Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
Bitcoin closed last week with a new formal decline, losing $100 to $16490. At the start of trading on Monday, it loses another $360 to $16150. The week starts with a subdued risk appetite on global markets due to China unrest. Ethereum is performing better, adding 3.3% over the week to $1170. Other leading altcoins in the top 10 are changing from -2.5% (Polkadot) to 22.2% (Dogecoin).
Total crypto market capitalisation, according to CoinMarketCap, was up 2% for the week, to $817bn. The cryptocurrency Fear & Greed Index rose to 28 by Monday, moving into "fear" versus "extreme fear" at 21 a week earlier.
Bitcoin has updated two-year lows below $15,500 in the past week on news of the possible bankruptcy of cryptocurrency lending service Genesis Global Capital. Bitcoin is under pressure from institutionalists whose risk appetite is firmly tied to stock markets. Bitcoin continues to look for a bottom from which it can push back, but the negative external backdrop is not yet conducive to buying.
News background
According to Barron's, Genesis Global Capital has been the subject of an investigation by US regulators over the suspension of withdrawals and the company's liquidity crisis. It is unclear whether US federal regulators are involved, but at the very least, Alabama state supervisory agencies are investigating.
The DeFi-project Ardana team from the Cardano blockchain ecosystem has said it has suspended its development due to "uncertainty over funding and the timing of the project".
Bloomberg, a news agency, reports that Cryptocurrency lender Matrixport is seeking funding for $100 million. And while the company says the moves have nothing to do with a lack of liquidity, investors are little reassured.
Analysis of Bitcoin transactions helped British police arrest over 100 people in the biggest anti-fraud operation in UK history, led by Scotland Yard. The iSpoof website was taken down, and phone fraud suspects were caught.
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
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.