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By Alex Kuptsikevich
Market picture
Total cryptocurrency capitalisation fell 1.2% to $1.08 trillion as pessimism returned to global markets. However, Bitcoin's second-day moves are centred around $28.3K. This is above the 200-day and 200-week moving averages, suggesting it is still in a bull trend.
However, we are concerned about the first cryptocurrency's inability to break away from its major trend indicators. Even more worrying is the dynamics of the altcoins. XRP is losing for the third day and has been trading around lows since July. It is falling below its 200-week MA, and there is only a faint hope of a reversal from the 50-week MA, now at 0.4650.
Ethereum has erased gains made earlier in the week and is heading towards the lower boundary of the descending channel - now at $1515.
The exception is Solana, which is trading near this week's highs. It managed to break above its 200-day MA a week ago. Furthermore, a bullish "golden cross" signal is forming as the upward-sloping 50-day MA prepares to cross the 200-day average before the end of the month.
News Background
According to Bitfinex, long-term investors now hold 80.34% of the total supply of bitcoin. The hoarding trend has been accelerating since late 2022, and the exchange supply of BTC has been shrinking since around the same time.
Considering previous comments, investment giant Fidelity has filed an updated application with the SEC to launch a Bitcoin spot ETF. The updated filing offers increased transparency, liquidity, and security.
The former head of the Commodity Futures Trading Commission (CFTC), Heath Tarbert, urged authorities to speed up the development of stablecoin regulation to strengthen the US dollar. He said that stablecoins could modernise the US financial system and make payments more efficient.
EU agrees to rules for sharing cryptocurrency tax data. Crypto firms in the EU must report customer assets for sharing with tax authorities.
According to Chainalysis, the UK has become the largest crypto economy in Europe, second only to the US and India globally.
The Fed is questioning the feasibility of developing and launching a digital dollar as the government-issued stablecoin could lose out to existing alternatives, particularly the FedNow instant payment system, said Michelle Bowman, a Fed's Board of Governors member.
Online gaming platform Roblox denied reports that it would support payments in Ripple's XRP token for in-game items. The project team called the information "inaccurate".
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.