Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
Despite the storm in the equity markets, the crypto market remains subdued, losing only 0.3% in 24 hours to $1.045 trillion. The Crypto Market Fear and Greed Index is dipping into "fear" territory. The crypto market did not suddenly become a safe haven. Still, it only temporarily turned out to be of no interest to active speculators, as the movements of shares of technology giants and government bond prices now attract their primary attention.
Bitcoin is trading near $26.2K on Wednesday morning, ending Tuesday with another decline. We don't see the selling accelerating, but for now, it's going on many popular coins like Ethereum, XRP and Solana all at once.
According to CryptoQuant, bitcoin spot trading volume fell to 2018 values last week. The number of transactions has fallen more than 40 times since March.
At the same time, the number of hodlers who view cryptocurrencies as an investment but do not transact in them is on the rise. According to Bitfinex, bitcoin is in the period with the lowest volatility in the history of the asset. The crypto market is clearly in a quagmire.
Perhaps, before the revival of interest in the market, we should see a final frontal liquidation of long positions. But only with a sell-off in the stock and bond markets on worries about stocks and bonds, not with the bankruptcies of large crypto companies.
News background
The SEC opposed the sale of Celsius assets on the Coinbase, citing ongoing litigation against the latter.
98% of Celsius' bankruptcy-affected creditors supported the crypto lending platform's reorganisation plan, under which they would recover some assets and get a stake in the new company.
The UK's Financial Conduct Authority (FCA) has sent cryptocurrency companies a "final warning", accusing them of not wanting to comply with new rules on advertising digital assets in the country. The deadline for advertising compliance was recently extended to 8 January 2024.
One of the world's largest financial corporations, Hong Kong-based HSBC, announced that its customers can now pay for their loans using five types of digital assets. The financial group is ready to accept payment in BTC, ETH, XRP, SHIB and DOGE.
Shanghai's Second Intermediate People's Court recognised the first cryptocurrency as a "unique and irreproducible" digital asset, affirming its value at a legal level.
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
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.
Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570
Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million.
Bitcoin Weekly Forecast: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.