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By Alex Kuptsikevich
Market picture
The crypto market is holding its total capitalisation above $1.27 trillion despite a frightening sell-off in equities overnight. Bitcoin and other major altcoins are once again attempting to play the role of safe haven.
There is also possible speculation that market turbulence in the week leading up to the FOMC meeting will force the regulator to soften its tone significantly, which is positive for crypto unaffected by the falling revenues from Google's cloud business or similar stories.
On Wednesday, Bitcoin failed to break above $35K again. Still, we note a series of higher lows that brought the price closer to the upper bound of the consolidation range since Tuesday. We believe that BTCUSD remains in low-density territory, with key resistance levels of $38K or even $48K. However, reaching the upper boundary in the coming weeks won’t be easy.
Background news
The former head of BitMEX, Arthur Hayes, saw prospects for Bitcoin in "wartime". According to him, if US government bonds do not provide safety for investors, then Bitcoin and gold will rise due to real fears of global inflation in times of war.
Bitcoin has entered a new period of turbulence, but it could end with either a rise or fall, according to Bitfinex. The current rally will last until April 2024, according to AltTab Capital.
Galaxy Digital estimates that within a year of the launch of spot bitcoin ETFs, total inflows into such funds will reach $14.4 billion. This should lead to a 74% increase in the BTC exchange rate to $59,000.
The Binance exchange asked the court to dismiss the US Commodity Futures Trading Commission's (CFTC) lawsuit, saying the regulator was overstepping its duties and powers. "Congress did not designate the CFTC to be the world's derivatives police," Binance said in its appeal.
According to CoinDesk, payments giant Mastercard is considering a partnership with cryptocurrency wallets Ledger and Metamask. A payment card will help cryptocurrency wallet operators increase the number of active users.
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.