Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
The crypto market made another leap forward on Tuesday afternoon after spending less than 24 hours in consolidation mode. In the last day, the total crypto cap reached $1.6 trillion, up 3.9% in a day, 11% in a week and 20% in 30 days. The acceleration in recent days is evident, which may reflect both speculators hastily closing short positions and increasing FOMO.
Bitcoin is adding over 5% in 24 hours, trading near $43.7K at the time of writing and touching $44.5K at the start of the day. Previously, we have repeatedly noted "thin air territory" in the $40-46K range. The market did not linger here in previous times, and we should look for hints of turning points not earlier than the $46-47K area, where there was a reversal in March last year and temporary support in 2021.
Ethereum tested $2300 but has so far quickly retreated to $2260. In the dynamics of ETH since the middle of last year, a broad upward channel can be identified, the upper boundary of which now passes through $2430. It is worth being prepared for the bulls to pull the price closer to these levels before deciding to take profits.
News background
According to unconfirmed rumours, Qatar's sovereign wealth fund is preparing to enter the crypto market with huge investments and invest up to $500 billion in VTS, said Max Kaiser, advisor to the president of El Salvador. In his opinion, VTS may soon overcome the $150K mark and go further.
Bloomberg Intelligence strategist Mike McGlone believes Bitcoin is now showing much more strength than gold, which hit record highs earlier in the week but then collapsed 5%.
Brazil's largest bank, Itau Unibanco, has launched a Bitcoin and Ethereum trading service for clients of its investment platform, confirming its willingness to become a full participant in the country's growing cryptocurrency market.
Tether's unrealised profits from Bitcoin investments reached $1.1 billion. According to EmberCN, Tether holds 57,576 BTC with a purchase price of $22,480 per coin.
Cryptocurrencies have spent a record $19 million on lobbying in the US this year. The leader in spending on defending its interests was cryptocurrency exchange Coinbase, which this year allocated $2.16 million for lobbying.
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
Recommended Content
Editors’ Picks
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.