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Bitcoin is up 3.1% over the past 24 hours, trading around $19,400. After a downward momentum early in the day, the first cryptocurrency received some support thanks to a recovery in risk appetite.
Ethereum is gaining 3.5% overnight to $1330, with the top cryptocurrencies ranging from +0.5% (Cardano) to +4.7% (BNB). Overall, total crypto capitalisation rose 2.2% to $937B overnight, according to CoinMarketCap.
CoinShares said UK investors are buying Bitcoin amid the Pound's collapse this week, as we see with rising BTC/GBP trading volumes.
The momentum in the first and second half of the day has balanced each other out. As a result, Bitcoin has been moving sideways for the last ten days - without a clear trend and in a narrow range. This "dangling at the bottom" indicates Bitcoin accumulates in the area just below 20K. For now, the long-term pattern remains that the first cryptocurrency is attracting buyers on the decline from the previous cyclical peak.
In an online discussion organised by the Bank of France, the heads of the world's leading central banks called for increased regulation of the decentralised finance (DeFi) sector justified against the backdrop of its development.
Australia's central bank has announced the launch of a Digital Central Bank Currency (CBDC) by mid-2023. Fed chairman Jerome Powell said the Fed has not yet decided on the digital dollar (CBDC) promotion.
Cardano founder Charles Hoskinson said he would never support a government-owned digital currency that violates the privacy of its owner.
The IMF said that the Proof-of-Stake (PoS) consensus algorithm could lead to excessive concentration of control at cryptocurrencies and custodial service providers with risks to the integrity of markets.
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.