Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Market picture
Bitcoin has gained 2.5% in the last 24 hours to $16.9K and has already tried to break above $17K. The price has been moving near the upper end of its range for the past three weeks, fuelling hopes that buyers can push it up out of an established channel.
The total capitalisation of the crypto market has surpassed $850bn, rising to a two-and-a-half-week high. The overall crypto market, like Bitcoin, has been increased to the upper end of the trading range, but a more reliable confirmation of an exit from the flat movement would still be to cross the $900bn mark.
The rise in the crypto market came as a counterbalance to the pressure in equities, as crypto enthusiasts clung to news of Bitcoin's legalisation as a means of payment and as an investment asset. This is not to say that Brazil has become second El Salvador, but the advent of regulation is a sign of the industry's maturation, with long-term positive implications.
That said, it must be noticed that growth has been painfully slow due to the persistence of an impressive sales overhang. The domino effect of the FXT collapse has probably yet to fully materialise, while rising energy prices are accelerating miners out of business.
News background
Decentralised exchange protocol (DEX) Serum on the Solana blockchain has announced that it is shutting down due to the collapse of FTX.
Fidelity Investments is launching bitcoin retail trading, opening small players' access to its cryptocurrency platform. It is only for users who are on their whitelist for now.
According to the latest report from analyst firm Pitchbook, investment in the cryptocurrency industry amounted to $879 million in the third quarter of 2022, the lowest since the second quarter of 2021. However, this is still more than investments in other fintech.
The Huobi exchange has announced plans to issue the world's first national token. The Dominica Coin, approved by the government of Dominica, will be published on the Tron blockchain.
Meanwhile, the Reserve Bank of India (RBI) will launch a pilot project to test a retail digital rupee in early December.
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.