Advertisement
Advertisement

Bitcoin, Ethereum Corridor and New Dog Race

By:
Alexander Kuptsikevich
Published: Aug 17, 2022, 07:59 UTC

Gold and silver crypto are firmly in an uptrend corridor, turning to rise today before touching the lower boundary.

Bitcoin FX Empire

Market Picture

Bitcoin daily chart

Bitcoin has added 1.5% to $24.3K in the past 24 hours. Over the past couple of hours, the first cryptocurrency has regained Tuesday’s slump, finding support from buyers at last Friday’s local lows.

Ethereum daily chart

Ethereum, following trends in recent weeks, is returning the drawdown even more vividly, adding 3.3% overnight to $1940. Top altcoins are rising between 1.7% (BNB) and 11.3% (Dogecoin).

The total capitalisation of the crypto market, according to CoinMarketCap, rose 2% to $1.16 trillion overnight.

Gold and silver crypto are firmly in an uptrend corridor, turning to rise today before touching the lower boundary.

Dogecoin daily chart

Dogecoin was the highest gainer in the top 100 crypto-assets, adding around 30% for the week. Another dog coin, Shiba Inu, is also growing. The community has already managed to call it a dog race. In both cases, it is a manifestation of retail investor activity, similar to the run-up in meme stocks that is happening again in the stock markets.

News Background

According to Arcane Research, miners have been selling more BTC than mining for three consecutive months since May. While bitcoin’s rise in July has eased the pressure on miners, they continue to sell off previously accumulated stockpiles.

PayPal, the largest electronic payment system, has added the ability to buy, sell and transfer cryptocurrencies via a mobile app. One of Brazil’s largest banks, BTG Pactual, has launched a platform for investing in cryptocurrencies.

The US Federal Reserve is issuing new rules for cryptocurrency banks, under which they can be granted master accounts, a key financial status, allows direct payments and access to the regulator.

The European Union authorities will create a new regulatory authority, AMLA, to directly oversee the industry.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

About the Author

Alexander is engaged in the analysis of the currency market, the world economy, gold and oil for more than 10 years. He gives commentaries to leading socio-political and economic magazines, gives interviews for radio and television, and publishes his own researches.

Did you find this article useful?

Advertisement