Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Market picture
Bitcoin rose 0.9% over the past week, finishing near $19.5K. The markets' reversal to growth on Friday afternoon and the pummelling on Sunday significantly contributed to this growth. However, the effect of the latter has been almost completely wiped out.
The 50-day moving average continues to effectively play its role as a resistance, triggering a new selling wave when it tries to go higher early on Monday. The price rally on Sunday formally took the quote outside the triangle, but we still need a confirmation of the upside exit. Such a confirmation signal should be a consolidation above the previous highs at $19.6K, which has so far failed.
Ethereum added 1.5% to $1330. Other leading altcoins from the top 10 showed mixed dynamics: from a 5.1% decline (Solana) to a 1.2% increase (Dogecoin).
Total crypto market capitalisation, according to CoinMarketCap, rose 0.9% over the week to $933bn. The Cryptocurrency Fear and Greed Index fell 1 point over the week to 23 and remains in 'extreme fear'.
News background
Weak trader activity suggests that cryptocurrencies are at the bottom, Bianco Research believes. Stagnation can be seen as a positive, and we are unlikely to see a more profound plunge.
In Brazil, 24,000 ATMs in the Banco24Horas network will add support for Tether (USDT) stablecoin. The stablecoin operator has partnered with SmartPay to do so.
Analyst service DappRadar published a report showing that NFT trading volume in metaverses fell 80% y/y in the third quarter of this year.
Lastly, Bitcoin Group announced plans to acquire one of Germany's oldest banks, Bankhaus von der Heydt.
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.