Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
Crypto market capitalisation rose 1.4% over the last 24 hours to $1.138 trillion. After quiet trading on Monday, most gains came on Tuesday morning. The timing of the move is due to news on the US debt ceiling, where there is no deal yet, but Biden notes progress in negotiations. Ether is up 2.3% at $1856, with the top altcoins gaining between 0.3% (Solana) and 3% (Polygon).
Bitcoin is up 1.6% over the past day to $27.3K and earlier today climbed close to $27.5K, the upper end of the range since the 15th. Despite the positive momentum, the daily timeframes remain bearish, with Bitcoin trading below $27.5K.
According to CoinShares, investments in cryptocurrency funds fell for the fifth consecutive week to $32 million last week, with bitcoin investments down $33 million and Ethereum investments down $1 million. Investment in funds that allow shorts on Bitcoin fell by $1.3 million.
According to Santiment, the number of BTC and ETH on exchanges has fallen to its lowest level in several years, which is seen as a sign of an attitude towards long-term holding.
News background
Mott Capital Management founder Michael Kramer warned that Bitcoin could fall to $20K. According to him, BTC is a leading indicator for all risky assets, so its decline would be negative for the stock market.
Anthony Scaramucci, founder of hedge fund SkyBridge Capital, believes that the actual value of Bitcoin should now be $40K. According to him, we are now witnessing a global proliferation of BTCs, similar to what happened in the late 1990s with the rise of the internet.
Cryptocurrency platform Bakkt is considering expanding its business in Europe in light of the Crypto Asset Market Regulation Act (MiCA) passed in April. Bakkt currently only offers services in the US.
US lawmakers have drafted a bipartisan bill prohibiting the Fed from issuing the digital dollar (CBDC). Lawmakers cited Americans' right to financial privacy.
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
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.