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Market picture
Bitcoin was approaching $26.5K on Tuesday but almost nullified the rise by the end of the day. On Wednesday, we still see a tug-of-war near $25.0K. Bitcoin got a pull on a wave of fears around the banking system - markets shifted sharply to the problems at Credit Suisse today, causing a sell-off in the euro and a jump in gold and silver.
Moving away from the news backdrop, Bitcoin prices are returning under the 200-week average, failing to go immediately higher. Technically, an important signal of a return to a long-term bullish trend would be a consolidation above $25K at the end of the week.
Nevertheless, keeping the price above 20K and the 200-day average looks like a sufficient condition that Bitcoin is not ready to sharply decline further and remains interesting for buying on declines. Not least because of large investors' distrust of the banking system.
News background
The Chicago Mercantile Exchange (CME Group) has launched "event-based contracts" for bitcoin futures. The deal is capped at $20 and allows beatting on an event at the end of each trading session. The new product will give the platform's clients "a cheaper way to trade BTC", the CME stressed.
Meta has announced discontinuing support for non-exchangeable tokens (NFT) on its Facebook and Instagram social media platforms. These options were added just ten months ago.
Cryptocurrency conglomerate Digital Currency Group (DCG) reported that big banks are not refusing to work with cryptocurrency companies, although they may impose restrictions.
About the author
Alex Kuptsikevich is a financial market professional with 16-yearsâ 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.