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Market
picture
Bitcoin has
added another 3.3% in the past 24 hours to $20.8K, bringing the gain over the
past seven days to 9%. Ethereum is growing at a higher rate, reaching $1570
(+5.8% in 24 hours and 21% in 7 days).
Over the
last day, major altcoins added between 1.5% (DOT) and 21% (DOGE). According to
CoinMarketCap estimates, total cryptocurrency capitalisation surpassed the $1
trillion mark, up 3.3% on the day.
Dogecoin was
again buying from Twitter’s acquisition by Elon Musk, who had previously said
he might add the coin to pay for the social network’s services. However, the
latest rise looks more like a ‘buy rumour’ pattern, and it can’t be ruled out
that the pump will soon turn into a dump.
News
background
Bloomberg
exchange strategist Mike McGlone is confident that the Ethereum network’s
successful transition to the Proof-of-Stake consensus algorithm has laid the
foundation for steady growth in the second-capitalised cryptocurrency.
The first US
bitcoin futures ETF from ProShares lost a record $1.2bn in investor funds the
year after launch. This was the worst debut result in the history of the
exchange-traded fund industry. Despite this, several investors retain faith in
BTC – the ProShares Bitcoin-ETF has seen net inflows of $87 million in the past
six months.
According to
the Wall Street Journal, the capitalisation of Andreessen Horowitz, the largest
crypto venture capital fund, fell by 40% in the year’s first half.
The UK
Parliament voted to amend the Financial Services and Markets Bill to mandate the
regulation of cryptocurrencies as financial instruments.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.
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