Technical Analysis

The crypto market crawled to the top of the range


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.

Table of Contents

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.

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.

This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.

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