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Market picture
Bitcoin has regained some of the positions gained earlier in
the week, losing 2.7% in the past 24 hours to $20.3K. Ethereum, which was
previously rising more actively, is now actively correcting, down 3.5% to
$1500.
Total crypto market capitalisation is down 2.5%, with top
altcoins losing between 1.7% (BNB) and 10% (SHIB) in the past 24 hours.
Bitcoin is correcting after touching the $20.8K area, but
the price above previous local highs and the 50-day moving average leaves us in
a short-term bullish scenario.
Dogecoin (DOGE), Elon Musk’s favourite coin, has jumped 35%
in the last three days, reacting to news of his purchase of the social network
Twitter, in the hope that it will be allowed to buy into the social network.
On the other hand, overall market pressure prevented Doge
from taking the 200-day average with a run-up, causing a wave of profit taking
and taking 7% away from the start of the day on Friday.
News
background
According to CryptoQuant, long-term investors (HODLers) now
control the most significant volume of BTC since October 2015. This is a
positive sign, as they usually do not sell crypto even during turbulence in the
market.
Raul Pal, the founder of Real Vision, said the crypto market
would grow 300 times to $300 trillion in ten years. He said the crypto sphere
is already flooded with venture capital investments, although big players are
cautious because of regulatory issues.
According to Bitnodes, five countries – the United States,
Germany, France, the Netherlands, and Canada – account for the most significant
number of nodes that form the bitcoin infrastructure. The Russian Federation is
in ninth place with 178 nodes (1.2%).
Australia has submitted a draft budget that would make
bitcoin a digital asset and not be taxed as fiat foreign currency.
Kazakhstan plans to test its digital currency on BNB Chain,
the Binance blockchain.
Have a great day!
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.
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