FXTM information and reviews
FXTM
95%
OctaFX information and reviews
OctaFX
94%
XM information and reviews
XM
93%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
91%
HFM information and reviews
HFM
89%

Some demand stabilisation in crypto


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

Bitcoin declined on Monday along with stock indices, testing six-day lows near $16K, following a decline in demand for risky assets due to unrest in China. Near this round level, the first cryptocurrency saw a demand, and in early trading on Tuesday, cryptocurrencies rose more actively than traditional markets, bringing the price of Bitcoin back to $16.5K.

According to CoinMarketCap, total capitalisation rose 2.2% overnight to $835bn, while the top coins add between 2% (Cardano) and 9% (Dogecoin), and Ethereum is again hovering around $1200.

The cryptocurrency market is showing signs of buying on the downturn and has been performing better than stocks for the past 24 hours, bolstering buyers' hopes. Major players continue to go bust, adding the BlockFi platform to the list, and Hong Kong exchange AAX is having problems. The market seems to be taking this news as part of the sector's recovery process, with weaker projects leaving.

News background

Santiment notes that wallets with large balances (100-10,000 BTC), after three weeks of net sales of 1.36% of total volume, have accumulated 0.24% in the last five days. It looks like the whales may be about to stop selling. Meanwhile, Glassnode claims smaller players are increasingly buying bitcoin on the dips. Investors with less than 1 BTC balance have added 96,200 BTC to their total holdings since the FTX crash.

Bitcoin declined on Monday along with stock indices, testing six-day lows near $16K

According to CoinShares, investments in crypto funds fell by $23 million last week, with the outflow of funds the highest in 11 weeks. Bitcoin investments decreased by $10m, and Ethereum by $6m. Investments in funds allowing shorts on bitcoin increased by $9m. Negative market sentiment persists after the FTX collapse, CoinShares noted. Regulators could take years to catch up and successfully control the cryptocurrency industry, so the industry needs to learn how to do it independently, says billionaire Bill Eckman.

Share: Tweet this or Share on Facebook


Related

Crypto market in no hurry to reach new heights
Crypto market in no hurry to reach new heights

Bitcoin spent most of Wednesday in a shallow corrective mode, pulling back to $22.3K. However, with the start of active trading in New York, optimism returned to the equity markets...

26 Jan 2023

TOP-7 best crypto coins to invest in 2023
TOP-7 best crypto coins to invest in 2023

Since its inception in 2008, Bitcoin has inspired many other crypto projects. There are currently more than 5,000 “alternative” coins - altcoins. 2022 was a stormy year for Wall Street...

26 Jan 2023

Bitcoin and Ethereum: no swings in the crypto market
Bitcoin and Ethereum: no swings in the crypto market

The price of Bitcoin is currently stable at the $23,000 level, moving sideways. The price of Ethereum remained stable above the $1620 level. The price of Bitcoin is currently stable at the $23,000...

25 Jan 2023

Bitcoin enters short-term correction
Bitcoin enters short-term correction

Despite positive developments in US stock indices, Bitcoin continued its unsuccessful attempts to consolidate above $23,000 on Wednesday...

25 Jan 2023

Cosmos vs. Polkadot: Which one is the Better Investment?
Cosmos vs. Polkadot: Which one is the Better Investment?

In this article, we will look at the difference between Cosmos and Polkadot, as there are many similarities in end goals, but the approach is quite different...

24 Jan 2023

Bitcoin recharges with optimism, aims for a $25K area
Bitcoin recharges with optimism, aims for a $25K area

Bitcoin is up 7.7% over the past week, trading at $22.7K on Monday morning. Ethereum added less - only 4.1% to $1640. Other leading altcoins in the top 10 have gained between...

23 Jan 2023


FXCM information and reviews
FXCM
87%
ActivTrades information and reviews
ActivTrades
86%
RoboForex information and reviews
RoboForex
85%
MultiBank Group information and reviews
MultiBank Group
84%
Libertex information and reviews
Libertex
83%
Vantage information and reviews
Vantage
83%

© 2006-2023 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.