Bitcoin rose 2.9% in the past 24 hours to $20.9K. Ethereum added 5.5% to $1140, while the top 10 altcoins growth ranged from 1.1% (Doge) to 11.5% (XRP).

Total crypto market capitalisation, according to CoinMarketCap, rose 3.1% to $929bn over 24 hours. Bitcoin’s dominance index lost 0.2 points to 42.9%. The cryptocurrency fear and greed index remained at 11 points (“extreme fear”) for the third day.

Bitcoin rebounded from the previous day’s decline on Thursday amid rising US stock indices. The first cryptocurrency has not yet managed to advance above $21K. Markets must guess whether we see crypto market weakness compared to equities or whether BTC works as a leading indicator, indicating that the rebound in equities is false.

Famous investor Mark Mobius called bitcoin a leading indicator of stock market sentiment. In his view, now is the time to buy stocks as bitcoin investors are still talking about buying it on the downside.

China’s Economic Daily warned local investors that in the future, when market confidence collapses or when sovereign countries declare BTC illegal, it will return to its original value, which is zero.

Changpeng Zhao, CEO of cryptocurrency exchange Binance, believes that after the current collapse, bitcoin may not surpass its previous high of $69,000 until 2024. Crypto winter could last until the next bitcoin halving in 2024, the “Dvision Network” believes.

According to KPMG, institutional investors show significant interest in asset tokenisation, NFTs and meta-currencies. Citibank and Switzerland-based METACO are launching a storage service for cryptocurrencies amid the growing digitalisation of traditional investment assets.

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.

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