The Crypto Market Tests the Strength of Buyers

Market Picture

Bitcoin has lost 4% in the past 24 hours, falling to $23.3K. Ethereum lost 5.3% to $1840. Top altcoins are down 3% (XRP) to 8% (Solana).

Total crypto market capitalisation, according to CoinMarketCap, sank 3.4% to $1.12 trillion. The Crypto Fear and Greed Index fell 11 points to 30 by Thursday, tumbling deeper into “fear” territory.

Once again, Bitcoin seems to have acted as a leading indicator of risk sentiment in global markets. The former cryptocurrency had been sluggishly correcting over the previous three days but only yesterday took a decisive step down, warning of a similar move in the US indices.

Right now, BTCUSD has rolled back to the area of previous local lows and is approaching the lower boundary of the uptrend channel. A break below $22.5K in a sharp move down would be evidence of a gap in the last two months’ trend and a deeper dive harbinger.

News Background

According to Fox Business journalist Eleanor Terrett, the US Securities and Exchange Commission (SEC) may yet charge Ethereum creators with selling unregistered securities in the US.

Cryptocurrency hacking damage in 2022 was $1.9 billion, having doubled in a year and a half, according to analytics service Chainalysis.

The European Green Party has introduced legislative amendments to increase capital requirements for banks using cryptocurrencies.

Stablecoins backed by the US dollar, and other fiat currencies will expand access to financial services and Web3, according to cryptocurrency exchange Coinbase.

According to Blockckdata, Alphabet, Google’s parent company, has invested more than $1.5bn in four blockchain companies between September 2021 and June 2022. This is followed by Blackrock ($1.17bn) and Morgan Stanley ($1.11bn). Overall, large public companies have invested about $6 billion in crypto over this period.

by FxPro’s Senior Market Analyst Alex Kuptsikevich