(Alexander Kuptsikevich – FxPro Financial Services Limited)
Market picture
Bitcoin rose 1.1% on Monday, and on Tuesday morning, it “shot up” another 5.5%, adding 7.5% over the past 24 hours. This growth momentum has brought the price of the first cryptocurrency back above $20K, in staBitcoin is up 3.1% over the past 24 hours, trading around $19,400. After a downward momentum early in the day, the first cryptocurrency received some support thanks to a recovery in risk appetite.
Ethereum is gaining 3.5% overnight to $1330, with the top cryptocurrencies ranging from +0.5% (Cardano) to +4.7% (BNB). Overall, total crypto capitalisation rose 2.2% to $937B overnight, according to CoinMarketCap.
CoinShares said UK investors are buying Bitcoin amid the Pound’s collapse this week, as we see with rising BTC/GBP trading volumes.
The momentum in the first and second half of the day has balanced each other out. As a result, Bitcoin has been moving sideways for the last ten days – without a clear trend and in a narrow range. This “dangling at the bottom” indicates Bitcoin accumulates in the area just below 20K. For now, the long-term pattern remains that the first cryptocurrency is attracting buyers on the decline from the previous cyclical peak.
News background
In an online discussion organised by the Bank of France, the heads of the world’s leading central banks called for increased regulation of the decentralised finance (DeFi) sector justified against the backdrop of its development.
Australia’s central bank has announced the launch of a Digital Central Bank Currency (CBDC) by mid-2023. Fed chairman Jerome Powell said the Fed has not yet decided on the digital dollar (CBDC) promotion.
Cardano founder Charles Hoskinson said he would never support a government-owned digital currency that violates the privacy of its owner.
The IMF said that the Proof-of-Stake (PoS) consensus algorithm could lead to excessive concentration of control at cryptocurrencies and custodial service providers with risks to the integrity of markets.
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