Table of Contents
Bitcoin Market picture
Bitcoin fell
on Thursday by the most in 3.5 weeks amid a sharp decline in stock indices and
a stronger US dollar. BTC rolled back to $17.4K, losing 1.3% overnight.
Ethereum, which trades at $1270, shows the same decline amplitude. Total crypto
market capitalisation is down 0.7% to $852bn. The pressure on cryptocurrencies
came from the stock market, so assets with more institutions are faring worse
than others.
The
Cryptocurrency Fear and Greed Index was down 2 points by Friday, to 29 and
continues to be in a state of “fear”.
From a tech
analysis perspective, Bitcoin has failed to latch on to levels above the 50-day
moving average, causing it to now face speculative pressure. However, this kind
of pressure usually lasts for a day or two unless backed by external reasons.
On the
higher – weekly – timeframe, one can see the development of the current
downward phase since the end of May. The RSI would form a bullish divergence,
as new price lows correspond to higher levels in the index. This could signal
exhaustion for the sellers or consolidation before the next leg down.
Bitcoin News background
Cryptocurrency
exchange Binance has enough liquidity to allow all customers to withdraw 100%
of their assets, if necessary, said Changpeng Zhao, head of
the company. However, he said 99% of users need to gain the knowledge to hold
cryptocurrencies on their own and, therefore, could lose their assets.
The collapse
of FTX caused fewer losses than the bankruptcy of the Terra ecosystem before
it, Chainalysis claims. That said, estimates of realised losses may be
overstated, as any move from one wallet to another was considered a selling
event.
ConsenSys,
the company behind the popular cryptocurrency wallet MetaMask, announced a
partnership with payments firm PayPal where users can buy Ethereum.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.
