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Crypto is out of volatility mode moving in a narrow range of around $1.04 trillion over the last 24 hours, with little change in the total cap. This could be another pause before a new step down the ladder, as we have seen since July, or a preparation for further growth. We are now leaning towards the first option.
Bitcoin has stabilised around $25.7K, lower than it was at the end of last week. This dip looks like speculators trying to find demand to push the price higher. However, we believe that buyers will remain on the sidelines until the $25K level is reached. This has been the critical level for the last 14 months, and we do not expect a real bull-bear battle until this level is reached.
On the monthly timeframe, Bitcoin confirmed an overbought stochastic exit in August, which could be a sign of disappointment for the bulls, notes Fairlead Strategies. The signal generated often indicates the passing of a local top, as happened in late 2017 and early 2021.
User activity on crypto exchanges is at its lowest since late 2022, according to CCData estimates. It said that the number of Bitcoin transactions on centralised exchanges has fallen by more than 60% since October last year.
Since 2022, lawyers, consultants and other professionals have made more than $700 million from the bankruptcy of five major crypto companies, including FTX, The New York Times calculated by analysing court records.
Payments giant Visa will launch payments in stablecoins based on the Solana blockchain. The company will start testing USDC on the Ethereum network in 2021. The choice of Solana is due to faster and cheaper transactions compared to the ETH blockchain.
Centralisation of nodes is one of Ethereum's fundamental problems, but an ideal solution may only emerge in 10-20 years, said Vitalik Buterin, the platform's co-founder. He says the answer lies in making nodes cheaper and easier to maintain.
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.
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.