Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
By Alex Kuptsikevich
Market Picture
The crypto market saw lower volatility in the last 24 hours, with capitalisation at $1.56 trillion and the price of Bitcoin hovering around $40K. Major altcoins have also avoided strong moves. The Fear and Greed Index is wandering around a neutral 50.
A cautious uptrend can be discerned in Bitcoin since Tuesday, as some players are looking to lock in profits from short positions or buy after a sharp sell-off. We note that Bitcoin was not oversold before stabilising, and bears may use the current lull to hoard liquidity before another sell-off.
Unlike Bitcoin, XRP has almost completely erased the gains of the rally since October, returning to the $0.51 area. On the daily timeframes, the RSI has touched oversold territory, setting the stage for increased volatility and the potential for a reversal in the coming days. However, there is a cause for alarm. Since November 2022, XRP has been forming an upward trend, and the movement of the last few days has broken it.
News Background
According to a Deutsche Bank survey, more than a third of respondents believe Bitcoin will fall below $20K by the end of the year. And only 15% of respondents expect to see BTC above $40K by then.
PlanB, the creator of the Stock-to-Flow model, on the other hand, believes Bitcoin will consolidate around $40K and prepare for a rise to $60K.
CoinShares noted the potential for increased inflows into Ethereum if the Dencun hardfork is successful and a spot ETF based on the asset is possibly approved.
Spot Ethereum-ETFs do not require a judicial process for approval, SEC Commissioner Hester Peirce said, referring to the court's decision to convert the Grayscale Bitcoin Trust into a spot ETF.
The US FINRA found potential violations in 70% of information materials about cryptocurrency products. Fair and balanced advertising rules explicitly prohibit âfalse, exaggerated, promising, unsubstantiated or misleading statementsâ.
Switzerland approved the first retail platform that will allow citizens to trade tokenised securities and digital assets.
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.