Waiting for the last Bitcoin mile
Bitcoin rose 12.6% to close near $ 21,600, but bounced back from gains to the $ 20,500 range at the start of the day, recording a decline of 3.9% in the last 24 hours. Ethereum essentially copies the dynamics of the first cryptocurrency, losing 3.8% in 24 hours to $ 1150. Altcoins from the top 10 lose between 2.4% (BNB) and 5.5% (Solana).
The total market value of crypto, according to CoinMarketCap, rose 5.8% during the week to 916 billion dollars. Bitcoin’s dominance index climbed 0.6 to 42.8% in the same period.
The Cryptocurrency Fear and Greed Index rose 13 points for the week to 24, but lost 2 points by Monday and is still in “extreme fear”.
BTC’s rise last week was halted by the 200-week moving average, which now passes close to $ 22,500. Bitcoin has continued to move sideways for three weeks near the critical $ 20,000 level, the highest in the previous cycle.
BTC has never before fallen below such ratings, so it now receives support from buyers who are confident of the long-term growth of the first cryptocurrency. Another supporting factor was the upswing in the financial markets, where the new half-year was met with increased purchases.
But as always in recent months, there are many questions about the sustainability of the upswing in the midst of the Fed’s sharp rise in interest rates and a declining economy.
Rockefeller International’s CEO, Ruchir Sharma, believes that the downsizing process is not over and that BTC may continue to fall over the next six months as the stock market falls.
Galaxy Digital CEO Michael Novogratz said the downturn in the cryptocurrency market is nearing completion. However, there may be a final “drag” from the bears shortly. He stressed that he does not think BTC will fall to $ 13,000.
Cryptocurrency lending service Celsius has transferred 25,000 wBTC tokens worth $ 528 million to the FTX exchange. The market fears that Celsius will sell tokens and crash the bitcoin exchange rate. According to Arkham, Celsius has lost $ 390 million in client funds on investments in DeFi and NFT.
Nobuaki Kobayashi, the trustee of the bankrupt Mt.Gox stock exchange, has begun preparations to repay creditors. The market situation could worsen if 150,000 BTC were distributed among MtGox users and immediately flooded the market.
The US Federal Deposit Insurance Corporation (FDIC) is investigating Voyager Digital. According to the agency, the cryptocurrency broker deceived users by claiming that their assets were protected by the agency’s program.
