Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
The cryptocurrency market lost another 0.5% of its capitalisation overnight, to 1.2 trillion. Most losses came on Wednesday afternoon, while capitalisation has risen since Thursday morning.
Since last May, the market has failed to develop growth when it reaches levels above 1.22.
The main benchmark and psychological obstacle in this upward march is Bitcoin’s $30K level. It manages to go higher within local impulses for a while, but this only strengthens the local selling.
Technically, Bitcoin never managed to break out of the narrow corridor, turning from decline to rise with the start of active trading on Thursday.
This resistance is temporary, and after some consolidation, we should expect a new test of this resistance. At the same time, one should refrain from writing off what is happening in the global equity markets.
In spring, Bitcoin gained in March on the problems of regional US banks. Still, if the pressure on stocks increases due to the economic slowdown, the correlation between stocks and cryptocurrencies will be positive again.
News background
The Stablecoin sector has yet to fully benefit from Bitcoin’s rally to annual highs, drawing attention from Fitch.
In June, aggregate trading volume on centralised cryptocurrency exchanges rose for the first time since March. According to CCData, the figure rose 14.2% to $2.71 trillion.
In Australia, the offices of Binance were searched as part of an ongoing investigation into the crypto exchange’s activities in the country. An Australian Securities and Investments Commission (ASIC) spokesperson said the regulator's probe into the company is ongoing.
Authorities in Denmark have ordered Saxo Bank to curtail cryptocurrency trading. All digital asset positions must be eliminated by 2024, as cryptocurrency trading is not on banks’ list of permitted activities.
Kenya has introduced a 3% tax on cryptocurrency transactions. According to a UN report, Kenya has the fifth highest global adoption of cryptocurrencies, with 8.5% of the country's population owning them.
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
Week Ahead: Altcoin plays for traders as Bitcoin crosses $42,000
Bitcoin price hit $40,000 over the weekend as investors anticipate a spot BTC ETF approval in January. Bitcoin trades around $42,000 and shows no signs of stopping. This article will focus on what to expect this week and the outlook for BTC and if the fourth cycle is any different.
Crypto exchanges serving Indian residents to comply with Anti-Money Laundering guidelines: Indian Parliament
Crypto exchanges serving Indian residents to face action if not compliant with Anti-Money Laundering and Countering of Financial Terrorism guidelines.The process of registering offshore exchanges, Virtual Digital Asset service providers has been initiated.
Dogecoin breaks key $0.088 barrier ahead of tenth birthday, 87% DOGE holders at profit
As Dogecoin (DOGE) approaches its tenth anniversary on Wednesday, the Shiba-Inu-themed meme cryptocurrency has surpassed a crucial resistance level at $0.088076, reaching the highest level since mid-April.
Bitcoin price could rally to $45,000 ahead of BTC halving event in April 2024
Bitcoin price crossed the $41,000 mark on Binance, in its ongoing uptrend. BTC price rally is likely driven by the anticipation of Spot Bitcoin ETF approval. There are more catalysts driving BTC price gains in the current cycle.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.