTC are approaching price levels last seen in June

Table of Contents Crypto Market Overview Top Altcoin Gainers and Losers News Highlights This Week Bitcoin (BTC/USDT) Analysis on KuCoin Chart   The past week has brought the crypto market nothing but losses, with only a couple of cryptocurrencies managing to not lose their value. The overall cryptocurrency market volume in the past 24 hours came up to $66.73 billion - close to $10 billion less than the previous week.The overall crypto market cap fell below the $1 trillion mark, now totaling $953.14 billion. This ended up being a decrease of 190.7 billion compared to the previous week. Let's delve deeper and take a quick look at the latest crypto market news and BTC's technical outlook. Crypto Market Overview Bitcoin's drop below the $20,000 mark provided a quick shock to the market, causing more people to believe that another leg down is up ahead. BTC’s dominance is steadily declining, now standing at 38.66%. This came as a result of several cryptocurrencies maintaining their price decrease lower than the largest cryptocurrency. The most valuable cryptocurrency pair, BTC/USDT, is currently trading at $19,786.11, while Ethereum, the second-largest cryptocurrency by market capitalization, has fallen to 1,444.75, down 10.78% in the last week. The top performers from the previous week were eCash (XEC), Huobi Token (HT), and IoTeX (IOTX). XEC has increased by 29.28%, while HT gained 17.44% in the past seven days. Finally, IOTX gained 12.51%.     Cryptocurrency Market Heatmap | Source: Coin360 On the other hand, Avalanche (AVAX), STEPN (GMT), and Lido DAO (LDO) were the worst performers of the week. AVAX is down 19.45% to $17.96; GMT is down 16.17% in the last seven days; GRT is down 16.10% to $1.61. Top Altcoin Gainers and Losers Top Altcoin Gainers: eCash (XEC) ➠ 29.28% Huobi Token (HT) ➠ 17.44% IoTeX (IOTX) ➠ 12.51% Top Altcoin Losers: Avalanche (AVAX) ➠ 19.45% STEPN (GMT) ➠ 16.17% Lido DAO (LDO) ➠ 16.10% News Highlights Here are some of the events that made the previous week's crypto news section stand out:   US Stocks Lost $1.25 Trillion in Just One Day Fed Chair Jerome Powell has suggested that larger rate hikes were definitely on the table despite recent data hinting that inflation was already slowing down. As a result of this, investors rushed to cut their riskier investments.   This resulted in the S&P 500 closing down 3.4% on Friday, hitting its lowest levels since late July. The Nasdaq Composite Index didn’t perform much better, as it dropped by 4%. Overall, the US stock market lost more value in one day than the entire market cap of the cryptocurrency market.   Cardano (ADA) Inching Closer to its Vasil Hard Fork Input Output Hong Kong (IOHK), the blockchain company in charge of development for the Cardano network, stated that the Vasil hard fork is “ever closer.” IOHK shared its latest Vasil hard fork status, and posted updates on its three critical mass indicators, which determine the date of the upgrade.   The company indicated that they are looking for 75% of mainnet blocks produced by nodes running the 1.35.3 version, around 25 exchanges upgraded, as well as the top ten key mainnet decentralized applications (DApps) also upgrading to the new version.   When it comes to the current upgrade status, we are looking at around 50% of the transition finalized, with 50% to go until the Vasil hard fork goes live.   US Dollar Hits a New 20-Year High One of the largest gainers in the past weeks was none other than the US dollar. The currency has managed to increase its value, thus hitting a 20-year high. On the other side of the world, the euro has suffered massive losses and lost parity with the dollar.   The US dollar’s surge has historically been a bad indicator for the price of Bitcoin - in fact, the two have a strong inverse correlation.   OpenSea Daily Volume Decreases by 99% OpenSea, the world's largest NFT marketplace, has witnessed a massive drop in daily volumes as fears about a potential NFT bubble burst grow larger.   The marketplace processed nearly $5 million worth of NFT transactions yesterday, which came up to around 99% less than its record high of $405.75 million on May 1. The massive decline in daily volumes came as a result of two factors: The overall crypto bear market, which has affected all aspects of the Web3 sector. The increasing fear of the NFT market being a bubble poised to burst. OpenSea’s user count has seen a massive drop over the past 90 days, with floor prices hitting yearly lows. The greatest example of this is the floor price of the Bored Ape Yacht Club, which dropped by 53% to 72.5 ETH on Aug 28 versus a high of 153.7 ETH on May 1.   The Fear & Greed Index at 24, Market Sentiment Plummets The fear and greed index has pushed back down from the past week, moving from 45 all the way down to 24. The indicator now indicates “extreme fear,” caused by the sudden drop of Bitcoin and other cryptocurrencies.     Fear & Greed Index | Source: Alternative   Crypto Calendar: Events to Watch This Week ➺ 29/08/2022 - Klaytn - Magma Hard Fork ➺ 30/08/2022 - Tron - Telegram AMA   Bitcoin (BTC/USDT) Analysis on KuCoin Chart Bitcoin (as well as the rest of the cryptocurrency market) has had a horrible week after Jerome Powell’s announcement that the FED may keep rising interest rates. This statement caused the US stock market to erase over $1 trillion, while Bitcoin tanked and managed to drop below $20,000.   Bitcoin is now around 70% lower than its November 2021 all-time high of $69,000. The current sharp movements occurring in Bitcoin are not caused by technical indicators, but rather by news and announcements coming mostly from the west.   However, while it is true that the market is now ruled by fundamental and sentiment indicators, let’s explore the technical side of BTC as well.   Bitcoin has managed to drop below the large 23.6% Fib retracement sitting at $22,845, thus triggering a sell-off. With the price dropping once again, the largest cryptocurrency by market cap has formed another (much smaller) Fib retracement. BTC is now testing its bottom, sitting at $19.408.     BTC/USDT Chart on the Daily Timeframe | Source: KuCoin   When it comes to support and resistance levels, Bitcoin is likely to encounter resistance to the upside at an area between $20,750 and $21,620. On the other side, analysts state that traders should watch out for $19,400, as this is the only level separating Bitcoin from the $17,550 level.   Did you know that KuCoin offers premium TradingView charts to all its clients? With this, you can step up your Bitcoin technical analysis and easily identify various crypto chart patterns.   Sign up on KuCoin, and start trading today!   Follow us on Twitter >>> https://twitter.com/kucoincom   Join us on Telegram >>> https://t.me/Kucoin_Exchange   Download KuCoin App >>> https://www.kucoin.com/download   Also, Subscribe to our Youtube Channel >>> Listen to 60s Podcast   Source: Weekly Crypto Analysis: BTC Under $20K as HODLers Brace for September

Bitcoin (BTC) In line with market expectations, the hawkish speech of the Federal Reserve chairman last Friday contributed to a significant decline in the cryptocurrency market at the end of last week. This fact caused Bitcoin to increase the scale of the depreciation lasting from August 15 to over 22.5%, slipping to the lowest level since mid-July this year. If this sale continues, BTC could soon return to the June and July lows, that is, to the region of USD 19,000. However, it is possible that, due to the relatively calm start of the new week, Bitcoin will see a slight upward recovery soon before it returns to the downward path. The catalyst for another sell-off may be the Wednesday and Friday data from the US labour market, which will undoubtedly significantly impact the Fed’s decision on the September federal funds rate hike scale. Ethereum (ETH) Looking at the Ethereum quotes, we notice that the price of this cryptocurrency fell by over 17% in the second half of last week, increasing the range of the depreciation that has been taking place since August 14 this year to a low of 30%. This sell-off plunged the ETH price below $ 1,780 technical support and below $ 1,575. The market is currently testing another $ 1,400 support. However, if this barrier is also overcome, then Ethereum could drop to USD 1,250. Bitcoin Cash (BCH) Over the past few days, Bitcoin Cash has slumped by over 20%, increasing the extent of the depreciation that has been ongoing since July 29 this year to nearly 33%. It also pushed the BCH back to $ 112, one of its lowest levels since mid-July. If the downward trend continues and the cryptocurrency drops below the currently tested support, it could continue its rally toward $ 97, which is another crucial support zone. Litecoin (LTC) Litecoin fell by 20% between August 14 and 20, breaking the bottom from an extended bullish wedge formation. This sell-off stopped at $ 52.50 technical support, where a demand response surfaced on August 20. Due to subsequent gains, the LTC returned to the ​​previously broken support (now resistance) area of $ 57.50, measuring a 38.2% Fibonacci correction from an earlier downward move. In the area of ​​this resistance, the supply response reappeared, and the quotes of this cryptocurrency once again fell to $ 52.50. Therefore, one can conclude that the LTC rate has stalled in the past few days in consolidation between the support at $ 52.50 and the resistance in the area of ​​$ 57.50. Given that the consolidations are corrective patterns and that the market had a downward move earlier, Litecoin is statistically more likely to break the bottom from the current layout, which could drive a further depreciation toward $ 42. Solana (SOL) We notice Solana’s quotations that the cryptocurrency has been moving from mid-June inside the bullish wedge formation. The last increases stopped in mid-August this year, near the upper limit of this system, where a supply reaction appeared again. The declines since then caused the SOL price to drop by almost 38%, breaking the bottom out of the wedge formation and beating the horizontal support of $ 32.50. If this trend continues, the quotations of this cryptocurrency could soon return to the region of the June lows, i.e. to USD 26. Polygon (MATIC) The Polygon cryptocurrency fell by more than 28% between August 14 and August 20 this year, slipping below technical support of $ 0.87. This sell-off stopped around the following support in the $ 0.75 region. The MATIC course has been in the horizontal trend for over a week. So we have a similar situation here as in the case of Litecoin. So if the currently tested support is permanently defeated, the MATIC could drop further to ​​$ 0.61, $ 0.45, or even $ 0.32. Ripple (XRP) Looking at the XRP quotations, we will notice that the price of this cryptocurrency has remained within a parallel growth channel since mid-June this year. After rebounding from the upper limit of this system at the end of July this year, the XRP rate stuck in a horizontal trend just below the local resistance of USD 0.39. The supply pressure observed on August 18 and 19 contributed to breaking the bottom out of this system. Moments later, the upward trend line was also broken, which was the lower boundary of the entire growth channel. This sale stopped only in the vicinity of the technical support of $ 0.3330, where there was a slight demand response on August 20 this year. However, the subsequent rebound only contributed to a re-test of the upward trend line and the previously defeated support (now resistance) of $ 0.36, which was the lower bound to the earlier consolidation. In reaction to the hawkish speech of the Fed chairman last Friday, the XRP rate rebounded from this resistance, and on Sunday, it fell even below the support of USD 0.333. If the downward trend continues, the price of this cryptocurrency could return to USD 0.30. Nem (XEM) We could also expect a continuation of declines in the Nem cryptocurrency quotes. Its price has dropped by more than 30% since August 11 this year, beating technical support of USD 0.048 and USD 0.043. If this trend continues, XEM could return to the May, June and July lows to the technical support of USD 0.037. Chainlink (LINK) We could also expect further declines in the Chainlink quotation. The LINK exchange rate rebounded on August 13 this year from the technical resistance of USD 9.30, the upper limit of the consolidation lasting from the first half of May this year. The recent sell-off contributed to the defeat of local support around USD 7.20, which may naturally drive a further depreciation towards the lower limit of the said consolidation, i.e. to USD 5.90.

US stocks are declining after a weekend filled with global central bank hawkishness reinforced the message that global central bank tightening will deliver pain to households and businesses. ​ Friday’s sharp selloff is continuing as expectations for the global energy crisis persist, which will keep inflation risks elevated and lead to a rapid deterioration of economic data. Powell sent a short and direct message that there won’t be a Fed pivot anytime soon and that has markets positioned for further equity weakness. ​ Investors were expecting that once the US got some ugly data, perhaps a couple of negative NFP reports, that the Fed would come to the rescue, but that might not be the case. ​ Premature loosening won’t be happening on the first signs that the economy is slowing down quickly and that raises doubts for anyone who bought stocks earlier this month. ​ ​ All about Europe this week The ECB rate decision will show that the current inflation narrative will force them to deliver massive rate hikes that will kill growth. ​ Over the weekend, ECB’s Rehn said their next step is a significant rate move in September and that it should be by at least 50 basis points. The latest round of ECB talk has been hawkish and that should have markets leaning towards expecting a 75 basis point rate hike. ​ ​ The European Union Commissioner Ursula von der Leyen is preparing an emergency intervention and structural reform of the electricity market. ​ Drastic measures are needed to salvage the European economy as the risks of extremely higher energy costs could trigger a severe recession. ​ Czech officials have suggested capping natural gas used for power generation. ​ The EU is expected to meet on September 9th and is expected to show some plan for tackling the energy crisis. Bitcoin ​ Over the weekend, Bitcoin dipped below the coveted $20,000 price point as risk aversions grew following more global central bank hawkish talk from Jackson Hole. ​ Bitcoin is showing some resilience here as it has clawed back above the $20,000 level, despite widespread stock market weakness. ​ Crypto traders are not used to seeing bitcoin withstand a rout on Wall Street, so this could be a promising sign. ​ Crypto bulls will be tested here as the risk for further risk aversion is high given the trajectory of the global economy. ​ ​ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Stock selling continues, Europe in focus, bitcoin back above $20k for now - MarketPulseMarketPulse

Bitcoin price could see a strong recovery bounce if it manages to flip above the recently broken trend line. In such a case, investors can expect a revisit to $20,750 and $22,400. A failure to flip above the broken trend line could send BTC to collect liquidity resting between the July 13 and June 18 swing lows at $18,889 to $17,578, respectively. Bitcoin price is lost in no man’s land after crashing below $22,000 on August 26. This sell-off was followed by a tight consolidation that led to another nosedive that has pushed BTC below its support trend line. A recovery above this level will signal an imminent bounce, but a failure could result in a swift continuation of the downtrend. While the technicals are bearish in the long term and ambiguous in the short-term, crypto adoption seems to be going well as the Monetary Authority of Singapore (MAS) considers implementing new restrictions regarding the use of leverage in cryptocurrency markets. Ravi Menon, the managing director at MAS said that retail investors are oblivious to the risks involved in trading and leverage but also acknowledges that banning cryptocurrencies will not work. Bitcoin price hopes for a recovery Bitcoin price has slipped below the ascending parallel channel formed between August 19 and 25, triggering a 10% crash to $19,513. So far, the sellers seem to be pausing, allowing buyers to step in. If successful, this development could trigger a recovery rally to retest $20,750. Depending on the momentum, however, this move could extend to $22.400. Confirmation of this bullish move will come from BTC recovering above the declining trend line formed by connecting the June 30 and July 13 swing lows. BTC/USD 12-hour chart Regardless of the buyers’ attempts, market makers are likely to target the liquidity resting below the swing lows formed between July 13 and June 18, pitching Bitcoin price lower to try and scrape it up. This would lead to an extension down from $18,889 to $17,578, especially if bulls fail to step in.

Relevance up to 07:00 2022-08-31 UTC+2 Crypto Industry News: Founder and Investment Director of Cyber Capital Cryptocurrency Fund Justin Bons called Bitcoin (BTC) "technically one of the worst cryptocurrencies" and "purely speculative asset without utility" compared to other cryptocurrencies due to the lack of technological advancement. Bons added his opinion in an 11-part Twitter thread on Sunday, stating that Bitcoin's value proposition has long been deteriorating due to a broken long-term security model, relatively weak economic features, and a lack of capability, programmability, and composing. Bons has been an expressive figure in the crypto community for several years now, establishing one of the oldest European cryptocurrency funds, Cyber Capital in 2016, and as of 2014 considered a full-time cryptocurrency researcher. In addition, Bons runs nodes on the Bitcoin and Bitcoin Cash networks. Justin Bons said he vigorously defended BTC in 2014, said "the reality is that BTC has changed dramatically since then," with the decision not to increase the block size limit, "a serious departure from the original vision and purpose. Bitcoin ". Technical Market Outlook: The BTC/USD pair has been seen making a pull-back towards the level of $20,716 after the bears had pushed the market out of the channel. The next target for bears is seen at the level of $18,940 (technical support from July 13th) and $18,640 (technical support from July 1st). The momentum remains weak and negative, however, there is a bullish divergence seen on the H4 time frame chart between the price action (last low) and momentum. The larger time frame trend (daily and weekly) remains down until further notice. Weekly Pivot Points: WR3 - $20,566 WR2 - $20,144 WR1 - $19,963 Weekly Pivot - $19,722 WS1 - $19,540 WS2 - $19,300 WS3 - $18,878 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout. Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Source: Forex Analysis & Reviews: Technical Analysis of BTC/USD for August 30, 2022

Summary:  Since the largest Bitcoin exchange Mt. Gox was hacked in 2014, the trustee has managed to recover around 141,000 out of 850,000 Bitcoins. The recovered Bitcoins were rumored to be paid back to creditors this August. Yet, it seems that it will not occur in the next months, making the market wait in fear of potential imminent selling pressure. The market anxiously awaits 141,000 Bitcoins from Mt. Gox In 2014, the largest Bitcoin exchange at the time called Mt. Gox leaked a total of 850,000 Bitcoins through a hack. Out of a maximum supply of 21mn Bitcoins, the hack is the most consequential in the history of crypto, although there have been many other hacks. Though, the trustee managed to recover around 141,000 Bitcoins, which have to date not been paid out to creditors; that is clients with Bitcoins deposited to Mt. Gox back in the days. With a recovery plan approved by creditors last year, the payout is undoubtedly coming closer. It was rumored in July to take place this August. However, it now seems that it is still months away, as the repayment system is not yet live. Although the Bitcoins are likely not to be repaid in the coming months, it is expected to take place at some point. The market has been severely anxious with respect to the 141,000 Bitcoins potentially flooding the market immediately following the payout, since creditors may see it as a race in liquidating the Bitcoins before everyone else. Since Mt. Gox was hacked, the value of the Bitcoins has increased by a factor of 35, so the creditors might want to secure some profit. What speaks against this race to liquidate the Bitcoins is that the trustee is likely to repay the Bitcoins in installments one at a time. Likewise, these creditors are mainly strong Bitcoin advocates soon having been around for a decade. A substantial portion of them have already made life-changing money, so they are less prone to sell the Bitcoins. As the past has often proved, the anticipation of imminent heavy selling pressure is often more powerful for a potential downward trajectory than the selling pressure itself. Strictly speaking, we do not expect the repayment to pose heavy selling pressure, particularly if it occurs in relatively minor installments at a time. Yet, we have our eyes on the market’s anticipation of the repayment, because it might spread fear across the market since it is predominantly dominated by retail more inclined to fear. See you on the other side, dear NFT hype The crypto trend of 2021 was arguably non-fungible tokens (NFTs). The biggest winner of this trend was the largest NFT marketplace OpenSea, facilitating a volume worth $14bn in 2021. While OpenSea started the year nicely with an all-time high monthly volume of over $5bn in January, it has since seen its volume decline massively. OpenSea has recorded a volume worth $480mn in August so far, in which its volume barely exceeds $10mn some days. The declining volume is mainly a result of a less speculative market combined with diminished prices denominated in Ether and even more in dollar terms. Bitcoin/USD - Source: Saxo Group Ethereum/USD - Source: Saxo Group Source: Crypto Weekly: Anxiously awaiting 141,000 Bitcoins

Relevance up to 13:00 UTC+2 Technical analysis: BTC/USD has been trading sideways at the price of $20.300 and i see potential for the the downside rotation towards lower reference point. Trading recommendation: Due to the test and reject of the resistance at the price of $20.500, I see further downside movement. Watch for potential selling opportunities on the intraday rallies with the downside objective at the price of $19.700. Key resistance is set at the price of $20.500 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Source: Forex Analysis & Reviews: BTC update for August 31,.2022 - Potential for the downside rotation of the resistance

Crypto Industry News: Iran's Ministry of Industry, Mines and Trade has approved the use of cryptocurrencies for imports amid ongoing international trade sanctions. According to local press reports, Trade Minister Reza Fatemi Amin has confirmed that detailed regulations have been approved specifying the use of cryptocurrencies in trading and the supply of fuel and electricity to cryptocurrency miners in the country. Amin unveiled the rule change at an auto industry show on Sunday, just a week after the country placed its first-ever $ 10 million vehicle import order using cryptocurrency as a payment method. The Iranian ministry of commerce previously indicated that the use of cryptocurrencies and smart contracts would be widely used in foreign trade until September 2022. After allowing cryptocurrency-financed imports, the Iranian import association has called for clear regulatory parameters to ensure local businesses and importers are not paralyzed by changing directives. The minister noted that the new regulations define all issues related to cryptocurrencies, including the licensing process and the supply of fuels and energy to cryptocurrency excavator operators in the country. Understandably, local companies will be able to import vehicles into Iran and a range of different imported goods using cryptocurrencies instead of paying in US dollars or euros. International trade sanctions against Iran were largely driven by opposition to its nuclear program, which essentially cut the country off from the global banking system. Technical Market Outlook: The BTC/USD pair had tested the level of $19,546 and it looks like a Double Bottom price pattern of the H4 time frame chart. Currently, the market is consolidating in a narrow zone and only a clear and sustained breakout below this level might extend the drop towards the next target for bears that is seen at the level of $18,940 (technical support from July 13th) and $18,640 (technical support from July 1st). The momentum remains weak and negative, however, there is a bullish divergence seen on the H4 time frame chart between the price action (last low) and momentum. The larger time frame trend (daily and weekly) remains down until further notice. Weekly Pivot Points: WR3 - $20,566 WR2 - $20,144 WR1 - $19,963 Weekly Pivot - $19,722 WS1 - $19,540 WS2 - $19,300 WS3 - $18,878 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.   Relevance up to 08:00 2022-09-02 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/290941

Technical analysis: BTC/USD has been trading downside this morning, I saw the breakout of the triangle pattern to the downside. Trading recommendation: Due to the breakout of the triangle pattern in the background and the downside trend , I see further potential for the drop. Watch for selling opportunities with the downside objective at the price of $19.575. MACD oscillator is showing downside reading with no signs for the reversal. Key resistance is set at the price of $20.500 Read more: https://www.instaforex.eu/forex_analysis/290987     Relevance up to 10:00 2022-09-02 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/290987

Bitcoin price plunged below $20,000. It was another day of disappointing activity in the crypto market as prices dipped in the absence of any major events, which is typical of a crypto winter. The bulls should show more strength to break the downward trend, which is still evident on the daily chart. The bears still have a small overall short-term technical advantage. As for where the price could move next based on the current state of the market, analysts warn of the possibility of a decline to $11,000 at worst, while noting that at the moment, at best, support is at the 2017 high. Boring day in the altcoin market: Activity in the altcoin market largely reflected the performance of bitcoin, with most tokens trading flat the day after an early decline. Ethereum (ETH) staking platform Lido DAO (LDO) leads altcoins for the second day in a row, gaining 11.3% as the Ethereum merger date approaches. Other notable indicators include a 9.75% increase for MXC (MXC) and a 9.54% increase for the Curve DAO (CRV) token. The total market capitalization of cryptocurrencies currently stands at $985 billion, with a Bitcoin dominance rate of 39.3%.     Relevance up to 12:00 2022-09-02 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/320565

Crypto Industry News: Karl Racine, the US Attorney General of the District of Columbia in the United States, announced that his office has sued MicroStrategy and its co-founder Michael Saylor on charges of tax evasion. Racine announced in a Twitter thread a lawsuit against MicroStrategy and its former CEO Michael Saylor, claiming that he "never paid any DC income taxes" and that the company "conspired" to help him avoid paying taxes. Saylor owes more than $ 25 million in taxes on income earned while in DC, according to the Attorney General's Office, but penalties from both the former CEO and MicroStrategy could be as high as $ 100 million. According to Racine, the allegations came after the District Council's District Council's False Claims Act amended to encourage whistleblowers to report residents of tax evasion. The Attorney General's Office has enforcement powers under the revised law and has said it has the power to levy "triple compensation" for three times the taxes owed - $ 75 million in the case of Saylor. Technical Market Outlook: The BTC/USD pair had tested the level of $19,546 and it looks like a Double Bottom price pattern of the H4 time frame chart. Currently, the market is consolidating in a narrow zone located between the levels of $20,586 - $19,521 and only a clear and sustained breakout below this level might extend the drop towards the next target for bears that is seen at the level of $18,940 (technical support from July 13th) and $18,640 (technical support from July 1st). The momentum remains weak and negative, however, there is a bullish divergence seen on the H4 time frame chart between the price action (last low) and momentum. The larger time frame trend (daily and weekly) remains down until further notice and the major move up or down might be triggered today after the NFP Payrolls data from the USA are published. Weekly Pivot Points: WR3 - $20,566 WR2 - $20,144 WR1 - $19,963 Weekly Pivot - $19,722 WS1 - $19,540 WS2 - $19,300 WS3 - $18,878 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.   Relevance up to 08:00 2022-09-03 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/291133

Eminem and Snoop Dogg performed as BAYC characters. Meta announced that Facebook and Instagram users can post NFTs.Animoca Brands received US$100 million in funding from Temasek.  Key Takeaways Eminem and Snoop Dogg performed at the MTV Video Music Awards as Bored Ape Yacht Club NFT characters in the Otherside metaverse. The artists both bought BAYC NFTs earlier this year, with Eminem paying around US$450,000 for his. Meta announced that Facebook and Instagram now support NFTs from digital wallets. Digital collectibles minted on the Flow blockchain or from wallets supporting the Ethereum or Polygon blockchains can be posted on the social media platforms. Blockchain gaming giant Animoca Brands has received $100 million in funding from Singapore state-owned Temasek. Animoca has over 340 portfolio companies, including top metaverse games like The Sandbox and Decentraland. X2Y2 recorded a -63% decrease in sales and a +6% increase in transactions. Meanwhile, OpenSea‘s sales were positive at +30% and its transaction count also increased +38%. The total market cap for GameFi tokens now stands at $8.98 billion, down -7% from last week. Crypto.com NFT in the Spotlight Hoppler – Maff University is the most prestigious educational institution in the GN-z11 Galaxy. “Class of 3022” is a yearbook that showcases the most distinguished students on campus in their respective areas. Thed Holes has dropped a Haute Cyber Couture collection with “Raw Society“. The main goal is to represent a part of society as a building, where each member lives in their own bubble with their own dreams, ambitions, and dramas. NFT Highlights Ticketmaster taps the Flow blockchain to let event organisers issue NFTs tied to tickets Uniswap sets sights on unifying NFT lending liquidity Exclusive: World of Women reveals WoWverse Capacitors NFTs NFTs as a use case for Medical Records Creators of GoblinTown to launch NFT marketplace Formula One files trademarks related to NFTs and Crypto Has X2Y2 drastically changed an NFT policy? GameFi Highlights Axiecon gears up for the biggest celebration of Axie Infinity on the planet Gabriel Leydon makes comeback with $200M funding for new blockchain game company Limit Break Chainplay report reveals 3 in 4 investors join crypto because of GameFi Gala Games announces launch date for Spider Tanks Game publisher and developer Xterio raises $40M to create cross-platform Web3 franchises NFT Transaction Benchmark     The following chart shows select top NFTs and their historical floor prices: Top Collections The following table shows select top creators (by sales volume on each platform) and a sample of their art: PlatformCollectionSales Volume (USD)Sample Crypto.com NFT Loaded Lions $158,700 Minted Plumbing Miner Pier $73,680 Magic Eden DeGods $4,990,625 OpenSea Digi Daigaku Genesis $5,887,936 GameFi Top Gainers & Losers     Top Games Metrics     Daily Gamers by Blockchain

Technical analysis: BTC/USD has been trading sideways at the price of $20.100 and see potential for the breakout of the sideways range. Trading recommendation: Watch for the breakout of the sideways range to confirm further direction. In case of the upside breakout of resistance at the price of $20.500, watch for buying opportunities on the dips with the upside objective at the price of $21.800. In case of the downside breakout of the support at the price of $19.600, watch for selling opportunities on the rallies with the downside objective at the price of $18.980.     Relevance up to 10:00 2022-09-03 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/291187

It seems most of Wall Street believes September will be a month we won’t want to remember. ​ We are less than two weeks away from a pivotal inflation report and three weeks from the FOMC meeting. ​ The repositioning of portfolios is just beginning as the Fed accelerates the balance sheet runoff, while we are barely seeing signs that real economy is starting to feel the impact of tightening. US stocks are declining after another round of strong labor and manufacturing data confirm the Fed’s hawkish stance that they can remain aggressive with the tightening of policy. If the economy remains resilient over the next few months, the fed-funds futures market might believe the Fed won’t be done tightening at the end of year. ​ Markets might start pricing in a February rate hike as well, if pricing pressures don’t show further signs of easing with the September 13th inflation report. ​US Data Key manufacturing data and jobless claims continue to push back the idea that the economy is headed towards a recession. ​ Many were expecting to start to see signs of weakness with the labor market and sluggishness with factory activity, but that apparently didn’t happen in August. ​ Initial jobless claims declined by 5,000 to 232,000, an improvement from the downwardly revised 237,000 prior weekly reading, and much better-than-expected 248,000 consensus estimate. The Challenger, Gray, & Christmas report showed layoffs are low and supports the idea the labor market is still clicking on all cylinders. ​ The ISM manufacturing report also impressed as factory activity attempts to stabilize. The headline ISM gauge of factory activity held steady at a two-year low and prices paid showed they are continuing to decline. ​ The ISM employment component also rebounded back to expansion territory. ​ The US economy is still looking good and that should allow the Fed to remain aggressive with tightening over the coming months. ​ The latest Atlanta Fed GDPNow reading for the third quarter posted a significant increase from 1.57% to 2.59%. It seems like a certainty that the economy will avoid a third consecutive negative GDP reading, which will completely end the debate that the economy is in a recession. ​ ​ ​ FX It comes as no surprise that the dollar hit a fresh record high on both safe-haven flows from global economic weakness and as a resilient US economy paves the way for the Fed to remain aggressive. ​ King dollar has awoken from a nap ​ and that could spell a lot more pain for the European currencies. Bitcoin dips below $20,000 Bitcoin is back below the $20,000 level as risk aversion runs wild on Wall Street. ​ Bitcoin’s slide however seems small considering the aggressive selling happening with risky assets. ​ The true test for Bitcoin is if it can stay close to the $20,000 level after the NFP release. A hot labor market report and Fed rate hike bets might surge and that could trigger downward pressure that eyes the summer lows. ​ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

The cryptocurrency market came under pressure on Thursday along with global financial markets as the US dollar index surged to its highest level since September 2002, at 109.96. As the dollar rose, few assets were retained: the S&P 500, DOW and NASDAQ were all in the red, down 1.03%, 0.45% and 1.81%, respectively. History shows that September can be challenging for the financial markets. As for when volatility will subside, it may continue for some time as bullish traders are still overwhelmed by bears. Further evidence that Bitcoin sentiment remains negative was provided by crypto analytics firm Santiment, which showed an increase in average BTC funding rates. According to the average BTC funding rate on Binance, BitMEX, DYDX and FTX, the reaction to Friday's drop was the most aggressive since May, as repoted by Santiment. Ethereum shorts are accumulating. One of the biggest stories in cryptocurrency right now is the upcoming Ethereum (ETH) merger, projected to happen on September 15. At a time when many expected a "buy the rumor, sell the news" type of event, it starts to look like the merger has already been booked, prompting investors to position themselves ahead of a potential price drop. Santiment did warn to go along with the expected Ether price pullback, highlighting the fact that price increases have historically been more common under such conditions. In general, it was a negative day for the crypto market. A quiet day in the altcoin market: Of the top 200 coins listed on CoinMarketCap, Decred (DCR), which added $11.7, was the best performer for the day, followed by an 11% gain in Balancer (BAL). The total market capitalization of cryptocurrencies currently stands at $967 billion, with a 39% Bitcoin dominance rate.     Relevance up to 09:00 2022-09-03 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/320663

Crypto Industry News: Arcane Research says bitcoin mining will have a positive environmental impact. The company has just published a report on the subject saying mining can positively change the world's energy production. First, bitcoin miners can promote the use of renewable energy sources. In addition, there is the "reactivity" of miners, which will be based on the fact that they will "give" energy to the industry when the demand for it is high. However, this would require cooperation with the authorities. This is possible, as seen in Texas, where large BTC mines jointly and severally stopped mining cryptocurrencies in July to help protect the network during the heatwave. Such reactivity will be especially important in the years to come as the world is increasingly moving away from flexible fossil fuels to renewable energies. "Bitcoin miners can search for areas with excess wind and sun and build a data center there exactly the size needed to consume excess energy," the report further explains. Miners are not only supporting renewable energy sources, but also making oil drilling a cleaner and more efficient process. Oil wells often produce natural gas, which cannot always be economically used for consumption. As a result, oil producers are forced to burn gas without getting any economic utility from it and polluting the environment at the same time. However, if oil producers decided to use natural gas for mining, they could both benefit from it and reduce greenhouse gas emissions, the company adds. Example? Exxon - a large multinational oil and gas corporation - announced in March that it had mining plans. In addition, just as drilling for oil produces natural gas, mining bitcoins also produces heat as a by-product. This offers another opportunity to economically recycle resources. BTC miners can potentially "give up" heat to district heating networks. Moreover, if mines are powered by renewable sources, they can reduce the carbon footprint of heating - the world's largest source of CO2 emissions. "Reusing the heat of bitcoin mining is essentially about using the same energy twice," explained Arcane. Technical Market Outlook: After a whole week of trading inside the narrow range, the BTC/USD market might break to the downside soon - the bearish pressure is getting stronger as the bulls can not gather stronger momentum and break into the positive territory. The key short-term technical support is the zone lower line seen at $19,521 and any violation of this level would trigger another down wave towards the level of $18,940 (short-term technical support and target for bears). Weekly Pivot Points: WR3 - $20,411 WR2 - $20,111 WR1 - $19,911 Weekly Pivot - $19,840 WS1 - $19,610 WS2 - $19,509 WS3 - $19,209 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.     Relevance up to 09:00 2022-09-06 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade Read more: https://www.instaforex.eu/forex_analysis/291353

Market picture Bitcoin declined 0.4% over the past week, ending at around $19,900 without experiencing any significant movement during that time. For now, we can only say that the crypto market is wagering on the strengthening of the dollar, and to a markedly lesser extent than other markets. Ethereum added 5.9% to $1570, while other leading altcoins from the top ten showed mixed dynamics: from a decline of 1.3% (BNB) to a growth of 13% (Cardano). Total crypto market capitalisation, according to CoinMarketCap, rose 2.5% over the week to $976bn. The cryptocurrency Fear & Greed Index lost 8 points over the week to 20, returning to "extreme fear" status. Read next: ECB Will Continue To Hike Rates To Slow Inflation? | FXMAG.COM Bitcoin stood aloof from key market movements last week, moving on a short leash around $20K. Meanwhile, tectonic shifts were taking place in the markets as the dollar continued to renew multi-year highs and stock markets returned to a sell-off. Cardano rose sharply at the end of the week on the back of the news. IOHK, the company behind the Cardano project, has set a date for Vasil's update - the largest and most important hardfork in the project's history will take place on September 22. News background According to analytics service TipRanks, HODLers are refusing to sell the cryptocurrency. 62% of wallets hold bitcoins for more than one year. 32% of addresses control BTC for 1 to 12 months, and only 6% of investors hold cryptocurrency for less than 30 days. At the same time, both profitable and unprofitable addresses have a 48% share. Bitcoin miners' revenues in August amounted to $657 million and increased for the first time since March. The growth in revenues was helped by the growth of the first cryptocurrency's network hash rate. Despite the crisis, investor confidence in cryptocurrencies increased slightly over the quarter. 65% of retail investors and 70% of institutional investors trust digital assets, according to a survey by cryptocurrency exchange Bitstamp. Read next: Rising Interest Rates. How High Can They Rise?| FXMAG.COM Cryptocurrencies are helped by the aura that, in the long term, they are more promising than stocks and other risky assets, as they are at an early stage of adoption and still undervalued by the market. Ethereum co-founder Vitalik Buterin called the current bear cycle expected. In his view, Terra's collapse and market decline are a boon for the crypto industry, as they help identify problems and unsustainable business models well. With the rising capitalisation of the crypto market, the DeFi sector could pose long-term risks to financial stability, according to the US Federal Reserve.

After breaking through the key support level at $20.8k, the price of Bitcoin is consolidating around $20k. Over the past weekend, uncertain Doji candles formed on the cryptocurrency daily chart, which clearly underlines the low trading volumes. The price of Bitcoin has been in the consolidation phase for more than two weeks, and a certain category of investors is successfully collecting liquidity from different price ranges. We can say that the BTC/USD quotes have found a strong bottom near the $19.5k mark. Therefore, the exit from the consolidation range should occur in an upward direction. In addition to confidently defending an important price level, fundamentally positive news has appeared on the market, which can become a catalyst for the growth of Bitcoin. The US unemployment rate rose to 3.7% against the forecast of 3.5%. The labor market is one of the main factors confirming the recession of the American economy. Consequently, the Fed may revise monetary policy or make local easing to stabilize the situation on the labor market. In addition, mining difficulty increased by 10% in August, which indirectly confirms that the energy crisis has been overcome. Santiment also confirms the persistence of buying sentiment in the market. The number of wallets with a balance of 100–10,000 BTC continues to grow. Given this, it is likely that Bitcoin is expecting a local upward spurt. However, the technical metrics on the daily chart continue to point to a lack of buying interest. The stochastic oscillator has been in the oversold zone since August 18, which indicates the absence of bullish impulses and buying volumes. As of September 5, the metric has formed another bearish crossover. The RSI metric is also moving in a downward direction. Given the deplorable state of technical metrics, the question arises: why is the price not falling, but consolidating? The main problem lies in the trading activity of buyers. The indicator is at the very bottom, which does not allow the price to reach local highs. At the same time, sales volumes are also at a low level, which is why the bears are not able to break through key support areas without the influence of fundamental factors. In other words, at the current stage of the market any significant price movement of Bitcoin is tied to external factors. It is also important to consider the Monday factor, when the main markets are just warming up before the start of the trading week. Given this, we can expect an attempt by Bitcoin to climb above $20k by the end of today's trading day. However, there are problems here as well. The bitcoin headache of miner capitulation continues. The industry has adapted to new realities and energy prices, but low market liquidity is forcing them to sell off their stocks. Miners have sold over 3,000 BTC over the past week, which will negatively impact Bitcoin's short-term bullish targets. In addition, there are warns that the market is pricing in a 70% chance of a 70 bps interest rate hike in September. There are plenty of restraining factors for the growth of Bitcoin, therefore it is not worth hoping for a successful implementation of the bullish impulse. However, the situation may change next week. On September 13, statistics on inflation will be published, and the continuation of the downward trend of the CPI may be a signal for the activation of buyers. Until then, Bitcoin has no significant prerequisites for growth. Most likely, buyers will continue to actively absorb the volumes of BTC that miners and short-term investors send to the market. Among the likely targets that BTC/USD could reach as part of the upward movement this week is the $20.8k level. However, for this, the price needs to consolidate above $20k in the next day or two. This idea will become irrelevant if the $19.5k level is successfully broken.       Relevance up to 10:00 2022-09-06 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/320799

ETH perpetual futures funding rates at record lows. BTC options skews spiking as puts are being bid up. BTC hovering around short-term RSI oversold levels. Chart of the Week: Perps Funding Rates at New Lows There has been a flurry of activity in ETH derivatives markets as the expected mid-September date of The Merge closes in. Perpetual futures funding rates are printing at record negative levels, potentially implying caution from traders as they look to hedge downside risks. Previous issues of Market Pulse highlighted record open interest in options and record negative futures basis.  Fund Flow Tracker Aggregated exchange balance of ETH fell sharply to new lows during the past week, while BTC’s saw a bounce. Derivatives Pulse The BTC put-call ratio and skews (puts-minus calls) rose over the past week, implying increased cautious sentiment. Implied vols for both BTC and ETH were mostly flat during the past week. 1-week implied vol currently stands at 60.3% (vs. 65.3% a week ago) and 89.1% (vs. 98.9% a week ago) for BTC and ETH, respectively. Asset managers’ net-long position in CME Bitcoin futures dropped to the lowest level since February 2022, and leveraged traders’ net-short position continues to reduce.  Leveraged traders are typically hedge funds and various types of money managers, including commodity trading advisors and commodity pool operators. The traders may be engaged in managing and conducting proprietary futures trading, and trading on behalf of speculative clients. The asset manager category consists of institutional investors, including pension funds, endowments, insurance companies, mutual funds, and those portfolio/investment managers whose clients are predominantly institutional. The dealer category consists of participants typically described as the “sell-side” of the market. These include large banks and dealers in securities, swaps, and other derivatives. The other reportable category consists of traders mostly using markets to hedge business risk, and includes amongst others corporate treasuries. Technically Speaking The drop in BTC price has it hovering around short-term oversold levels based on the 14-day Relative Strength Indicator (RSI). Price Movements News Highlights Chicago Mercantile Exchange Group (CME Group), the world’s leading derivatives marketplace, has launched Euro-denominated Bitcoin and Ether futures. Meitu reported an impairment loss of over US$43M on its crypto holdings. Credit Suisse disclosed that it held US$31M in “digital assets” for clients as at the end of Q2 2022. Stacked, a Web3 streaming platform, has completed a US$12.9M Series-A funding round led by Pantera Capital. Catalyst Calendar Disclaimer: The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners.

BAYC M&Ms, Reddit co-founder, and Insta NFTs Temasek is set to lead a US$100 million funding round for Animoca Brands, Asia’s biggest blockchain investor. This adds to Animoca’s US$434 million already raised this year, as it seeks to go public and challenge big tech firms while helping to create Web3 in the process. Read on for this week’s top news in crypto, and brush up your trading skills, with our featured article ‘What are Candlesticks?’ Markets Spotlight Note: Market prices captured in US$ at the time of reading. Explore more on Crypto‌.com/Price. News Snaps California passes bill for regulating and licensing crypto firms. Cointelegraph reports that the California State Assembly passed a bill that will require crypto companies and digital asset exchanges to own an operating license given by the state of California. The bill would be implemented in January 2025. Helium looking to move to Solana. Popular peer-to-peer blockchain Helium is set to take a vote on whether or not they should move to Solana. Helium which is designed for the Internet of Things(IoT) gives incentives to users who run nodes with Helium’s hardware. Visit Blockworks for more.    Bored Ape Yacht Club makes MTV debut. At the latest MTV Video Music Awards, Snoop Dogg and Eminem showed off their Bored Apes in a music video for their new song ‘From the D 2 the LBC.’ This marks the first time Bored Apes has been featured on a big television event. For the full story, see CoinDesk. Show off your NFTs on Facebook and Instagram. Cointelegraph reports that Meta has released an update that allows Facebook and Instagram users to post NFTs from their digital wallets. Users can now connect digital wallets to both apps. Firm owned by Reddit co-founder launches US$177M crypto fund. Alex Ohanian, co-founder of Reddit, and his venture capital firm Seven Seven Six plan to create a fund focusing on crypto, called Kryptós.The partners believe that now is potentially a good opportunity to invest in strong founders at a discount. Check out Blockworks for more. What’s Ahead AxieCon Barcelona. From September 7-10, Axie Infinity will host the AxieCon in Barcelona, bringing together the brightest dreamers, builders, and players of Axie Infinity. AxieCon will cover all aspects of Axie Infinity, such as esports, game design, governance, and collecting. NFT Spotlight Relive streetball legend and blacktop champion The Professor’s ankle-breaking NFT collection, which dropped a year ago this month, featuring six of his signature crossover moves on the likes of Donald Trump, Elon Musk, Kanye West, and The Rock. I heard people buzz about it for a few years and I felt a little late to the party, but now I’m realising it’s still new to a lot of people — so I’m excited about the timing. The Professor, on his interest in cryptocurrency Check out The Professor’s NFT collection of signature moves. Product Picks SpookySwap and SushiSwap Integrations The DeFi Wallet’s built-in token swap feature now supports the seven largest chains by total value locked (TVL). With the latest integrations, you can now easily swap over 50 tokens on the Fantom and Arbitrum blockchains directly via the DeFi Wallet. Save NFTs to Your Camera Roll  You can now save NFTs to your device’s camera roll on DeFi Wallet. Additionally, easily view NFTs on Etherscan, Cronoscan, and the Crypto.org Explorer, depending on the blockchain that the collectibles are minted on. DeFi Desktop Wallet Supports Ethereum Network and ATOM You can now store and transfer any ERC20 asset and add any EVM network connection to the DeFi Desktop Wallet, giving you quick access to the dApps built on those blockchains. We’ve also added support for ATOM and a bridge from Cosmos to Cronos so you can easily access more dApps on Cronos chain. Learn more. Crypto Level Up What is Web3? Web3 is more than just a buzzword. To understand the changes it brings, let’s look at how the web started and has evolved over the years. Web1. In the early days of the Internet, the web experience was passive, static, and one way, like reading a brochure or catalogue. Remember Netscape web browser? Web2. The web we know today. More social and interactive, it has changed the way we interact online. But Web2 has also given too much power to just a handful of big tech companies, leading to questionable business practices. Web3. Still a work in progress, Web3 aims to take power away from big centralised organisations and put it into your hands, the user. The vision is for everyone to own their part in the new decentralised web.Check this detailed timeline to learn more about Web3. Crypto IRL ‘Catch me if you can!’ said Mr Crabsy while doing some mild weightlifting with Obsidian Crypto.com Visa Card, proudly shared by our friend @pmbrsantos. Featured Merchant Julien Martin, founder of Cold Beach, tells us with burning passion what the upsides of crypto are for small-business owners. Your business is in handcrafted scented candles — what is your connection to the more abstract world of digital currencies? The connection is a rather personal one. I have personally been involved in crypto since 2017 — it started as an interesting take on the future of currency and became a legitimate alternative. In 2017, I made my first purchase using Bitcoin. However, back then, cryptocurrency was still in its infancy, and it was a lengthy process.  I knew better solutions were coming, and they did — Crypto.com Pay. Paying with crypto is now a tap away with a QR code scan on any merchant that accepts it. This is what brings me to using digital currencies on a commercial level. As a small-business owner, I do all the bookkeeping myself, and it’s no secret that it’s a daunting task when using fiat.  I’m stretched thin between making candles, conducting marketing, onboarding new retailers, and working full-time in an unrelated field. Crypto.com Pay’s painless onboarding, seamless integration, and simplified currency settlement are what I needed. Let me tell you: If I can do my bookkeeping while accepting crypto, anyone can. We are intrigued — what are wax melts? Wax melts are almost materially the same as candles: wax, fragrance, colour, labelling, and container. The difference, however, is that there is no wick. The melts themselves are usually contained in a clamshell containing six wax cubes. They are a great alternative to candles, as they are flameless and placed on a plate heated by electricity. They require less supervision than a lighted candle and are much cheaper because candle jars/vessels usually cost more than all the other materials combined.  What opportunities do you see in crypto for small businesses? Crypto has always been a headache for bookkeeping purposes: exchanging, settlement, receiving, and sending. It all requires a paper trail. This is especially difficult when you add the current legislative nuance and uncertainty. With Crypto.com Pay, I can keep that out of my mind and get paid in TrueCAD. The opportunities we see in crypto are endless.  Still, I’ll stick with what’s most important as a business owner: getting paid reliably, with no downtime. Cryptocurrency doesn’t experience downtime. Websites are no longer just hosted in one place. You can use the best payment processors in the world and still experience downtime, which costs you money, sales, and opportunity. Yes, some protocols are in their infancy and can experience downtime, but that’s fine — use another one. There is a plethora of high-quality chains that are battle-tested and reliable.   What’s the most exciting thing you have paid for in crypto? In 2017, I used Bitcoin to buy video games at a reduced price. Since then, I have made small purchases, such as a Dyson cordless vacuum, and occasionally used crypto to pay for things such as groceries and other essentials. In the future, I hope to use it for a down payment sometime in the next five years. Decoder Bear Market — A bear market represents a period in which the average prices of assets are on a prolonged decline. TradFi uses the term ‘bear market’ to define a market that drops by 20% or more. In other words, prices are low and projected to continue dropping for an extended period of time.  During a bear market, the economy is slow, with low employment rates and a pessimistic outlook. These conditions often arise from geopolitical crises, natural disasters, political tensions, or poor economic policies.  A bear market is also known as the markdown phase within a crypto market cycle. Often, unfavourable news on the crypto industry fuels the fire. This negative feedback loop causes many users to hold off on buying due to the belief that prices will continue to drop lower in the coming months. This Week in Crypto History El Salvador continues to bet big on Bitcoin. This time last year, El Salvador showed its continued conviction in Bitcoin by approving a US$150M BTC buy. This came in the same year that El Salvador recognised Bitcoin as legal tender — a huge milestone for Bitcoin on its journey to mass adoption. That’s it for this week’s Snapshot. Want more? Visit our Instagram for quick crypto lessons that help you navigate the space.

Technical analysis:   BTC/USD has been trading downside this morning and I see potential for the brekaout of the well defined triangle pattern. Trading recommendation: Watch for the breakout of the triangle pattern to confirm further downside continuation. Downside objectives are set at the price of $19.000 and $18.000 Stochastic is showing overbought condition and fresh bear cross, which is sign that we might see downside movement. Key resistance is set at the price of $20.500     Relevance up to 14:00 2022-09-06 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/291433

Crypto Industry News: According to media reports, the Bank of Russia has admitted that the use of cryptocurrencies to clear cross-border payments is inevitable. The institution cites the current geopolitical conditions as a reason for such a decision. The Russian central bank is once again considering changing its approach to regulating cryptocurrencies. Now agreed with the finance ministry to legalize digital assets for cross-border payments, local news agency TASS said on Monday. Deputy Minister of Finance - Alexei Moiseev - said that the Bank of Russia and the Ministry of Finance are working together on a law recognizing digital assets in cross-border trade as legal tender. Moiseev highlighted the crucial importance of enabling local cryptocurrency services in Russia. He drew attention to the fact that many Russians use foreign platforms to open a portfolio for digital assets. "It is necessary to do this in Russia, with the involvement of entities supervised by the central bank, which are obliged to comply with anti-money laundering requirements and the KYC principle," the official said. Russian lawmakers have repeatedly opposed the idea of using cryptocurrencies as a payment method. In 2020, Russia passed the important Digital Financial Assets Act which officially prohibited the use of digital coins such as bitcoin (BTC) for payment purposes. The Bank of Russia has been quite skeptical about the cryptocurrency payment proposal from the start. The institution, through its stubbornness, wanted to protect the Russian ruble as the only legal tender in the country. Interestingly, the idea of introducing this type of payment in domestic trade appeared in Russia already at the end of 2021. Then the President of Russia, Vladimir Putin, announced that it was "too early" to use cryptocurrencies to trade energy resources such as oil and gas . Technical Market Outlook: The BTC/USD pair keeps trading inside the narrow range as the volatility dries up and the market continues the whipsaw movement between the levels of $19,521 - $20,586. The key short-term technical support is the zone lower line seen at $19,521 and any violation of this level would trigger another down wave towards the level of $18,940 (short-term technical support and target for bears). The momentum remains neutral with occasional spikes into the positive and negative zones. Weekly Pivot Points: WR3 - $20,411 WR2 - $20,111 WR1 - $19,911 Weekly Pivot - $19,840 WS1 - $19,610 WS2 - $19,509 WS3 - $19,209 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.   Relevance up to 08:00 2022-09-07 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/291528

Technical analysis:   BTC/USD has been trading sideways in the trading range at the price of $20.000 but I see potential for the breakout mode. Trading recommendation: In case of the downside breakout of the support at the price of $19.500, watch for selling opportunities with the downside objective at the price of $18.000 In case of the upside breakout of the resistance at the price of $20.500, watch for buying opportunities with the upside objective at the price of $21.700     Relevance up to 10:00 2022-09-07 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/291572

The cryptocurrency market is approaching a controversial period—autumn. On the one hand, the market has cheered up due to the upcoming Merge update and the likely easing of monetary policy due to the US congressional elections in November. At the same time, Bitcoin has historically had a bad September. The probability of maintaining this trend increases significantly, given the high probability of a 75 basis point rate hike. Despite all the inconsistency of the situation, Bitcoin and Ethereum still have chances to spend September on a bullish note. Bitcoin remains within the narrow range of fluctuations of $19k–$20k. The area formed after the breakdown of the key support level at $20.8k. Bearish pressure forced the cryptocurrency to move to the consolidation stage, but the process is moving very slowly. Glassnode experts note that BTC network activity is at a local low. Given the volatile nature of the upcoming economic events, the probability of an increase in trading volumes increases significantly. The current lull is also fundamental. Markets are pricing in a 70% chance of a 75 basis point rate hike in September, according to BBG analysts. On Thursday, Fed Chairman Jerome Powell will speak at the Cato Institute conference. Given the market reaction to the official's previous speech, there is every reason to believe that Powell will give the market clues about the Fed's next steps. Given the pessimistic expectations of the market, hints of a rate hike within 50 basis points could have a positive impact on the short-term prospects for the cryptocurrency market. The ECB meeting will be the second major event on Thursday. The meeting of the Bank will consider the issue of the level of the key interest rate and the interest rate on the deposit line. Most experts are inclined to increase the indicator by 100 and 50 basis points, respectively. For the cryptocurrency market, this will be a negative signal, as it will untie the hands of the Fed and allow you not to look back at the position of the euro against the US dollar. For the most part, Thursday will show which direction the stock and crypto markets will move in the coming weeks. Technically, Bitcoin continues to trade sideways for the tenth day in a row. Trading volumes remain low, which does not allow one of the parties to take the initiative. Technical indicators continue to move sideways without the presence of impulse movements in any of the directions. At the same time, the stochastic oscillator once again tries to enter the green zone, forming a bullish crossover. However, given the trading volumes, this attempt will not be successful. With regard to BTC/USD, the bearish idea remains relevant with a gradual breakdown of the $19k–$19.5k support zone, after which the asset may retest the local bottom. As of September 6, Bitcoin does not have the potential to be bullish and consolidate above $20.5k. The long-awaited transition of Ethereum to the Proof-of-Stake algorithm begins today. Ethereum's bullish potential could increase significantly if the cryptocurrency manages to successfully complete the merger of networks as part of the first stage of the Merge. Against the backdrop of the process that has started, investor interest in ETH is starting to grow again. The cryptocurrency has successfully broken through the $1,600 level and continues its upward movement. Given the nervousness surrounding Ethereum's transition to the new algorithm, the importance of today's merger phase cannot be underestimated. If everything goes according to the planned scenario, then we can expect the continuation of the bullish movement to the $1,800–$2,000 range. Ether's technical metrics support the thesis that the recent drop in Ether was a healing corrective move. As of September 6, the bullish mood of ETH investors is again showing an upward trend. The Relative Strength Index crossed 40 and continues to move upward, indicating growing buying power. The stochastic oscillator indicates a high level of bullish sentiment and a fast implementation of bullish patterns. The situation around ETH/USD is becoming more and more bullish, and among the immediate targets of the asset, it is worth highlighting the range of $1,650–$1,700. If this area is broken, the price will go to the final resistance line for the last six months at $1,800–$2,000. These are the short-term goals of Ethereum with a favorable development of the situation. In the long term, the target of $2,800 remains relevant.   Relevance up to 10:00 2022-09-07 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/320933

Crypto Industry News: Liz Truss, Britain's new prime minister, has spoken out about the past on cryptocurrencies. For example, she once said that "we should welcome cryptocurrencies in a way that does not limit their potential." Now she defeated former Chancellor of the Treasury Rishi Sunak, who had a plan to make Britain a cryptocurrency-friendly country in the struggle for power. Liz Truss won the race for the position of the new British Prime Minister, beating former Chancellor of the Treasury Rishi Sunak. The foreign minister has so far won leadership in the Conservative Party, but will eventually replace Boris Johnson as head of government. Johnson will meet Queen Elizabeth today to formally submit his resignation. The Queen then appoints Truss as Britain's new Prime Minister. Truss, 47, has promised to act quickly to beat the inflation that is currently eating away at the pound's value. "I will take bold steps to guide us all through these difficult times, develop our economy and unlock the UK's potential," she wrote on Monday on Twitter. In contrast, Sunak has openly stated that his goal is to make the UK a cryptocurrency and blockchain hub in the region. "My ambition is to make the UK a global cryptocurrency asset technology hub, and the measures we presented today will help ensure that companies can invest, innovate and thrive in this country," he said a few months ago. Technical Market Outlook: The BTC/USD pair had broken out from the narrow consolidation zone and made a new swing low at the level of $18,553. The market conditions are now extremely oversold on the H4 time frame chart, so an intraday bounce is expected towards the level of $18,940. The main trend remains down and the next target for bears is located at $17,600. Weekly Pivot Points: WR3 - $20,411 WR2 - $20,111 WR1 - $19,911 Weekly Pivot - $19,840 WS1 - $19,610 WS2 - $19,509 WS3 - $19,209 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.     Relevance up to 08:00 2022-09-08 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/291733

Technical analysis: BTC/USD has been trading downside and I found the breakout of the multi day consolidation and first target reached at $19.000. I still see further downside movement. Trading recommendation: Due to the breakout of the multi day consolidation in the background and no big signs for the reversal, I see further downside movement. Watch for the selling opportunities on the rallies with the next downside objectives at the price of $17.700 and $14.000. MACD oscillator is showing fresh downside money flow, which is sign that sellers are in control. Key resistance is set at the price of $20.500     Relevance up to 09:00 2022-09-08 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/291754

Whales Wallets The number of wallets holding between 100 and 10,000 BTC, or so-called whales, is on the rise, according to Santiment data. The analytics firm found that, despite the token's declines in recent days, the rate of accumulation of the largest cryptocurrency has increased. Given the correlation that exists between the price of BTC and the number of whale addresses, this could be a positive signal for bulls. The reported number of such wallets now stands at 15,847 – a level close to the numbers last seen in June.  On the Conotoxia MT5 platform, both BTC and ETH are losing around 1.3% today, at 12:00 GMT+3. Bitcoin is testing a likely support level of $19910. Ethereum's declines appear to be less regular. This may be related to higher volatility, possibly related to the upcoming Merge. ETH may be near a possible support level of $1530.  California is close to licensing crypto companies and posing restrictions on stablecoins California State Governor Gavin Newsom is expected to sign into law the recently passed 'Digital Financial Assets Law', which will require exchanges and other crypto firms operating within the state to be properly licensed. The California law appears to be similar to New York's BitLicense, introduced in 2015. That document required companies to obtain a licence from the State Department of Financial Services to serve customers residing in New York State. Holders of such a licence include Ripple Labs (XRP), Coinbase (COIN), Robinhood (HOOD) and PayPal (PYPL),  California's new law is expected to take effect in January 2025. In addition to the licensing requirement, the new regulation bans stablecoins that are not issued by banks or licensed by the California Department of Financial Protection and Innovation from 2028. Another clause in part of the bill requires stablecoin issuers that hold assets as reserves to have an amount "not less than the aggregate amount of all of its outstanding stablecoins issued or sold in the United States,". This is to be done under GAAP accounting standards.  The introduction of the 'Digital Financial Assets Law' may be linked to the wave of fraud that the crypto meltdown of the past year has revealed. 

Stock markets in Europe opened positively on Friday after what has been an otherwise rotten week, while Asia was fairly mixed ahead of the US jobs report. It will be interesting to see whether Europe can maintain the rebound today considering we’re heading into the weekend not certain that gas will start flowing through Nord Stream 1 again tomorrow. Grid data suggests it will but until the gas starts actually flowing, it remains a risk. That weekend risk may make investors a little nervous as we progress through the session and could lead to more caution as we approach the close. The US jobs report could also be a negative catalyst later in the session if it’s deemed strong enough to warrant more aggressive tightening from the Fed. We’ve seen a lot more risk aversion in the markets recently as Fed commentary has finally gotten through to investors. We’re still seeing remarkable resilience in the US data, particularly the labour market, even if some cracks are appearing elsewhere. While the NFP and unemployment will naturally attract the most attention initially, it’s the wages that could tip the balance at the central bank, with policymakers concerned about inflation becoming entrenched. Will Japan intervene as the yen hits a 24-year low? The yen has been back in focus in recent days, having fallen to a 24-year low against the dollar on Thursday, breaking above 140 in the process. This level has been speculated a lot about in recent months as being the point at which Japanese officials may be tempted to intervene in the markets and comments overnight could further fuel that, with one spokesperson warning moves are being watched with a high sense of urgency. That doesn’t appear to have happened yet and we’re not likely to see any shift from the Bank of Japan either if recent commentary is anything to go by. While inflation is currently above its target, that’s not expected to last and there’s seemingly little appetite to change course. That could mean further declines in the yen until intervention is deemed necessary, although the threat of such action could slow the decline as we’ve already seen. Treading water ahead of the jobs report Bitcoin has been treading water around $20,000 over the past week, perhaps with one eye on today’s jobs report. This is clearly a major level of support and a significant break of it could see further losses, with $17,500 the next major test being the level it bottomed at in June. Risk appetite in the markets has not been positive recently which has weighed heavily on bitcoin and other risk assets. The jobs report today could compound that if it feeds inflation fears and raises the odds of another 75 basis point Fed hike this month. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

The major tokens have experienced significant declines after a consolidation phase lasting more than a week and a half. Now they are at levels last seen in June and the lowest since the crypto bull market of H2 2020. Are cryptocurrencies in trouble? The cryptocurrency market set a local low at the end of August. Afterwards, it entered a phase of growth that restored optimism in many investors. BTC, ETH and BNB have since gained 30%, 100% and 66% respectively. However, the deteriorating macroeconomic environment, despite the optimism about Ethereum's Merge, seems to be pushing the quotes lower and lower. BTC Bitcoin stands out as having the largest market capitalization and receives a lot of attention from analysts and investors. At 20:00 GMT+3 yesterday, BTC broke through the critical level of probable support of $19530 and dove lower. It is hard to say what the next level of support might be, but it is most likely a long way down from the current price. The daily drop was about 4% yesterday. BTC price, daily candles Today, the declines continue and on the Conotoxia MT5 platform at 11 GMT+3, BTC is losing about 1%. The price is below the 100, 50, 20, and 10-day moving averages. A reading of popular indicators: MACD and the directional indicator (ADX) may indicate a continuation of the trend (MACD marks the next lower bars of the histogram and ADX draws an increasing difference between the +DI+ and +DI directional lines). ETH Ethereum is the second cryptocurrency by market capitalization. It has gained a whopping 100% of its value in the recent surge most likely triggered by a wave of news about the upcoming Merge (the transition from proof-of-work (POW) to proof-of-stake (POS) blockchain). According to the Ethereum Foundation Blog, the technology transition will save approximately 99.5% of energy and significantly cut the cost of money transfers. On the Conotoxia MT5 platform at 11 GMT+3, ETH is losing around 3.8%. Technical analysis may indicate a slightly better situation for the token than BTC. ETH price, daily candles Today, ETH broke through the possible support level of $1530, but this has already happened to an even bigger degree a week and a half ago. The price also broke through most of the analysed moving averages today (100, 20 and 10-day), except for the 50-day moving average. Through the strong rally in recent weeks, the token despite falling as much as 23.7% from its local peak is only slightly below the average (50 points) of the RSI indicator, which may indicate a lack of signal. The MACD is most likely pointing to a continuation of the declines (the MACD histogram marked another bearish bar today, interrupting the several-day upward trend). The directional indicator (ADX) does not seem to give a clear signal yet, but with the continuation of ETH's declines, it could happen any day now. Rafał Tworkowski, Junior Market Analyst, Conotoxia Ltd. (Conotoxia investment service) Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Source: BTC and ETH down - cryptocurrencies in trouble? (conotoxia.com)

Crypto Industry News: Canadian mining company Hut 8 reported that its bitcoin holdings had surpassed the 8,000 mark, amassing its own resources in the wake of the cryptocurrency market crash. Hut 8 published its latest mining report for August 2022. We read in it that the company increased its resources by 375 BTC in a month. In total, the miners' reserve is 8111 BTC. The company said it was mining 12.1 BTC per day for a month. While other mining operators were forced to sell some of their BTC holdings in the midst of the ongoing cryptocurrency market downturn, Hut 8 managed to continue its "longstanding HODL strategy" without getting rid of the bitcoin mined. Hut 8 also announced that it has installed 180 Nvidia GPUs in its main data center in Kelowna, Canada. This center is currently mining Ether. However, after the September update, GPU mining hardware will be used to provide artificial intelligence, "machine learning" or VFX rendering services. Hut 8 also continued to increase its mining capacity with the acquisition of Chinese ASIC MicroBT miners. The company paid $ 58.7 million for 12,000 new MicroBT M30S, M30S + and M30S ++ miners in October 2021. It also received orders for 1,000 machines a month by the end of 2022. Technical Market Outlook: The BTC/USD pair had bounced form a new swing low located at the level of $18,553 and is about to test the consolidation zone lower line seen at $19,521. The market conditions are now neutral as the bounce was made from the extremely oversold conditions. The main trend remains down and the next target for bears is located at $17,600. Weekly Pivot Points: WR3 - $20,411 WR2 - $20,111 WR1 - $19,911 Weekly Pivot - $19,840 WS1 - $19,610 WS2 - $19,509 WS3 - $19,209 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.     Relevance up to 08:00 2022-09-09 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/291897

The cryptocurrency market and Bitcoin are entering another phase of a bear market. The capitalization of all digital assets once again dipped below $1 trillion, which indicates a decrease in buying activity and aggravation of short-term negative factors. Despite this, Bitcoin managed to realize a local bullish momentum and gain a foothold above $19.1k. The bullish rebound of the cryptocurrency once again proved the powerful foundation of Bitcoin. The main cryptocurrency fell to the lower limit of the $18.5k support level, but subsequently the buyers did not let the price go lower. As a result, Bitcoin formed a green candle and settled above $19k. In the local perspective, this is a positive moment, which will delay further price reduction. At a distance of 7–10 days, the rebound of the cryptocurrency is not of fundamental importance, as the situation remains bearish. The green candle following the results of September 7, was unable to absorb the volumes of sellers. Technical metrics confirm that the bears have the initiative. The RSI and Stochastic tried to realize a bullish momentum, but in the end, the metrics reversed under the pressure of the sellers. On the daily timeframe, we see how the price of Bitcoin is gradually approaching the assault on the final support segment of $18.5k–$19.1k. BTC/USD quotes have completed the first spike at the $18.5k level. Most likely, over the next few days, we will see a retest of the support area. The next stage of the price fall will provoke a news background that risks confirming the pessimistic expectations of the market. Despite this, many analysts point out that Bitcoin is showing a high level of resilience in the current bear market. This indicates a high level of fundamental interest in Bitcoin, which can soon change the situation for the better. The first signal for a gradual stabilization of the situation was the unexpected conclusions of Arcane Research about the financial stability of public mining companies. Analysts have confirmed that the majority of miners are facing financial difficulties due to the energy crisis as well as the fall in the price of Bitcoin. However, thanks to large stocks of cryptocurrencies and financial reserves, mining companies survived. As of September 8, none of the public miners have filed for bankruptcy. Given this fact, as well as the gradually growing Bitcoin hashrate (+9% in August), Arcane concluded that the worst period for miners is over. In addition to the hashrate, this is evidenced by the positive dynamics of the growth of reserve volumes of mining companies. The improvement in the situation of mining companies was largely due to the constant sale of BTC coins for liquidity. At the moment, this process exerted strong downward pressure on the price of the cryptocurrency. If you look at the situation in the long term, then the sale of miners is a logical and healthy process of transferring coins to long-term investors. This is the process we have been observing for the last three months. During this period, the number of wallets with 0.1–10,000 BTC updated absolute highs, confirming the active period of accumulation, which is typical for Bitcoin corrective cycles. There is also an active decrease in the balances of BTC coins on crypto exchanges. Now we are approaching an ambiguous factor that can have a different effect on the capitalization of Bitcoin. The Fed's hawkish policy raises more and more questions within the US and provokes a recession in the US economy. At the same time, inflation remains high, and the department's goal, according to Powell, remains around 2% per annum. Fed officials have also repeatedly stated that they will maintain the agency's current course until significant results appear. This suggests that the situation will not change dramatically in the coming months. The positive here is the BBG study, according to which the market lays a 70% chance of a 75 basis point rate hike in September. The market has adapted to the shock therapy from the Fed, and therefore we should not expect a significant increase in volatility during this period. Despite the leveling of local problems with the fall of markets, the global situation does not change. The liquidity crisis complicates the situation for the entire industry, and therefore there is no reason to count on the growth of capitalization. Given the rate of inflation decline, as well as the current level of the key rate, the situation will begin to change dramatically in November 2022. The catalyst for the growth of Bitcoin and the cryptocurrency market will be the elections to the US Congress. Most analysts are inclined to believe that the government will inject liquidity into the markets to improve economic health before a major political event. In addition, by November, the rate will remain at a high level for quite a long period of time, which suggests an increase in the rate of decline in inflation. Given these factors, we can assume that the first thaw after the crypto winter will occur in November. However, it is still too early to judge its fundamental impact on the cryptocurrency market due to insufficient statistical data.       Relevance up to 10:00 2022-09-09 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/321160

Technical analysis: BTC/USD has been trading sideways this morning and I see potential for the downside rotation due to the strong resistance in the background. Trading recommendation: Due to the breakout of the trading range in the background and potential for downside continuation, I see further selling opportunities. Watch for the selling opportunities on the rallies with the downside objective at the price of $18.600. MACD oscillator is showing upside reading but with no big upside momentum, which can be a sign for the downside rotation. Key resistance is set at the price of $19.600 Read more: https://www.instaforex.eu/forex_analysis/291987     Relevance up to 13:00 2022-09-09 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/291987

A mixed session in Asia overnight after Wall Street rebounded on Wednesday, while Europe is poised to open a little higher as well. It’s been a frankly awful few weeks for stock markets so yesterday’s gains will come as a mild relief, albeit one I don’t think anyone is getting particularly excited about. Given the economic backdrop, this could be nothing more than a dead cat bounce. Of course, there may be more potential next week if the US delivers a favourable inflation report. With the BoC and RBA both signaling a desire to ease off the brake in the months ahead, the Fed could be next if inflation allows, at which point we could see investors become a little more optimistic as they assess the damage. Perhaps the anticipation of another encouraging inflation report is what’s already tempting investors back in. More bold action needed from the ECB Of course, not all central banks are at the dovish pivot stage yet, in fact, the ECB is only just getting started. Today’s rate hike is only the second of the cycle and will take the deposit rate above zero for the first time in a decade. There’s a long way to go to get inflation in check which makes a 75 basis point hike all the more reasonable. This is the problem with starting the process so late and learning nothing from the experience of other central banks this year, the ECB is forced to play catch up quickly and the economy could suffer the consequences. A recession looms for the euro area and the central bank is not going to make the process any easier. Lockdowns persist Asia appears to have missed out on the midweek rebound and China’s zero-Covid strategy may be to blame. The country announced an extension of the lockdown in Chengdu which exacerbated fears of an economic slowdown in China as it continues to push back against the yuan decline, support the property market and boost domestic demand. Clearly, the impact of its Covid stance stretches beyond its own borders and today it appears to be taking a toll on regional markets. Sell-off momentum fading? Bitcoin recovered a little on Wednesday after slipping to around $18,500 – its lowest level in almost three months – as broader markets pared recent moves. It’s lower again today though and appears to have quickly run into resistance around $19,500 where it had seen strong support in late August and early September. It’s not looking great for crypto, with bulls perhaps hoping sentiment in the broader markets can sustain some of yesterday’s lift. One thing worth noting is that momentum in the decline appears to be fading which could suggest we’re seeing some profit taking on approach to the June lows, which may support the price in the short-term. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Crypto Industry News: The cryptocurrency industry has lost a trillion dollars in recent months as Bitcoin plunged below $ 20,000. Famous investor Peter Schiff says the fierce competition from altcoins is taking its toll. Less than a month ago, the price of Bitcoin soared above the $ 23,000 mark. The sharp decline in the cryptocurrency in the remainder of August until this week saw a correction of about 20% of its total market capitalization. Schiff Gold Fund CEO and Austrian economist Peter Schiff says Bitcoin is losing market share to competing altcoins: "BTC dominance has dropped to 38.1%, its lowest level since June 2018. Competing against nearly 21,000 other intrinsically worthless digital tokens, NFT and cryptocurrency-related stocks is taking its toll. Even though Bitcoin is unique, its alternatives are not." Several crypto Twitter commentators were quick to disagree with Peter Schiff's claims. Even his son Spencer has questioned his father's claim that all competition in the crypto markets is flooding with Bitcoin. It is true that many new cryptocurrencies do not have a known supply limit of 21 million coins on the Satoshi Blockchain. However, Bitcoin does not necessarily compete with its peers in the cryptocurrency sector. The fast-growing market offers a wide variety of virtual financial services. Moreover, as Peter Schiff himself pointed out, not all Bitcoin "peers" offer users a currency based in part on the economy of digital scarcity. So they don't really compete for the same users. Technical Market Outlook: The BTC/USD pair had bounced form a new swing low located at the level of $18,553 and is trading back above the $20k level. The last local high was made at $20,822 (at the time of writing the analysis) and the next target for bulls is seen at $21,368 (100 DMA). The market conditions are now neutral as the bounce was made from the extremely oversold conditions. The main trend remains down and the next target for bears is located at $17,600. Weekly Pivot Points: WR3 - $20,411 WR2 - $20,111 WR1 - $19,911 Weekly Pivot - $19,840 WS1 - $19,610 WS2 - $19,509 WS3 - $19,209 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.     Relevance up to 09:00 2022-09-10 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/292122

Technical analysis: BTC/USD has been trading upside in the background and there is the breakout of the supply trendline, which is good sign for further rally. Trading recommendation: Due to the breakout of the supply trend-line and strong upside momentum, I see further rally. Watch for the potential buying opportunities on the intraday dips with the upside objective at the price of $21.940. MACD oscillator is showing the fresh upside momentum and the reading is positive after long time, which is good sign for further rally. Key support is set at the price of $19.000       Relevance up to 10:00 2022-09-10 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/292144

The White House has published a new report that urges US policymakers to consider legal restrictions or outright restrictions on cryptocurrency mining in order to reduce the industry's environmental impact. The White House Office of Science and Technology Policy report focuses on the cryptocurrency mining industry, which has grown significantly in the US over the past two years. U.S. President Joe Biden's executive order on cryptocurrencies in March led to a report proposing standards focused on clean energy use, low water consumption, and low energy intensity. The report recommends a complete ban on such protocols that damage the environment. The report also provides a list of recommendations designed to ensure the development of digital assets. According to the report, the goal of these recommendations is to close data gaps, manage electricity demand, reduce greenhouse gas emissions, reduce e-waste and environmental pollution. And also to support the transition to clean energy. Cryptocurrencies need better regulation In addition to the White House report, U.S. regulators issued a statement on Thursday about their intentions to dominate the cryptocurrency sector and bring some law and order to the nascent asset class. Speaking at an industry conference, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), said he supports the idea of Congress giving more power to the Commodity Futures Trading Commission (CFTC) to regulate cryptocurrencies. Allowing the CFTC to manage the BTC and ETH markets will allow the SEC to focus on regulating the rest of the crypto market, as the agency believes that all other cryptocurrencies are securities and should be governed by existing securities laws. Powell calls for stablecoin regulation Federal Reserve Chairman Jerome Powell discussed stablecoin legislation during a live speech. These statements by Powell echo similar comments from regulators around the world, including the IMF, which emphasize the importance of creating a solid legal framework regarding the use of stablecoins.   Relevance up to 09:00 2022-09-23 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/321268

The calm in the financial markets is deceptive. Those who lost interest in bitcoin because it fell into the 5.4% trading range, the narrowest since October 2020, can eat their hearts out. The nature of the market is such that consolidations are replaced by trends, and vice versa. And the longer this or that asset is traded in a narrow range, the more explosive its further rally promises to be. Or, conversely, collapse. In the case of BTCUSD, the pendulum could have swung either way, but the fall in the US dollar inspired the token to surge. Looking at the peak of the leader of the cryptocurrency sector to the very bottom since mid-June, the "bears" rubbed their hands. In their opinion, the decline in miners' incomes to the lowest level in the last two years due to increased competition, increased electricity costs, and the crypto winter should have forced them to sell tokens to cover the costs. On the contrary, BTCUSD bulls pointed to the rise in the ratio of open interest in perpetual swap contracts for crypto assets to the number of coins held in reserves on exchanges, or the so-called leverage ratio, to record peaks. Despite bitcoin's 70% drop from its November highs, interest in it is still high. So, prices will rise, you just need to wait for the right moment. Dynamics of Bitcoin and Leverage Ratio The problem is that no matter how much the fans of crypto assets would like to live an independent life, it will not work. Big money has long entered the market, which perceive bitcoin as a risky instrument, and the fate of such assets depends on the Fed and its monetary policy. In this regard, the fall of BTCUSD against the backdrop of Jerome Powell's hawkish rhetoric in Jackson Hole and the growth of the pair's quotes on expectations of a slowdown in US inflation look logical. Comments from FOMC officials, determined to fight the highest prices in decades and willing to sacrifice the labor market and the economy to do so, raised the chances of a federal funds rate hike by 75 bps in September to 86%. Large banks added fuel to the fire. Goldman Sachs and Nomura have changed their forecasts for the trajectory of borrowing costs. They see them up 75 bps in September and by 50 bps in November, up 25 bps higher than previous ratings. The cycle of monetary restriction will certainly not end there. However, according to the market, the figure of 86% is too high. It will certainly fall if US inflation continues to slow down in August from 8.5% to 8.1%, as Bloomberg experts predict. This circumstance makes it possible to sell the US dollar and buy risky assets, including US stocks and bitcoin. The markets are again going against the Fed, which they managed to do momentarily in the summer. I believe that history will repeat itself, so the potential for a BTCUSD rally seems limited. Technically, on the daily chart, consolidation above fair value at 20,000 amplifies the risks of a pullback. Start selling the token on the rebound from resistances at 21,500, 22,300 and 23,150.       Relevance up to 10:00 2022-09-14 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/321276

The price of Bitcoin rallied and now is trading at 21,256. It has increased by 15.47% from Wednesday's low of 18,540 to 21,408 today's high. Technically, the price action signaled that the downside movement ended and that the buyers could take the lead. In the last 24 hours, BTC/USD is up by 10.74% and by 5.46% in the last 7 days. The rebound helped the altcoins to rebound and recover as well. BTC/USD Sell-Off Ended! As you can see on the H4 chart, the BTC/USD found support at 18,595 and now it has developed a strong rally. After escaping from the down-channel, the cryptocurrency was somehow expected to turn to the upside. Now, it has ignored the 20,575 and 20,700 resistance levels signaling potential further growth. BTC/USD Outlook! BTC/USD is strongly bullish and it could extend its growth without a temporary retreat. Breaking and closing above the 20,700 key level was seen as a bullish signal. The next major upside target is represented by the 22,400 level. Coming back to test and retest 20,700 could bring new long opportunities. Earn on cryptocurrency rate changes with InstaForex Download MetaTrader 4 and open your first trade       Relevance up to 19:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/292228

As the world mourns the death of Her Majesty Queen Elizabeth II, world leaders pay tribute for her incredible service and leadership. The UK enters a 10-day mourning period that will see some events delayed or suspended. ​ The BOE announced they will push back their interest rate decision to September 22nd. UK train strikes will be delayed as three British trade unions will suspend their scheduled strike action. ​ The Office of National Statistics confirmed the upcoming economic publications are due to go ahead. ​ That includes UK trade, GDP, unemployment, inflation, housing, and retail sales data. Wall Street is finishing the week on a positive note as the dollar’s rally has run out of steam as optimism grows for inflation to continue to come down. Economists are slightly lowering their inflation forecasts and that could mean the Fed won’t have to take rates above 4%. Another round of hawkish speak from both the Fed’s Bullard and Waller was not able to derail today’s stock market rally. ​ ​ It is looking like traders are growing confident they will soon see the end of the Fed’s interest rate hiking cycle. ​ Supporting the risk-on narrative was softer-than-expected Chinese consumer and producer inflation data that could pave the way for more easing by the PBOC. Oil Crude prices are rallying on supply risks and as the dollar has tentatively peaked. Lately it has been mostly bad news for oil prices as demand concerns worsened given China’s deteriorating COVID situation, a surprise jump in stockpiles, and on expectations world leaders will continue to exhaust emergency measures to send energy prices lower. Energy Secretary Granholm said President Biden is considering the new releases from the US Strategic Petroleum Reserve (SPR). Russia President Putin’s threat to cut off all energy supplies is a growing risk as Ukraine recaptures territory. ​ The risk of some supply disruptions over the next few months remains elevated and that should help oil prices stay above the $90 a barrel level. Gold Gold is higher as the historic run higher in the dollar appears to have run out of steam. It seems Wall Street is getting comfortable with the idea of another 75-basis point rate hike by the Fed. ​ Fed’s Bullard supports a third straight 75-bp interest rate hike even if next week’s inflation reports show price pressures continued to ease. ​ Fed’s Waller also supports another significant rate hike this month. Gold is finding a home above the $1700 level and that could continue if investors continue to look beyond hawkish central bank speak. Gold’s fate could be determined after this next inflation report. ​ If consumer prices come in hotter-than-expected, gold might see selling pressure target the $1680 region. ​ A sharp deceleration with pricing pressures might only provide a modest boost higher for gold as policy makers. Bitcoin Bitcoin is welcoming the return of risk appetite and a falling US dollar. ​ The broad market rally has rejuvenated cryptos and that could continue if investors continue to look beyond hawkish central bank overtures and lingering recession risks. ​ ​ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Bitcoin price remains at a critical level from a macro perspective and could still crash another 40%. BTC is primed for a quick recovery rally to $21,874 from a short-term outlook and could give bulls a much-needed break. Transaction history suggests a steep nosedive for the big crypto if these levels are breached. Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target. While the recovery rally was as quick as it was a surprise, investors can hope for a minor retracement to get on the next leg-up. Although the short-term outlook might look bullish depending on the time frame, the larger picture for BTC remains massively bearish with the possibility of another catastrophic crash brewing. Bitcoin price and the macro outlook Bitcoin price, as described in the previous weekly update, continues to fill up the void, extending from $29,563 to $11,989. Very little volume was traded in this area as BTC rallied 145% between October 18, 2020, and December 29, 2020, creating an inefficiency. Hence, the recent dive in Bitcoin price is a corrective move to fill up the imbalance. As Bitcoin price tags the $19,087 to $20,562 support area, there is a remarkable yet obvious bullish reaction since this area coincides with the 2022 Point of Control (POC), or the highest traded volume level, at $20,562 . Investors can expect this bounce to extend a little higher as market participants vie for a recovery rally. However, the larger outlook is bearish, and a breakdown of the $19,087 level will trigger the next leg down. This nosedive could potentially shed 42% of Bitcoin price’s current value and push it down to $11,989 or the $12,000 psychological level, which could very well be the macro bottom for the big crypto and the entire market. Readers should note that this massive downswing is NOT likely to happen over the next two or three weeks but could occur in December 2022 or the first quarter of 2023. BTC/USDT 1-day chart Supporting this downtrend and the critical support areas described above for Bitcoin price is IntoTheBlock’s Global In/Out of the Money (GIOM) model. This on-chain index shows that the immediate support level at $19,230 is weak, and a breakdown could knock BTC down to the next support cluster that extends from $9,435 to $18,196. Here the roughly 4.95 million addresses that purchased 1.7 million BTC at an average price of $11,915 are “Out of the Money.” Interestingly, this level coincides perfectly with the one forecasted from a technical outlook and adds credence to the macro bottom occurring anywhere between $11,989 to $13,500. BTC GIOM On a lower time frame, Bitcoin price looks likely to pull back to $20,000 or $19,511 before making the next move. The rationale for this retracement is to refuel the bullish momentum before the next leg-up to equal highs at $21,874. A sweep of this level is likely to form a local top here, but Bitcoin price might revisit the $22,693 hurdle in a highly optimistic case. BTC/USDT 4-hour chart While Bitcoin price remains in an overall downtrend, a daily and a weekly candlestick close above $25,000 will invalidate the bearish outlook and suggest a premature reversal of the downtrend. In such a case, investors should wait for secondary confirmation like higher lows and higher highs before jumping on the bull run bandwagon that could potentially revisit the $30,0000 psychological level.

Crypto Industry News: The Crypto Valley Association, based in Switzerland's Zug, the self-proclaimed "cryptocurrency valley", will lead the partnership with its Dubai counterpart. The aim of the venture is to connect the growing blockchain community in Switzerland and the Middle East. Both associations were founded by Ralf Glabischnig, who played an important role in establishing Zug as the center of blockchain and cryptocurrency organizations. The new partnership between associations based in Switzerland and the United Arab Emirates aims to establish contacts and exchange information between companies in both countries. Crypto Oasis co-founder Faisal Zaidi will lead the CVA-led initiative in Dubai, which already has 1,100 organizations based in the United Arab Emirates. All actors are involved in its growing ecosystem. Zaidi highlighted Dubai's efforts to adopt and promote Zug's blockchain-based companies, products and services: "This alliance will connect the scattered world of blockchain, linking Switzerland, which is a leader in disruptive technologies, with the Middle East, which is set to become the new cryptocurrency and blockchain hub." The CVA has already carried out a similar initiative in July. A branch in Latin America was then established to take advantage of the burgeoning crypto sector in South America. As announced, the CVA has sent out an invitation from Dubai International Financial Center to visit Zug. This is to identify blockchain organizations that have the potential to migrate to the United Arab Emirates to strengthen their growing ecosystem. Technical Market Outlook: The BTC/USD pair had bounced form a new swing low located at the level of $18,553 and is testing the lower channel line. The last local high was made at $22,342, so the next target for bulls is seen at $22,410. Nevertheless, on the H4 time frame chart the Pin Bar candlestick pattern was made at the top of the move, so the bears are more active around the lower channel line. The market conditions are extremely overbought on the H4 time frame chart so a pull back towards the technical support located at $20,580 is welcome. The main trend remains down and the next target for bears is located at $17,600. Weekly Pivot Points: WR3 - $23,418 WR2 - $22,624 WR1 - $22,146 Weekly Pivot - $21,821 WS1 - $21,352 WS2 - $21,035 WS3 - $20,241 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout. Earn on cryptocurrency rate changes with InstaForex Download MetaTrader 4 and open your first trade         Relevance up to 09:00 2022-09-13 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/292307

Technical analysis: BTC has been trading upside as I expected and the price reached first objective at the level $22.000 but I see potential for further rally towards next main target. Trading recommendation: Due to the strong upside momentum and no bigger signs for the reversal, watch for buying opportunities on the intraday dips with the upside objective at $25.000. MACD oscillator is showing fresh upside momentum, which is sign that buyers are in control. Key short term support is set at the price of $21.150 Earn on cryptocurrency rate changes with InstaForex Download MetaTrader 4 and open your first trade           Relevance up to 10:00 2022-09-13 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/292352

Contrary to forecasts and fears, Bitcoin managed to keep the $18.5k–$19k key zone intact. Due to this, the price of the cryptocurrency reversed and recovered above $22k over the weekend. Impulsive and powerful upward movement became possible due to a number of fundamental factors, as well as the categorical skepticism of market participants. As a result, Bitcoin reached the level of $22k and continues to consolidate to resume the upward movement. However, the influence of certain factors can significantly affect the prospects of the main cryptocurrency in the short term. At this stage, there are two fundamental problems for Bitcoin to resume its upward movement. One of them is the Ethereum update, which risks drastically changing the balance of power in the cryptocurrency market. Chainalysis analysts stated that, most likely, The merge update will give Ethereum an advantage over BTC and make it even more attractive to institutional investors. In addition to the upcoming interest in Ethereum, there has already been an increase in investment infusions into the altcoin. Indirectly, this is evidenced by the decrease in the level of Bitcoin dominance to the level of 39%. After an upward spurt over the weekend, the indicator reached the level of 41%, however, the second fundamental problem of BTC will not allow to build on this success. The key deterrent to the potential growth of Bitcoin is the macroeconomic situation and the policies of the Central Banks. Last week, the ECB raised its key rate by 75 basis points, with an increase forecast of 0.5%. This decision indicates the absence of significant changes in the monetary policy of the Central Bank. A similar situation is observed in the US, where markets estimate a 70% chance of raising the key rate by 75 basis points. This week, the inflation report for August will also be released, which is able to give a positive impetus to the crypto market. An easing of monetary policy is also likely closer to November, when the elections to the US Congress begin. This gives hope for the recovery movement of Bitcoin within wide ranges. However, there are alarming factors that indicate the likelihood of a protracted inflationary crisis. Goldman Sachs experts are confident that in 2023 the inflation rate in the United States will reach 22%. And there is no doubt that this will cause a corresponding reaction from the Fed and the maintenance of a tight monetary policy. Under such conditions, it is not necessary to hope for a serious rally in the price of Bitcoin. In the more foreseeable future, in addition to fundamental factors, serious pressure from miners remains. Miners have sold over 4,600 BTC over the past few days, according to CryptoQuant data. Mining companies will remain an important factor that puts pressure on the price both when it grows (to take profits) and when the price falls to lows. Despite the fundamental difficulties, Bitcoin has a good chance of realizing some bullish runs. The main reason for optimism was the formation of the largest green candle since May 30th. The formation of such a pattern indicates the gradual activation of buyers and the growth of bullish sentiment. Given the presence of a news and buying corridor for growth, Bitcoin may try to reach a local high at $25k. The successful consolidation of the cryptocurrency above $22k can become a springboard for further upward movement, in case of a positive response from US investors. As of writing, we see signs of the upside potential of Bitcoin drying up on the daily chart. The size of green candles gradually began to decrease, and the appearance of wicks indicates the activation of sellers. The price faced serious resistance near the $22.1k level. Technical indicators confirm the presence of a serious seller holding the $22.1k resistance zone. The RSI index continues to move upward, but the characteristic breakdown on the chart indicates the presence of serious bearish volumes. Stochastic has entered the oversold zone and is moving sideways. The probability of a reversal through the formation of a bearish crossover increases significantly. At the same time, MACD resumed its upward movement and is approaching the zero mark and the green zone. This may indicate the formation of a fundamental upward movement of the cryptocurrency. We see a similar movement on the chart of the S&P 500 stock index. The correlation of Bitcoin with the stock market remains, which adds fuel to the asset for growth. It is important to note that nothing has changed fundamentally. Bitcoin and the fund are rising while the US dollar index corrects. The break in the inverse correlation between BTC and DXY will be the main signal for a change in the fundamental situation. Given the temporary correction of the dollar index, we can count on the continuation of the upward movement of BTC/USD with a potential of up to $25k. Earn on cryptocurrency rate changes with InstaForex Download MetaTrader 4 and open your first trade     Relevance up to 10:00 2022-09-13 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/321413

Black lines- FIbonacci retracement Bitcoin continues its upward bounce that started last week at $18,550. Bitcoin has so far retraced more than 50% of the decline from $25,200. The important Fibonacci resistance level is at the 61.8% retracement at $22,680. Bulls need to recapture this level in order to hope for a bigger reversal higher. Bitcoin is approaching the key Fibonacci resistance. The RSI has reached overbought levels and justifies a pause in this upward movement. Most probable scenario is for Bitcoin to pause the rise here or make a slightly higher highs, and then turn downwards to retest recent lows. We continue to believe that this is only a counter trend bounce. Read more: https://www.instaforex.eu/forex_analysis/292400   Relevance up to 15:00 2022-09-13 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/292400

European stocks are off to a positive start on Monday, following a relatively muted day in Asia amid bank holiday closures in China, Hong Kong and South Korea. UK growth continues to struggle The UK economy grew slightly less than expected in July, with growth supported by consumer-facing services on the back of the Women’s EUROs and the Commonwealth Games. With the additional bank holiday this month, the economy could be facing a small technical recession, albeit one that won’t be nearly as bad as was expected prior to the cap on energy bills. There’s a lot more data to come this week which should show consumer spending slipping as inflation remains above 10% and the labour market still strong. Yen slips once more The Japanese yen is slipping again at the start of the week despite continuous warnings from officials about the movements in the currency. While they continue to stress the urgency with which they view the unjustified moves, they’ve so far shown themselves to be all talk and no action so the warnings are increasingly falling on deaf ears. US inflation data eyed on Tuesday There’ll be a heavy focus on the US this week as traders await CPI data on Tuesday. The release comes following another flurry of hawkish Fed speak. It seems policymakers were keen to reinforce their hawkish position ahead of the blackout period – which we’re now in – potentially with an eye on that data point. They’ll have no opportunity to react to the release ahead of the meeting and there was perhaps a feeling that a softer reading could see market expectations slip which they clearly want to avoid. It will be interesting to see how traders now respond as we’ve seen how keen they are to hop aboard the “dovish pivot” train before. Bitcoin enjoying a strong rebound The recovery in bitcoin since the end of last week has been very strong, with the rally topping 4% again today. Whether it’s the expectation of a dovish shift, a weaker dollar or just an improvement in broader risk appetite, something is giving cryptos a big boost and that’s helped bitcoin hit its highest level since it went into freefall on 19 August. Things may be looking up in the short term, although once more, that may well depend on the inflation data. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Risk rebound continues - MarketPulseMarketPulse

Bitcoin (BTC) As per last week's projection, Bitcoin has plunged to the $ 19,000 region. It was in the vicinity of this support that the demand reaction appeared; as a result, the BTC quotations increased by more than USD 3,800, i.e. nearly 21%, over the past few days. This surge caused the BTC rate to break above the local resistance of $ 20,650 and is now approaching another resistance of around $ 22,500. If this barrier was also broken, then Bitcoin could continue its upward rally towards the previously defeated upward trend line, which is the lower limit of the parallel growth channel observed from mid-June to mid-August, or further up to USD 24,500. If the currently tested resistance was rejected, the BTC could at least return to the area of ​​the last defeated resistance (now support) of $ 20,650. Considering the multitude of important events in the near future, it seems that it will depend on whether the currently tested resistance will be defeated or rejected. The first of these will be the publication of a report on consumer inflation (CPI) in the United States scheduled for next Tuesday, September 13, 2022. Economists estimate that after dropping to 8.5% in July from 9.1% in June, the dynamics of consumer price growth slowed down in August to 8.1%. So it can be expected that any reading higher than expected will speak in favour of the third consecutive 75bp rate hike in the federal funds rate, which would threaten another BTC decline. Following this line of thinking, any reading below the expected level may induce the Federal Reserve (Fed) to reduce the scale of the interest rate hike to 50 basis points, which in turn would signal the approaching of the Fed's monetary tightening cycle that has been ongoing since March this year and could constitute a kind of support for further Bitcoin growth. It is worth recalling that although the US inflation report will be presented on September 13, we will have to wait until September 21 for the Fed's monetary decisions. Ethereum (ETH) Looking at the Ethereum quotes, we notice that the price of this cryptocurrency has increased by almost 26% since August 29, thus reaching the region of USD 1780. A permanent breach of this level could open the door for further appreciation towards USD 2,000, but only a break above USD 2,000 could signal a potential for larger gains. One of the key events for ETH (apart from the publication of the CPI inflation report in the US) this week will be Merge, i.e. Ethereum's transition from proof-of-work to proof-of-stake consensus, thanks to which miners will be replaced with validators, the new ETH supply and the amount of energy needed to maintain the grid. Although the transition from PoW to PoS can be described as a kind of technological revolution for ETH, the most important thing for changing the course will be the reduction of new supply, not the technological aspect itself. A smaller supply with unchanged demand could contribute to an increase in the ETH exchange rate. The question, however, is whether Ethereum will be able to break away from Bitcoin, with which this cryptocurrency is highly positively correlated. If not, the possible increase in the ETH rate could turn out to be only temporary, after which the market could again succumb to pressure from macroeconomic events, particularly the Federal Reserve’s monetary policy. Therefore, there is still a risk that the ETH exchange rate will drop further to USD 1,400 or even to USD 1,250. Therefore, there is still a risk that the ETH exchange rate will drop further to USD 1,400 or even to USD 1,250. Bitcoin Cash (BCH) Since mid-August this year, Bitcoin Cash has remained in the horizontal trend between $ 112 support and $ 133.50 resistance. The increase observed last week brought the BCH price back to the upper limit of this system. Any defeat of this resistance could therefore drive a further increase towards USD 145. However, considering consolidations are usually corrective formations, it seems highly probable that before a permanent return to the path of growth, the BCH exchange rate will slump to around $ 112 or even $ 97. Litecoin (LTC) Litecoin's prices have risen by more than 22% recently, returning to the area of ​​a highly significant resistance of $ 65. If this barrier were to be broken, the LTC could continue to rally north towards the $ 73 and downward trend line. However, a possible breakdown or rejection of the currently tested resistance will probably depend on tomorrow's US CPI inflation reading. Reading the index above 8.1% could rebound the LTC rate from the currently tested level and return to 52 USD. Polygon (MATIC) The price of the cryptocurrency Polygon fell by more than 28% between August 14 and 20 this year, slipping below the upward trend line. This sale will stop; it was low in the area of ​​technical support in the region of USD 0.75, where there was a demand response. The increase observed later made the MATIC price increase by over 22%. However, considering the small dynamics of this rebound, it seems highly probable that the market will return to the downward path shortly, slipping towards USD 0.75, USD 0.61, USD 0.45, or even USD 0.32. XRP Looking at the XRP quotations, we will notice that the price of this cryptocurrency has remained within a parallel growth channel since mid-June this year. After rebounding from the upper limit of this system at the end of July this year, the XRP rate stuck in a horizontal trend just below the local resistance of USD 0.39. The supply pressure observed on August 18 and 19 contributed to breaking the bottom out of this system. Moments later, the upward trend line was also broken, which was the lower boundary of the entire growth channel. The sell-off then stopped around $ 0.3340 technical support, where there was a slight demand response on August 20 this year. However, the subsequent rebound only contributed to a re-test of the upward trend line and the previously defeated support (now resistance) of $ 0.36, which was the lower limit of the earlier consolidation. In reaction to the hawkish speech of the Fed chairman two weeks ago, the XRP rate rebounded from this resistance and fell below the support of USD 0.3340. The sell-off only stopped around $ 0.32, and for the next few days, the XRP remained within a relatively narrow range between the support of $ 0.32 and the resistance in the region of $ 0.3340. The increases observed last week contributed to the breakout of the upper boundary, resulting in the XRP rate returning to the technical resistance area of USD 0.36 and the upward trend line being the lower boundary of the earlier channel. If this barrier is dropped, we could expect a decline toward USD 0.3340 in the near future.

Bitcoin traders play waiting game ahead of CPI data and the Merge Bitcoin briefly hit the $22,000 level before retreating to the $21,700 level in the recent correction. Bloomberg analysts believe traders are awaiting US inflation data and a successful completion of the Ethereum Merge, before making a move. Analysts predict a comeback in Bitcoin price, identified a bullish engulfing candle in the BTC price chart. Bitcoin price witnessed a slow recovery from its slump as investors waited for the release of CPI data. Analysts believe Bitcoin price could witness a reversal of its downtrend once there is a successful completion of the Merge. Bitcoin price rally cools off ahead of CPI data Bitcoin’s price scaled $22,000 briefly before retracing the $21,700 level. Analysts at Bloomberg believe Bitcon’s price trend can be explained by the anticipation surrounding the release of CPI data and the upcoming Merge. Ethereum’s Merge and the transition to proof-of-stake is a milestone event in the crypto ecosystem. The community is likely to witness a change in the way Ethereum is created and a massive scale up in the ETH blockchain’s adoption. A hard fork is likely, according to Proof-of-Work supporters, this could result in an airdrop of PoW tokens for PoS holders. The Merge and resulting consequences could therefore shift trader’s perspective in the crypto ecosystem. The release of CPI data and the Merge could therefore influence Bitcoin’s price. Inflation figures and the upgrade in the Ethereum ecosystem could result in volatility in Bitcoin price trend. Higher than expected US inflation could harden traders’ expectations and result in a decline in Bitcoin price. Similarly, any roadblock or challenge faced by the Ethereum blockchain could hurt trader sentiment and result in decrease in capital inflow to the crypto ecosystem. Analysts identifies bullish signal in BTC price chart Phoenix Ashes, a pseudonymous crypto analyst evaluated the Bitcoin price chart and noted that there is no bullish divergence in sight. The analyst commented on Bitcoin’s price chart in a recent tweet: BraveNewCoin liquid index for Bitcoin RektProof, a crypto trader argues that Bitcoin price could retrace lower, to the $18,600 level before its rally. The analyst has therefore identified two key areas of interest to open shorts. The $20,000 level and the $26,000 level are the two key points on Bitcoin’s price trend where the analyst expects a correction, therefore an opportunity for a short. Bitcoin Perpetual Futures  

Crypto Industry News: After the death of Queen Elizabeth II, not only did a lot of news appear in virtually all media. It took several dozen minutes to create the first memecoins and NFTs, which tried to earn on the event that attracted the attention of the world. Shortly after the official announcement of the queen's death, many new NFTs on a similar topic appeared on the OpenSea platform, and new cryptocurrencies hit the exchanges. Regarding the NFT, there are a lot of "stamps" featuring the queen's profile, photos and pixel art - also those with "laser" red eyes. In turn, decentralized exchanges flooded with memecoins with names such as Queen Elizabeth Inu, Save the Queen, QueenDoge, London Bridge is Down, or simply RIP Queen Elizabeth. For some, this type of activity will be distasteful, while for others it is a great way to earn money. Technical Market Outlook: The BTC/USD pair has been seen consolidating around the level of $22,400, close to the lower channel line. The last local high was made at $22,474, so the next target for bulls is seen at $23,513. The bulls are back inside the channel despite the extremely overbought market conditions on the H4 time frame chart. A pull back towards the technical support located at $20,580 is welcome and might occure ant time now. The main trend remains down and the next target for bears is located at $17,600. Weekly Pivot Points: WR3 - $23,418 WR2 - $22,624 WR1 - $22,146 Weekly Pivot - $21,821 WS1 - $21,352 WS2 - $21,035 WS3 - $20,241 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout. Earn on cryptocurrency rate changes with InstaForex Download MetaTrader 4 and open your first trade   Relevance up to 08:00 2022-09-14 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/292496

Market picture Bitcoin rose 2.6% to $22,300 in the past 24 hours amid rising stock indices and a weaker US dollar. Ethereum lags the market, losing 0.7% to $1715. Top altcoins performance ranged from -1.5% (Cardano) to +10% (Solana). Total crypto market capitalisation, according to CoinMarketCap, rose 1% overnight to $1.06 trillion. The cryptocurrency Fear & Greed Index added 9 points to 34 by Tuesday, the highest since mid-August. BTC is just a hair above its 50-day average, which should hardly be considered an encouraging bullish sign. The following intermediate stage of recovery that could revive the market is the 200-week average at $23.2K. The latter dynamic suggests cautious market players, who are likely to shift their attention to global macro issues. The most critical of these today is the US inflation report, which could return optimism to the markets if price growth slows and sell-offs otherwise. TradingView shows a correlation between bitcoin and the S&P 500 index started to strengthen again last week. Read next: Ethereum Is Down, The CBDC Infrastructure In Norway Is Based On Ethereum Technology| FXMAG.COM Solana posted the highest daily gain among top coins. Despite the overall market decline, the number of NFTs issued on the Solana blockchain rose sharply, reaching 312K. The trading volumes of collectable assets on the network have also jumped. News background According to CoinShares, crypto funds saw a $63 million outflow last week, the highest in 12 weeks. Ethereum funds lost $62M, bitcoin funds - $13M, and short-BTC funds got an $11M inflow. These dynamics starkly contrast to the price behaviour and overall market capitalisation, showing that the institutions are not setting the prices here at all. The bitcoin network's hash rate has renewed its all-time high of 281.79 million TerraHash, shifting the projected date of the next halving from May 2024 to Q4 2023. According to a Harris Poll survey, 70% of cryptocurrency investors are hoping to become billionaires, which is significantly above the number among traditional investors. On September 19, due to increased regulatory pressure, Huobi will delist seven anonymous cryptocurrencies, including Dash (DSH), Monero (XMR) and Zcash (ZEC).

Technical analysis: BTC has been trading sideways today at the price of $22.400 but I see potential for further downside movement due to the channeling mode and slowdown in tempo. Trading recommendation: Due to the slowdown in the upside movement and chnaneling mode, I see potential for further downside movement. Watch for the selling opportunities in case of the downside breakout of the channel. Stochatic oscillator is showing fresh bear cross and bear divergence, which can be good sign for the further downside movement. Key resistance is set at the price of $22.600   Relevance up to 09:00 2022-09-14 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/292514

Bitcoin continues its upward movement and confidently consolidates above the $22k level. The cryptocurrency is slowly moving towards the next resistance area, which runs at $22.5k–$23.1k. At the same time, the ultimate target of the bullish movement can be called another retest of the upper boundary of the $18k–$25 wide range. Bitcoin technical indicators show local weakness caused by the $22.6k resistance zone piercing, which triggered an increase in sellers' volumes. As a result, the RSI reached 60 and turned sideways. The stochastic oscillator has been in the overbought zone for the second day. The metric formed a bearish crossover and began to decline. These technical metrics indicate a local decrease in buying activity. At the same time, the MACD remains bullish and maintains an upward movement towards the zero mark and the green zone. This is an important bullish signal indicating the presence of a medium-term upward movement. Given this, the local weakness of BTC can be interpreted as a healing correction. Most likely, with the opening of the American markets, the price will resume growth. Alternative scenario for the development of events Another scenario of the development of events, which is tied to fundamental factors, is also quite probable. Today, September 13, the statistics of the consumer price index for August will be published. In July, the figure fell to 8.5%, but the CPI forecast for August is 8.1%. On the one hand, I want to be sure that the publication of financial statements will not affect the price of BTC in any way, given that the market is preparing to raise the key rate by 75 basis points. The "smart money" of the crypto market is already ready for a further fall in inflation, and the expected outcome of the event is embedded in the price of Bitcoin. This means that the reaction of the market to the continued pace of falling inflation will be insignificant. Despite this, we can expect a local pullback of the price to the range of $20.5k–$21.1k. This may be due to the fixation of short-term positions by investors who bet on a further fall in inflation. The ultimate target of the current upward movement of Bitcoin can be considered the $24k–$25k range. Subsequently, the price will again begin to decline due to the pressure of miners and macro trends. It is likely that this will be the last drop in the formation of the "triple bottom" pattern, which will subsequently lead to a significant upward movement of BTC/USD to the $27k–$28k area. Will Bitcoin continue to be bullish? As of September 13, the further upward movement of Bitcoin is not in doubt for the following factors: correction of the DXY index, which has an inverse correlation with Bitcoin; the upward movement of the S&P 500, which has a direct correlation with Bitcoin; adaptation of the market to the publication of CPI reports and low volatility in the market. Given these factors, Bitcoin will continue its upward movement towards the upper $24k–$25k swing area within the current wide range of $17.7k–$25k. The pace of growth may slow down in the next few days due to the activation of bears near the $22.6k level, as well as a potential pullback on news of rising inflation. Earn on cryptocurrency rate changes with InstaForex Download MetaTrader 4 and open your first trade Relevance up to 10:00 2022-09-14 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/321541

We aren’t seeing much change in Europe ahead of the open on Tuesday after a broadly positive session in Asia as China, Hong Kong and South Korea returned following the bank holiday weekend. The last few days have seen a notable improvement in market sentiment. It’s not always easy to pinpoint what’s driving such a turnaround but the fact that it’s happening in the days leading up to the US inflation report is certainly interesting. Perhaps last month’s report has given investors confidence that another faster deceleration could be on the cards for August. That may sound premature but the fact is that two consecutive reports showing a sharp deceleration combined with last month’s goldilocks jobs report will be a really encouraging sign and could trigger a broader risk rebound in the markets. It may not be enough to tip the Fed balance in favour of a more modest 50 basis point rate hike next week but it may slow the pace of tightening thereafter. The Ukrainian counteroffensive in previously Russian-controlled territories in the east and the south, most notably in Kharkiv, may also be lifting sentiment. Pressure will mount on the Kremlin and while there’s no saying what its response will be, there’s certainly more hope that momentum is moving back in favour of Ukraine. Meanwhile, Europe is putting together plans to cope with higher energy prices this winter with the UK joining others in setting a cap on energy bills. While that won’t solve the problem of supplies or generate as much demand destruction, it will protect many households and businesses that otherwise wouldn’t have been able to cope this winter and could save the UK from recession. If not, it will no doubt make it much less severe. Not what the BoE wanted to see It’s not often that you see the unemployment rate fall to the lowest in almost 50 years and aren’t overjoyed, but that will certainly be the feeling at the Bank of England right now. The decline in the rate was driven by a decline in the labour force, while employment rose by only 40,000; far less than expected. What’s more, wage growth accelerated faster than expected, hitting 5.5% including bonuses in the three months to July compared with the same period last year. Less labour market slack and faster wage growth increase the odds of a 75 basis point hike from the MPC next week, especially against the backdrop of higher core inflation expectations over the medium term as a result of the new cap on energy bills. Can it build on the recovery? Bitcoin is holding onto gains ahead of the inflation data. The recovery has been very strong until this point but it may need a favourable report in order to hold onto them. A positive inflation number could see bitcoin add to recent gains with the next major test to the upside falling around $25,500. For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/ This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds. Nerves ahead of US inflation - MarketPulseMarketPulse

Crypto Industry News: In a Twitter post, Canadian Prime Minister Justin Trudeau made critical comments about the pro-crypto-platform for newly elected opposition leader Pierre Pollievere, writing: "We will also pay attention to questionable, reckless economic ideas. Telling people that they can get around inflation by investing in cryptocurrencies is not responsible leadership," he writes. In a separate televised speech, Trudeau reiterated these remarks, adding that "responsible leaders" should not encourage individuals to "invest their life savings in volatile cryptocurrencies." On September 10, Calgary-born politician Pierre Pollievere won 68.15% of the vote in the election for the next leader of the Conservative Party of Canada, the official opposition to the current Liberal Party of Justin Trudeau. Pollievere is a cryptocurrency advocate committed to transforming Canada into the "Blockchain Capital of the World", citing the positive outlook for job creation in the Web 3.0 sector and lower cost of accessing financial products as reasons to support this intention. In previous interviews, Pollievere argued that the government was "ruining the Canadian dollar" and that Canadians should consider other forms of money, such as crypto. Earlier this year, Canada declared a state of emergency after a convoy of truck drivers, dubbed the "Freedom Convoy," blocked downtown in the nation's capital, Ottawa. The group has advocated ending all coronavirus-related blocking measures and ending vaccine mandates. In response, the Trudeau government invoked the Crisis Act authorizing banks to freeze funds related to protesters' activities. Then an Ontario judge ordered the freezing of millions of Bitcoin donations to the group's wallet address. The RCMP, the Canadian federal police, also demanded that cryptocurrency exchanges freeze the wallets owned by protesters. In July 2022, inflation in Canada was 7.6%, the highest level in 40 years. Meanwhile, cryptocurrencies have not held up as a 'hedge against inflation' this year, and the overall market capitalization of digital assets has dropped more than 60% since January. Technical Market Outlook: The BTC/USD pair had made the local high at the level of $22,474 and then the market was smashed down after the inflation readings from the US beat the expectations. The Bearish Engulfing candlestick pattern was made at the H4 time frame chart and the bears broken below the $20k for a while. Currently, the market is consolidating around the level of $20,300, but the negative momentum supports the short-term bearish outlook towards the level of $18,640 again. Weekly Pivot Points: WR3 - $23,418 WR2 - $22,624 WR1 - $22,146 Weekly Pivot - $21,821 WS1 - $21,352 WS2 - $21,035 WS3 - $20,241 Trading Outlook: The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout. Earn on cryptocurrency rate changes with InstaForex Download MetaTrader 4 and open your first trade   Relevance up to 08:00 2022-09-15 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/292683

Technical analysis: BTC has been trading downside as I expected. The price reached first objective at the price of $21.235 but I see potential for further downside movement towards next reference points. Trading recommendation: BTC is trading flat this morning but I found potential bear flag pattern, which can be very good sign for further downside movement. Watch for the selling opportunities with the downside objectives at the price of $19.590 and $18.500. Stochatic oscillator is showing fresh downside cross from the overbought zone, which can be good sign for the further downside continuation. Key resistance is set at the price of $22.600 Earn on cryptocurrency rate changes with InstaForex Download MetaTrader 4 and open your first trade Relevance up to 08:00 2022-09-15 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/292677

Yesterday, we suggested that bitcoin was about to fall. It turned out to be true, and the digital asset went down already in the middle of the day. Of course, a $2,200 plunge is not significant for the flagship cryptocurrency. The coin is still moving in a sideways channel between $18,500 and $24,350. Therefore, it is too early to say that the trend has resumed. Moreover, jitters were felt across markets yesterday, and they posted significant losses. Nevertheless, bitcoin is still moving below the descending trendline towards the lower limit of the sideways channel. Thus, we may assume that the price will test this mark, rebound four times, and break through it. If our assumptions are accurate, the downtrend will resume, and bitcoin will nosedive to $12,426. Yesterday, all eyes were on the US inflation report, which is now as important as the Federal Reserve's meeting. This is because all the regulator's further decisions on interest rates will be based on inflation results. The figures that came yesterday can be called neither disturbing nor shocking. If inflation accelerated, that would be shocking, whereas if it plunged by over 1%, this would cause turbulence in the market. However, annual inflation actually decreased by 0.2% in August, beating market expectations of a 0.2% rise. That is, nothing extraordinary happened. Still, demand for the dollar mounted yesterday, while risk appetite declined. It is clear why markets rushed to buy out the greenback: the pace of a slowdown in inflation decreased. Therefore, the hawkish Federal Reserve is likely to raise interest rates by 75 basis points at a meeting next week. It is commonly known that bitcoin, the stock market, and risk assets are usually bearish when the US central bank makes hawkish decisions on interest rates. In other words, markets started to price in the future rate decision yesterday. In this light, BTC could extend its fall, and a lot will now depend on the barriers of $18,500 and $17582. In the 24-hour time frame, the quote failed to break through $24,350 and $18,500 (Fibonacci retracement of 127.2%). Generally speaking, bitcoin is likely to trade in the sideways channel, and it remains to be seen for how long. Therefore, it would be wiser to wait for the price to leave the channel and then trade BTC. Should a breakout through $18,500 occur, the quote will head towards $12,426. Signals indicating a rebound from the trendline or upper/lower limit of the channel can be used as well. Earn on cryptocurrency rate changes with InstaForex Download MetaTrader 4 and open your first trade     Relevance up to 06:00 2022-09-15 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/321626

Market picture Bitcoin collapsed 9.6% on Tuesday, ending the day near $20.2K, which remains on Wednesday morning. Ether is losing 6.4% overnight to $1610. The most significant altcoins took a heavy hit, losing between 4.6% (BNB) and 13% (Solana), but remain on the plus side after seven days. The bears in Bitcoin have asserted that they are in control. From the 50-day moving average level, BTCUSD experienced a substantial decline. This could bring back downward sentiment, as it did in August, for an extended period. However, it is too early to speculate on whether the June lows will be renewed. Pressure on all risky assets came after a hot US inflation report, which increased the likelihood of a more robust Fed rate hike next week and triggered the strongest sell-off in more than two years. News background Eugene Fama, 2013 Nobel Prize laureate in Economics, believes that bitcoin will have value as a means of payment. However, BTC's high volatility prevents it from being used for that purpose. We should add that this refers not only to the downside but also to upside moves. Ethereum has a much higher near-term growth potential than bitcoin, according to ConsenSys. ETH could become a savings vehicle following The Merge event, set to take place on September 15. Digital asset management platform Abra is launching Abra Bank, the first regulated crypto bank in the US, providing traditional services for cryptocurrencies. According to media reports, investment giant Fidelity Investments, which serves 34 million clients, plans to provide retail clients access to bitcoin trading on its brokerage platform.

Bitcoin briefly hit the $22,000 level before retreating to the $21,700 level in the recent correction. Bloomberg analysts believe traders are awaiting US inflation data and a successful completion of the Ethereum Merge, before making a move. Analysts predict a comeback in Bitcoin price, identified a bullish engulfing candle in the BTC price chart. Bitcoin price witnessed a slow recovery from its slump as investors waited for the release of CPI data. Analysts believe Bitcoin price could witness a reversal of its downtrend once there is a successful completion of the Merge. Bitcoin price rally cools off ahead of CPI data Bitcoin’s price scaled $22,000 briefly before retracing the $21,700 level. Analysts at Bloomberg believe Bitcon’s price trend can be explained by the anticipation surrounding the release of CPI data and the upcoming Merge. Ethereum’s Merge and the transition to proof-of-stake is a milestone event in the crypto ecosystem. The community is likely to witness a change in the way Ethereum is created and a massive scale up in the ETH blockchain’s adoption. A hard fork is likely, according to Proof-of-Work supporters, this could result in an airdrop of PoW tokens for PoS holders. The Merge and resulting consequences could therefore shift trader’s perspective in the crypto ecosystem. The release of CPI data and the Merge could therefore influence Bitcoin’s price. Inflation figures and the upgrade in the Ethereum ecosystem could result in volatility in Bitcoin price trend. Higher than expected US inflation could harden traders’ expectations and result in a decline in Bitcoin price. Similarly, any roadblock or challenge faced by the Ethereum blockchain could hurt trader sentiment and result in decrease in capital inflow to the crypto ecosystem. Analysts identifies bullish signal in BTC price chart Phoenix Ashes, a pseudonymous crypto analyst evaluated the Bitcoin price chart and noted that there is no bullish divergence in sight. The analyst commented on Bitcoin’s price chart in a recent tweet: BraveNewCoin liquid index for Bitcoin RektProof, a crypto trader argues that Bitcoin price could retrace lower, to the $18,600 level before its rally. The analyst has therefore identified two key areas of interest to open shorts. The $20,000 level and the $26,000 level are the two key points on Bitcoin’s price trend where the analyst expects a correction, therefore an opportunity for a short. Bitcoin Perpetual Futures