HFM information and reviews
HFM
96%
Octa information and reviews
Octa
94%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%

Bitcoin remains in ascending corridor


5 August 2022 Written by Alex Kuptsikevich  FxPro Senior Market Analyst Alex Kuptsikevich

Bitcoin was down 3.5% on Thursday, ending at around $22,500, but almost fully recovered its losses on Friday morning. As a result, changes over the past 24 hours are minimal, with a 0.2% gain to 23,200, with an amplitude of around 4%. Ethereum was trading near $1660 versus $1650 at the same time yesterday.

Other leading altcoins added between 0.4% (XRP) and 2.6% (BNB). Total market capitalisation, according to CoinMarketCap, rose 0.4% overnight to $1.08 trillion. The cryptocurrency Fear & Greed Index rose 1 point to 31.

Bitcoin has been under pressure all Thursday, despite continued positive stock market momentum and a general increase in demand for risk. Such dynamics of the crypto market again show how far it is from the sentiment that pushed the price ahead in the past two years.

Bitcoin remains in ascending corridor

From another perspective, BTCUSD has reversed to the upside this morning just above the lower boundary of its accending corridor, held for the last seven weeks and stayed above its 200-week moving average.

New background

Ark Invest calculates that BTC has fallen below the 200-WMA only seven times in history. After recovering above that line, the annual return on the asset has averaged around 240%. Along with the uptrend, the difficulty of mining increased by 1.74% for the first time in two months.

BTC has fallen below the 200-WMA only seven times in history

Mastercard noted that it views cryptocurrencies as an asset class rather than a means of payment because of their volatility in price. Stablecoins and DH digital currencies have a better chance of occupying this niche.

FTX CEO Sam Bankman-Fried praised a bill introduced in the US Congress that would give the authority to regulate the crypto market - the Futures Trading Commission (CFTC).

The recent hack of the Project Nomad bridge, in which hackers managed to take out $190 million in assets, was the 13th hack in the industry since the beginning of the year. According to Chainalysis, the total amount of damage was $2bn. Blockchain security agency SlowMist believes that cryptocurrencies are safer than DeFi and firewalls. According to Peckshield, hackers withdrew $4.8m from ZB, a decentralised crypto exchange that claimed to be the most secure in the world.

Share: Tweet this or Share on Facebook


Related

Pushing down crypto isn't easy
Pushing down crypto isn't easy

Buying on dips remains the dominant tactic in the crypto market. Capitalisation rose 1.8% in seven days to $1.65 trillion. Previously, the 'what doesn't rise, falls' formula was often applied to cryptocurrencies, however, recent attempts to sell off after a period of stabilisation have been met with increased buying.

5 Feb 2024

Crypto has retreated from the lows, but no rush for growth
Crypto has retreated from the lows, but no rush for growth

Crypto market capitalization at around $1.62 trillion is less than 1% higher than it was seven days ago, thanks to a growth spurt on Friday. Bitcoin has added 3% in the same period and continues to be the driving force behind crypto volatility.

29 Jan 2024

Ethereum could end consolidation with a dip towards $2000
Ethereum could end consolidation with a dip towards $2000

Volatility in the cryptocurrency market remains subdued, keeping the capitalisation near $1.56 trillion for the third day. Meanwhile, Bitcoin remains around $40K, and Ethereum looks pegged to $2200...

26 Jan 2024

The Crypto Market Takes a Breath after the Storm
The Crypto Market Takes a Breath after the Storm

The crypto market saw lower volatility in the last 24 hours, with capitalisation at $1.56 trillion and the price of Bitcoin hovering around $40K. Major altcoins have also avoided strong moves...

25 Jan 2024

Global risk appetite pauses crypto sell-off
Global risk appetite pauses crypto sell-off

Bitcoin reversed to the upside on Tuesday afternoon. The price drop to $38.5K attracted buyers on the background of another update of all-time highs by leading US indices, which supported risk appetite...

24 Jan 2024

Crypto's decline looks more like a sell-off than a correction
Crypto's decline looks more like a sell-off than a correction

The crypto market lost over 5% in 24 hours, to $1.52 trillion. Bitcoin has remained under pressure since the start of the week after pausing in the sell-off on Saturday and Sunday...

23 Jan 2024


MultiBank Group information and reviews
MultiBank Group
84%
XM information and reviews
XM
82%
FP Markets information and reviews
FP Markets
81%
FXTM information and reviews
FXTM
80%
AMarkets information and reviews
AMarkets
79%
BlackBull information and reviews
BlackBull
78%

© 2006-2024 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.