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Market picture
Bitcoin is trading near $19K on Friday morning, losing 0.5% overnight. It hovered between $18.9K and $19.3K on Thursday, remaining pinned closer to the lower end of its trading range due to pressure in the US equity market and gold at the close of trading in New York.
Bitcoin has closed lower for three consecutive days, but the bears have not yet decided to storm the support of the last four months. So far, we have seen an inertial retreat of cryptocurrencies amid a melting demand for risky assets (gold and equities) due to rising US interest rates.
Cryptocurrency whales have been selling bitcoin for the past few months, reducing their reserves to a three-year low, according to a Santiment report. It was only last week that the whales changed tactics and began returning to cold-storing BTC.
Hashrate Index notes that public miners sold fewer bitcoins than they mined for the first time since May, in August and September. The market continued to pressure miners’ financial strength throughout the third quarter. Â
News background
Bitcoin will grow by 400% and reach $100,000 next year even before another halving, said renowned crypto trader and blogger Ton Weiss. According to him, the halving will be implemented earlier than investors expect, closer to March or April 2024. But the hype of the upcoming event will manifest itself much earlier.
The cryptocurrency division of investment giant Fidelity Investments will offer institutional clients the option of trading Ethereum as early as the end of October. Bitcoin trading there was launched back in 2019.
According to a poll, more than 77% of Salvadorans opposed the purchase of bitcoins by the state, calling the government's decision unfortunate. El Salvador declared BTC legal tender in September last year. Â
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.
Disclaimer
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.