FXTM information and reviews
FXTM
95%
OctaFX information and reviews
OctaFX
94%
XM information and reviews
XM
93%
FXCC information and reviews
FXCC
92%
Libertex information and reviews
Libertex
91%
FxPro information and reviews
FxPro
90%

Bitcoin is climbing out of the pit but is not yet ready to fly


29 July 2022 Written by Alex Kuptsikevich  FxPro Senior Market Analyst Alex Kuptsikevich

Bitcoin closed Thursday near $24,000, retesting that area after a failed attempt to climb higher in the middle of last week. The first cryptocurrency has added 3.8% over 24 hours, about as much as it has gained in the past seven days. Ethereum has added 4.8% in 24 hours, to $1720. Altcoins from the top 10 gained between 3.8% (BNB) and 10% (Solana).

The total capitalisation of the crypto market, according to CoinMarketCap, rose by 3.8% to $1.1 trillion overnight. Bitcoin has closed above its 50-day moving average for two days. Closing the week above 22,700 would be a telling return to territory above the 200-week moving average.

Such a technical disposition could inspire retail buyers. Other factors are at work for institutionalists, notably a recovery in demand for risky assets and a pullback of the dollar from multi-year highs.

Bitcoin is climbing out of the pit but is not yet ready to f

However, the longer-term and whole picture is working against the buyers. As long as we see tightening monetary and economic conditions, the crypto market has to move against the tide. In addition, Guggenheim Partners' widely held view remains that the industry has not yet been "cleared" of distressed participants. Crypto will be in trouble long-term because of regulatory pressure and a lack of strong institutional support.

According to the IMF, the cryptocurrency market will fall if the economy goes into recession. Preliminary US GDP data released on Thursday confirmed the start of a technical recession in the country.

The UK has suggested that cryptocurrencies be treated as a new type of property, making it much easier to protect investors in this instrument.

Share:


Related

The Ethereum Merge is Complete: the Details and the Implication for the Cryptocurrency Market and the Blockchain Industry
The Ethereum Merge is Complete: the Details and the Implication for the Cryptocurrency Market and the Blockchain Industry

Big news from the world of crypto. A successful upgrade of major scale has been carried out on the Ethereum network, which could prove to be a pivotal point for the entire industry. Anyone who’s even remotely familiar...

1 Oct 2022

BTC did try to grow and even reached $20,381
BTC did try to grow and even reached $20,381

Yesterday, the BTC did try to grow and even reached $20,381, but couldn’t keep the momentum and dropped to $18,759. The key market driver for cryptos is the correlation with the American stock market...

28 Sep 2022

Has the crypto market first felt the risk appetite?
Has the crypto market first felt the risk appetite?

Bitcoin rose 1.1% on Monday, and on Tuesday morning, it "shot up" another 5.5%, adding 7.5% over the past 24 hours. This growth momentum has brought the price of the first cryptocurrency...

27 Sep 2022

Crypto as a safe haven. Finally?
Crypto as a safe haven. Finally?

Bitcoin is down 4.1% over the past week, ending near $18,900. Ethereum lost 5.8% to $1290. Other leading altcoins in the top 10 showed mixed dynamics, ranging from a 3.7% decline...

26 Sep 2022

The flight of XRP and the crypto market uptick
The flight of XRP and the crypto market uptick

Bitcoin has gained 3.8% in the last 24 hours to $19.4K. Quotes have stabilised near the lower bound of the three-month range. Ethereum gained temporary support after falling below $1300...

23 Sep 2022

The crypto market has chosen the downward path
The crypto market has chosen the downward path

Bitcoin is losing 2% over the past 24 hours, hovering near $18.7K at the time of writing. Attempts at intraday gains have been shattered by the adverse market reaction...

22 Sep 2022


HFM information and reviews
HFM
89%
IronFX information and reviews
IronFX
88%
FXCM information and reviews
FXCM
87%
NordFX information and reviews
NordFX
85%
Vantage information and reviews
Vantage
84%
FP Markets information and reviews
FP Markets
81%

© 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.