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Bitcoin has changed little over the past 24 hours, trading at $19.4K on Tuesday at the start of the day. The initial fall was neatly redeemed during active European and US trading amid a rebound in stock indices. Some investors and traders saw the market response as excessive and sought to buy back the market at its current levels.
The capitalization of the entire crypto market rose 2.7% in the last 24 hours to 936bn. Both bitcoin and the crypto market continue to receive support near levels of the previous three months' lows, around the $20K and $900B area, respectively.
Despite a pause in the sell-off, the technical balance of power is on the bears' side, with the potential to renew the June lows and move into the $12-14K area.
According to renowned expert Willie Wu, the cryptocurrency market has not yet bottomed out. According to him, if bitcoin fails to stay in the $19K - $20K range, it faces a collapse to $17.6K. However, BTC may only bottom at around $10K.
According to CoinShares, investments in crypto funds rose last week after sharp outflows in the previous week. Net inflows of $7 million compared to outflows of $63 million the week before.
$17 million Inflows to bitcoin funds contrasted with $15 million outflows from Ethereum funds. Investments in funds that allow shorts on bitcoin rose by $3 million. "The combination of positive and negative flows suggests a continued lack of investor engagement in cryptocurrencies," CoinShares said.
After nearly two years of litigation, the SEC and Ripple Labs called on a federal court to immediately rule on whether XRP sales violate US securities laws.
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.
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