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%

The crypto market has crawled to the top of the range


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

Bitcoin has gained 2.5% in the last 24 hours to $16.9K and has already tried to break above $17K. The price has been moving near the upper end of its range for the past three weeks, fuelling hopes that buyers can push it up out of an established channel. The total capitalisation of the crypto market has surpassed $850bn, rising to a two-and-a-half-week high. The overall crypto market, like Bitcoin, has been increased to the upper end of the trading range, but a more reliable confirmation of an exit from the flat movement would still be to cross the $900bn mark.

The rise in the crypto market came as a counterbalance to the pressure in equities, as crypto enthusiasts clung to news of Bitcoin's legalisation as a means of payment and as an investment asset. This is not to say that Brazil has become second El Salvador, but the advent of regulation is a sign of the industry's maturation, with long-term positive implications.

That said, it must be noticed that growth has been painfully slow due to the persistence of an impressive sales overhang. The domino effect of the FXT collapse has probably yet to fully materialise, while rising energy prices are accelerating miners out of business.

Bitcoin has gained 2.5% in the last 24 hours to $16.9K

News background

Decentralised exchange protocol (DEX) Serum on the Solana blockchain has announced that it is shutting down due to the collapse of FTX. Fidelity Investments is launching bitcoin retail trading, opening small players' access to its cryptocurrency platform. It is only for users who are on their whitelist for now.

The total capitalisation of the crypto market has surpassed $850bn

According to the latest report from analyst firm Pitchbook, investment in the cryptocurrency industry amounted to $879 million in the third quarter of 2022, the lowest since the second quarter of 2021. However, this is still more than investments in other fintech. The Huobi exchange has announced plans to issue the world's first national token. The Dominica Coin, approved by the government of Dominica, will be published on the Tron blockchain. Meanwhile, the Reserve Bank of India (RBI) will launch a pilot project to test a retail digital rupee in early December.

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.