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Market picture
Bitcoin attempted to climb out of the hole during the week, adding 6.5% to 17250 on Monday morning. Ethereum add 10%, to $1290. Other leading altcoins in the top 10 changed from -0.2% (BNB) to +14.5% (Litecoin).
Total crypto market capitalisation, according to CoinMarketCap, was up 5.9% for the week, to $867bn. The cryptocurrency Fear & Greed Index was unchanged for the week, remaining at 26 points ('fear').
Although Bitcoin's exchange rate has been the highest in the last three weeks, the history of recent months has restrained optimism, as we have seen a smooth rise followed by a precipitous fall more than once.
The 50-day moving average, which used to be a reliable trend indicator in 2020, gave several false bullish signals since this July. Therefore, it makes sense for longer-term speculators to look for the series of local highs.
So far, each new local high is lower than the previous one. The latest local high is near the 22K, close to the 200-day MA. Probably only a new, higher high will be a reliable, albeit relatively lagging signal of a trend change.
News background
James Gorman, CEO of Morgan Stanley, one of the world's largest banks, said he was "glad he didn't buy bitcoin for $60,000". He said he refrains from investing in digital assets because of the high level of risk and unpredictability.
Tether, the issuer of the USDT stablecoin, denied The Wall Street Journal's (WSJ) accusations of issuing unsecured loans, saying that the WSJ's concerns about Tether setting the stage for a global crypto industry crisis were not well-founded.
Opera developers have announced a partnership with the Alteon LaunchPad platform. Through the partnership, browser users can issue non-interchangeable tokens quickly and cheaply.
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.