Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
Bitcoin fell 6.9% last week to close at $26,900, while Ethereum lost 6.2% to $1800. Top-10 leading altcoins lost between 3.1% (Cardano) and 12.2% (Polygon).
The total capitalisation of the crypto market fell by 5.5% over the week to $1.13 trillion, according to CoinMarketCap. One of the main reasons was issues at Binance, where BTC withdrawals were suspended twice.
Bitcoin proved interesting for sellers as it touched the 200-week average, passing close to $26,000 last Friday. By defending this key average, the bulls have convinced the market of the sustainability of the long-term bullish trend. On Saturday and Sunday, the Bulls defended the $26.8K level. On Monday, investors switched to active buying and pushed the price to $27.5K.
However, cautious buyers will likely want to see a $28-28.5K takedown as confirmation of the break of last month's downtrend.
The Ethereum core network experienced two massive outages that prevented transactions from being completed for some time. Blocks were created, and transactions were completed but could be altered. The developers of the Ethereum client Prysm released an emergency update.
News background
CryptoQuant believes that institutional investors will start buying Bitcoin in late 2023 when the Fed starts to cut interest rates.
MicroStrategy founder Michael Saylor described Bitcoin as a solution to growing financial problems and a tool that gives hope to eight billion people to hold their savings. According to him, BTC is a commodity of necessity and traditional money in its current form is already "dying".
The US Chamber of Commerce issued a brief report on the case of trading platform Coinbase and the US Securities and Exchange Commission (SEC), criticising the agency for illegal actions against cryptocurrencies.
The European Banking Authority (EBA) believes central banks should ban large stablecoins if they threaten certain countries' monetary policies.
EU lawmakers plan to require companies involved in digital asset storage, trading, and investment to report their clients' balance sheets to tax authorities.
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
Recommended Content
Editors’ Picks
Vitalik Buterin slams controversial gambling project ZKasino following scam allegations
Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.
Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop
Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.
XRP price capped at $0.55 despite retail holdings nearing all-time highs
Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security.
Binance founder Changpeng Zhao could face three-year jail time
US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?