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Bitcoin closed Thursday near $24,000, retesting that area after a failed attempt to climb higher in the middle of last week. The first cryptocurrency has added 3.8% over 24 hours, about as much as it has gained in the past seven days. Ethereum has added 4.8% in 24 hours, to $1720. Altcoins from the top 10 gained between 3.8% (BNB) and 10% (Solana).
The total capitalisation of the crypto market, according to CoinMarketCap, rose by 3.8% to $1.1 trillion overnight.
Bitcoin has closed above its 50-day moving average for two days. Closing the week above 22,700 would be a telling return to territory above the 200-week moving average.
Such a technical disposition could inspire retail buyers. Other factors are at work for institutionalists, notably a recovery in demand for risky assets and a pullback of the dollar from multi-year highs.
However, the longer-term and whole picture is working against the buyers. As long as we see tightening monetary and economic conditions, the crypto market has to move against the tide. In addition, Guggenheim Partners' widely held view remains that the industry has not yet been "cleared" of distressed participants. Crypto will be in trouble long-term because of regulatory pressure and a lack of strong institutional support.
According to the IMF, the cryptocurrency market will fall if the economy goes into recession. Preliminary US GDP data released on Thursday confirmed the start of a technical recession in the country.
The UK has suggested that cryptocurrencies be treated as a new type of property, making it much easier to protect investors in this instrument.
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.