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Market picture
Bitcoin's chart remains a horizontal straight line with several pulsations down and up over the past five weeks. The rate remains near $16.8K as the intraday dip of 1.6% to the $16.55K area was quickly redeemed at the close of trading in the US.
Total crypto market capitalisation remains near $810bn - one-third of levels one year ago. The market may need a real disaster, such as strict regulation for further declines. And without such news, current levels remain attractive for buying on Bitcoin declines. So many individual projects carry existential risks (which Bitcoin doesn't), and it takes building a broadly diversified portfolio of 100 or 500 coins to spread the risk across the portfolio.
Meanwhile, the 50-day moving average in BTCUSD has fallen to $17.1K. The bulls' task of giving a broad trend signal to break the bearish trend is getting easier. But the market needs more liquidity and faith in long-term potential amid this year's problems with cryptocurrencies and fears of regulation.
News background
According to a survey by Accenture, an IT consulting firm, only 20% of its clients invest in cryptocurrency. Of those who have already purchased digital assets, 28% are set on holding them long-term. Some 16,000 respondents took part in the study.
The US Securities and Exchange Commission (SEC) recognised the token of the bankrupt FTX exchange as a security. FTX management manipulated the price of the FTT token by buying it in large volumes on the open market and inflating the price.
In Brazil, bitcoin could be used as a means of payment and as an investment asset. The law that gave it to the country's president signed that status.
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.