Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
The crypto market capitalisation has seen little change over the past 24 hours, stabilising around $1.165 trillion. The Fear and Greed Index is also little changed at 54 since the middle of last week. The market has been waiting for new signals, equally ready to return to growth or continue to fall.
The most fluctuation in Bitcoin over the last week and a half has been around $29.2K. And this is interesting because during this time, the dollar has gone into a growth mode, and there has been significant profit-taking in the equity market. It's unlikely that investors' caution in Bitcoin is due to expectations of the US jobs report.
A drop below $28.8K could quickly take the market to $28K or even $27K. A rise above $29.5K would open a quick path to $30K and on to $31K.
News background
Most investors prefer to buy Bitcoin while trading below $30K, Glassnode noted. The number of addresses with a balance of at least 0.01 BTC has reached an all-time high of more than 12.22 million, while the number of wallets in deficit is 14.04 million, the highest since late June.
MicroStrategy bought 12,333 bitcoins worth $347 million in the second quarter of this year, the largest quarterly purchase since 2021.
Former CFTC lawyer Mike Selig suggested that if spot bitcoin ETFs are allowed to launch in the US, ETFs linked to Ethereum and XRP are next in line.
Hong Kong issues its first cryptocurrency retail trading licence. HashKey crypto exchange has been authorised to provide services to local retail investors.
The Australian Securities and Investments Commission (ASIC) sued the eToro platform over its line of CFDs that allow speculation on cryptocurrencies.
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Editors’ Picks
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Bitcoin recovers after retesting $90K support
Bitcoin’s price recovers and trades at around $95,500 on Tuesday after dipping below $90,000 the previous day. The recent downturn at the start of the week has liquidated over $734 million in total liquidations, more than $152 million specifically in BTC.
Monero bulls remain strong, eyes double-digit gains
Monero price trades in the green, around $204.92 on Tuesday after holding its ascending trendline support the previous day. The technical outlook suggests a reversal ahead as XMR’s MACD indicator shows a bullish signal.
XRP sees high buying pressure as lawyer weighs in on SEC's appeal against Ripple
XRP's strong resilience against the wider crypto market decline was strengthened by increased buying activity across retail and institutional investors. SEC's delay in filing opening brief in appeal over Ripple vs SEC ruling is a normal occurrence in litigation processes.
Bitcoin: Room for a recovery or continuation of the pullback?
Bitcoin’s price slightly recovers and trades around $94,700 on Friday after declining nearly 6% earlier this week. US Bitcoin spot Exchange Traded Funds data shows signs of mild recovery, with a total net inflow of $462.2 million until Thursday.
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