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Bitcoin has regained some of the positions gained earlier in the week, losing 2.7% in the past 24 hours to $20.3K. Ethereum, which was previously rising more actively, is now actively correcting, down 3.5% to $1500.
Total crypto market capitalisation is down 2.5%, with top altcoins losing between 1.7% (BNB) and 10% (SHIB) in the past 24 hours.
Bitcoin is correcting after touching the $20.8K area, but the price above previous local highs and the 50-day moving average leaves us in a short-term bullish scenario.
Dogecoin (DOGE), Elon Musk's favourite coin, has jumped 35% in the last three days, reacting to news of his purchase of the social network Twitter, in the hope that it will be allowed to buy into the social network. On the other hand, overall market pressure prevented Doge from taking the 200-day average with a run-up, causing a wave of profit taking and taking 7% away from the start of the day on Friday.
According to CryptoQuant, long-term investors (HODLers) now control the most significant volume of BTC since October 2015. This is a positive sign, as they usually do not sell crypto even during turbulence in the market.
Raul Pal, the founder of Real Vision, said the crypto market would grow 300 times to $300 trillion in ten years. He said the crypto sphere is already flooded with venture capital investments, although big players are cautious because of regulatory issues.
According to Bitnodes, five countries - the United States, Germany, France, the Netherlands, and Canada - account for the most significant number of nodes that form the bitcoin infrastructure. The Russian Federation is in ninth place with 178 nodes (1.2%).
Australia has submitted a draft budget that would make bitcoin a digital asset and not be taxed as fiat foreign currency.
Kazakhstan plans to test its digital currency on BNB Chain, the Binance blockchain.
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.