Market picture
Bitcoin remains firmly anchored to the psychologically significant $20K round level, changing by only fractions of a per cent for almost a week. Ethereum continues to draw green candles, but this is more than nominal growth, also within fractions of a per cent, while the price is still hovering around $1580. Of the top altcoins, Polygon stands out, adding 5% in a day and 8.3% in seven days. The others are down over the last seven days.
Total crypto market capitalisation, according to CoinMarketCap, added 0.9% overnight to $984bn.
Despite recent stock indices' notable drop, BTC has been hovering near the circular $20,000 level for almost a week. The last time there was such a prolonged lull was in June 2020, when it stretched out for almost a month. Current trends indicate that bitcoin is a leading indicator for the stocks rather than following them. If this connection persists, the resilience of the most crowded with institutions, BTC and ETH, indicates that risk appetite continues, which gives an encouraging signal for the stock market.
News background
According to Bank of America, Crypto investors are switching to Stablecoin as they wait for the market crisis to continue.
The Attorney General of Washington has filed a lawsuit against Michael Saylor and the MicroStrategy company he used to run for $25 million in tax evasion.
Dogecoin co-founder Billy Marcus ridiculed former Microstrategy CEO Michael Saylor for being overly enthusiastic about the first cryptocurrency. Saylor called bitcoin "a miracle happening right before people's eyes".
Finally, South Korean tech giant LG Electronics is preparing to launch a cryptocurrency wallet, Wallypto, based on the Hedera Hashgraph network in the third quarter of 2022.
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

Crypto Gainers Price Prediction: WIF, SPX, XLM - Meme coins shine as Bitcoin hits record high
Cryptocurrency market sentiment improves as Bitcoin reaches a new all-time high, catalyzing a sharp recovery in meme coins such as Dogwifhat, SPX6900, alongside the payment token Stellar.

GMX slumps following $40 million hack on V1 platform
GMX experienced a double-digit decline on Wednesday after the exchange lost $40 million in an exploit targeting its V1 platform and GLP pool on Arbitrum, while its V2 platform remained unaffected.

Tokenization could pull in 5% of $257 trillion global stock, bond markets: Bitwise
Tokenization of stocks and bonds is expected to capture 1-5% of the combined value of the bond and stock markets, currently at $257 trillion, according to Bitwise executives Matt Hougan and Ryan Rasmussen in a note to investors on Wednesday.

Ethereum Price Forecast: ETH surges 5% on Bitcoin's all-time high and GameSquare treasury announcement
Ethereum rallied past $2,700 alongside the broader cryptocurrency market on Wednesday, notching a 5% gain following Bitcoin's surge to a record high near $112,000. The rise in the market underscores Bitcoin's strong correlation with top cryptocurrencies.

Bitcoin: BTC ends Q2 with 30% gains, Standard Chartered eyes $200K by year-end
Bitcoin (BTC) closed a strong second quarter (Q2), recording nearly 30% in quarterly gains amid rising corporate and institutional demand and bullish market sentiment.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.