The crypto market has crawled to the top of the range
|Market picture
Bitcoin has gained 2.5% in the last 24 hours to $16.9K and has already tried to break above $17K. The price has been moving near the upper end of its range for the past three weeks, fuelling hopes that buyers can push it up out of an established channel.
The total capitalisation of the crypto market has surpassed $850bn, rising to a two-and-a-half-week high. The overall crypto market, like Bitcoin, has been increased to the upper end of the trading range, but a more reliable confirmation of an exit from the flat movement would still be to cross the $900bn mark.
The rise in the crypto market came as a counterbalance to the pressure in equities, as crypto enthusiasts clung to news of Bitcoin's legalisation as a means of payment and as an investment asset. This is not to say that Brazil has become second El Salvador, but the advent of regulation is a sign of the industry's maturation, with long-term positive implications.
That said, it must be noticed that growth has been painfully slow due to the persistence of an impressive sales overhang. The domino effect of the FXT collapse has probably yet to fully materialise while rising energy prices are accelerating miners out of business.
News background
Decentralised exchange protocol (DEX) Serum on the Solana blockchain has announced that it is shutting down due to the collapse of FTX.
Fidelity Investments is launching bitcoin retail trading, opening small players' access to its cryptocurrency platform. It is only for users who are on their whitelist for now.
According to the latest report from analyst firm Pitchbook, investment in the cryptocurrency industry amounted to $879 million in the third quarter of 2022, the lowest since the second quarter of 2021. However, this is still more than investments in other fintech.
The Huobi exchange has announced plans to issue the world's first national token. The Dominica Coin, approved by the government of Dominica, will be published on the Tron blockchain.
Meanwhile, the Reserve Bank of India (RBI) will launch a pilot project to test a retail digital rupee in early December.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.