FXTM information and reviews
FXTM
93%
OctaFX information and reviews
OctaFX
92%
XM information and reviews
XM
91%
FXCC information and reviews
FXCC
90%
Libertex information and reviews
Libertex
89%
FxPro information and reviews
FxPro
88%

Bitcoin entrenched at $30K


20 May 2022 Written by Alex Kuptsikevich  FxPro Senior Market Analyst Alex Kuptsikevich

Bitcoin fluctuates around $30K and has crossed that line daily in one way or another over the past 12 days. A 3.5% increase in the day’s results on Thursday turned into another pullback on Friday morning. Ethereum has strengthened by 3.5% in the past 24 hours, finding itself pegged at $2000.

Other altcoins in the top 10 gained between 0.4% (Solana) and 5.5% (XRP). Total cryptocurrency market capitalisation, according to CoinGecko, rose 3.1% overnight to $1.28 trillion. The Bitcoin Dominance Index rose 0.1% to 44.8%. By Friday, the cryptocurrency fear and greed index is unchanged at 13 points (“extreme fear”).

Bitcoin and the entire cryptocurrency market’s protracted tug-of-war promises to resolve with a strong move in one direction. However, there is hope for both bulls and bears. The latter has a minor advantage, as we saw this area touch down from above in January and June-July 2021. But now, all the fighting is concentrated below. Among the crypto news that caught our eye: MicroStrategy CEO Michael Saylor said his company would buy bitcoin at any price until it reached a million dollars.

Bitcoin entrenched at $30K

Bitcoin’s drop below $30,000 last week came after a large volume of the cryptocurrency entered exchanges. According to IntoTheBlock, traders have sent around 40,000 BTC to exchanges since May 11. According to an audit report by accounting firm MHA Cayman, USDT stable coin issuer Tether Holdings Limited reduced its reserves in the commercial papers by 17%, improving the quality of its funds.

The Ethereum development team said it would migrate the Ropsten test network to the Proof-of-Stake (PoS) consensus algorithm on June 8 2022. According to the legislation, SEC chief Gary Gensler has warned that the regulator is ready to take new measures against unregistered cryptocurrency companies.

The US Commodity Futures Trading Commission (CFTC) believes that amid a rise in cryptocurrency crime, the watchdog must strengthen regulation of digital assets to crack down on fraud and manipulation.

Share:


Related

Rotation from Bitcoin to altcoins?
Rotation from Bitcoin to altcoins?

Bitcoin gained 3.8% over the past week, ending around $21.4K, dropping slightly to $21.2K on Monday morning. Ethereum added 9.4%, while other top-ten altcoins gained between 4.6% (Cardano) and 19.3% (Dogecoin)...

27 Jun 2022

Crypto Crash and Stock Market
Crypto Crash and Stock Market

The horrors of 2018 and 2017 are back in the crypto market, and crypto traders are not only highly nervous about it, but many are also losing faith in cryptos as the current...

24 Jun 2022

Bitcoin may be near the bottom but not yet ready to rise
Bitcoin may be near the bottom but not yet ready to rise

The tug of war in Bitcoin near the psychologically important $20K continues. After losing 4.7% to $19.9K on Wednesday, the first cryptocurrency returned to $20.4K on Thursday morning...

23 Jun 2022

Cryptocurrencies are attracting investors, but it will pass
Cryptocurrencies are attracting investors, but it will pass

Bitcoin rallied from $20.5K to $21.6K during the day on Tuesday but later reversed to decline and went back on Wednesday morning. Ether corrected deeply...

22 Jun 2022

Bitcoin’s decline is oversold, but it’s too early to talk about a new rally
Bitcoin’s decline is oversold, but it’s too early to talk about a new rally

Bitcoin has rebounded 5% in the past 24 hours, trading at $20,800. Ethereum has recovered 6.4% to $1130 in the same time frame. Leading altcoins in the top 10 are adding from a modest 3.5%...

21 Jun 2022

BTC is consolidating at 20350 USD
BTC is consolidating at 20350 USD

Two very troublesome and nervous days passed, when the crypto survived a stressful decline and an attempt of a recovery. Over last week, the leading cryptocurrency...

20 Jun 2022


HFM information and reviews
HFM
87%
IronFX information and reviews
IronFX
86%
FXCM information and reviews
FXCM
85%
Pepperstone information and reviews
Pepperstone
84%
NordFX information and reviews
NordFX
83%
LegacyFX information and reviews
LegacyFX
82%

© 2006-2022 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.