Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Bitcoin has surpassed the $23170 mark, adding more than 9% in the past 24 hours. Ethereum jumped 13% to $1640. Other leading altcoins in the top 10 have gained between 6% (BNB) and 15% (Polkadot).
The total capitalisation of the crypto market, according to CoinMarketCap, rose 8.9% overnight to $1.06 trillion.
Bitcoin buying picked up sharply on Wednesday following the Fed's decision and subsequent comments. The crypto market has once again proved that it is growing stronger than equities regarding restoring demand for risky assets. While policy tightening is a negative for asset valuation, it was already priced in, and the subsequent relatively neutral signals from Chairman Powell added strength to new buying in equities and cryptocurrencies.
Technically, BTCUSD has moved back above its 50-day moving average in a strong move and continues to rise as of Thursday morning. We will draw attention to the $24K area, where earlier in July, growth momentum stalled. The ability to gain further strength could increase the confidence of the market participants that the bottom is behind us.
The International Monetary Fund (IMF) released a report on the global economy, noting that the fall in the cryptocurrency market has not affected the global financial system's stability. The IMF suggests that the crypto market will undergo a painful transformation, with a string of bankruptcies of cryptocurrency companies continuing.
Katie Wood's ARK Invest fund sold $75m worth of Coinbase shares because of an SEC investigation. The regulator accuses some former top Coinbase executives of insider trading.
According to media reports, the US Treasury suspects cryptocurrency exchange Kraken is violating sanctions against Iran.
The US Consumer Financial Protection Bureau (CFPB) will investigate the use of digital currencies for payments and increase oversight of technology companies as they enter the traditional financial sector.
Tether, the issuer of USDT, the biggest by capitalisation stablecoin, has promised to zero in on commercial paper reserves from the current $3.7bn no later than November and clarified that they do not hold Chinese securities.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.