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By Alex Kuptsikevich
Market picture
Crypto market capitalisation regained another 5% in 24 hours, peaking earlier in the day at $2.7 trillion against a recent peak of 2.7 in mid-March and around $3 trillion at the end of 2021. The recovery is faster than before the decline, promising prospects for further growth.
Bitcoin has once again surpassed the psychologically important 71K. The main intrigue of the next few days is the ability to overcome the previous highs at $73.7K. Strengthening above $75K will make the growth scenario up to 95.5 workable. But until then, one should be prepared for a re-intensification of selling in the first cryptocurrency.
News background
According to CoinShares, investments in crypto funds fell by a record $942 million last week after two weeks of updating all-time highs in inflows. Investments in Bitcoin were down $904 million; Ethereum was down $34 million, and Solana was down $5.6 million. Investments in funds that allow for bitcoin shorts were down $4 million.
Goldman Sachs said there is growing client interest in cryptocurrencies, fuelled by the approval of spot bitcoin ETFs in the US. Demand is mainly coming from traditional hedge funds. However, the institution intends to reach a "broader paradigm of clients", including asset managers and banks and select cryptocurrency-focused companies.
Skybridge Capital founder Anthony Scaramucci advised bitcoin investors not to sell the cryptocurrency even if they are spooked by market volatility.
CommEX unexpectedly announced a complete shutdown on 10 May. Binance said the exchange "failed to fulfil its obligations" as part of a deal to sell the exchange's Russian business to it.
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.