Market picture
Bitcoin has
changed little overnight, remaining near $19.1K amid a decline in stock
indices. The first cryptocurrency continues to test the horizontal support of
the past four months, as the Nasdaq100 updated its June lows and slipped to the
lows of two years ago.
Total
cryptocurrency market capitalisation rose 0.4% over the past 24 hours to 922bn,
with the top altcoins ranging from -0.8% (Cardano) to +2% (Dogecoin). The
Cryptocurrency Fear and Greed Index was down 4 points to 20 by Wednesday and
remains in a state of “extreme fear”.
The daily
charts show bitcoin sliding down over the past week. Still, the primary battle
between bulls and bears appears to be waiting for us to fall to the $18.8K
area, with the main question being whether the bulls had enough to confirm
impassable support in that area.
News background
Glassnode said Bitcoin is
close to completing a bear market, based on an analysis of behavioural
patterns, market structure and on-chain indicators. But it may take a few more
months for the current phase of the market to end.
A bearish
trend in the market is the best time to profit, suggests Hunter Horsley, CEO of
index fund Bitwise. If the market continues its historical trend of 4-year
cycles, bitcoin will enter a new growth cycle in 2024.
Google with
Coinbase collaboration will allow some customers to pay for cloud services with
cryptocurrencies.
Portugal
plans to introduce a standard 28% tax on profits from cryptocurrencies
generated in 2023. The initiative aims to equate the cryptocurrency industry
with others and lay the groundwork for the industry’s future.
Meanwhile, Ripple
announced the launch of an On-Demand Liquidity (ODL) treasury solution in
France and Sweden. Partners are payment services Lemonway and Xbaht.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.