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Market picture
Crypto market capitalisation has adjusted 0.65% in the past 24 hours to 1.17 trillion, remaining near the highs since early May. The correction is primarily due to a 0.55% dollar strengthening over the same period. The current dynamic is still a halt after a 16% rally but not a correction.
Bitcoin is frozen at $30K, a significant technical level. These levels were pivotal for the first cryptocurrency in April, and last May it took more than a month for the bears to sell the rate lower. Also, a furious part of the crypto rally started from this level in early 2021. It's worth being prepared for quite a long consolidation, but this week's bullish breakout suggests that long-term investors have already moved to accumulate Bitcoin on drawdowns.
Ethereum's dynamics are settling into a general uptrend channel with buying on downturns, roughly repeating the dynamics we've seen for 2019 and 2020. It could take months before a FOMO rally.
News background
Gemini cryptocurrency exchange co-founder Cameron Winklevoss announced a new phase of bitcoin hoarding. He says, "Anyone watching the flow of ETF bids understands that now is a good time to buy BTC before the ETFs hit the market.
Eight founder Michael van de Poppe sees $28.5K as an excellent level to buy before Bitcoin moves towards $40K. He noted that the BTC dominance index is approaching meaningful resistance, which should lead to Bitcoin consolidation and a shift in market attention to altcoins.
Valkyrie Investments has applied to the SEC to launch an exchange-traded fund (ETF) based on the Bitcoin spot price. BlackRock, WisdomTree, Invesco and Bitwise had also previously applied to establish a spot bitcoin ETF.
Singapore has approved a digital token licence for Ripple, allowing the company to expand its platform for cross-border payments in XRP.
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.