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Market
picture
Bitcoin rose
0.9% over the past week, finishing near $19.5K. The
markets’ reversal to growth on Friday afternoon and the pummelling on Sunday significantly
contributed to this growth. However, the effect of the latter has been almost
completely wiped out.
The 50-day
moving average continues to effectively play its role as a resistance,
triggering a new selling wave when it tries to go higher early on Monday. The
price rally on Sunday formally took the quote outside the triangle, but we
still need a confirmation of the upside exit. Such a confirmation signal should
be a consolidation above the previous highs at $19.6K, which has so far failed.
Ethereum
added 1.5% to $1330. Other leading altcoins from the top 10 showed mixed
dynamics: from a 5.1% decline (Solana) to a 1.2% increase (Dogecoin).
Total crypto
market capitalisation, according to CoinMarketCap, rose 0.9% over the week to
$933bn. The Cryptocurrency Fear and Greed Index fell 1 point over the week to
23 and remains in ‘extreme fear’.
News
background
Weak trader
activity suggests that cryptocurrencies are at the bottom, Bianco Research
believes. Stagnation can be seen as a positive, and we are unlikely to see a
more profound plunge.
In Brazil,
24,000 ATMs in the Banco24Horas network will add support for Tether (USDT)
stablecoin. The stablecoin operator has partnered with SmartPay to do so.
Analyst
service DappRadar published a report showing that NFT trading volume in metaverses
fell
80% y/y in the third quarter of this year.
Lastly, Bitcoin
Group announced plans to acquire one of Germany’s oldest banks, Bankhaus von
der Heydt.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.
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