Market
picture
Bitcoin is
losing 3.7% in the past 24 hours, falling to $23.9K%. Ethereum is down 5.2% to
$1870. Other top altcoins are down 2% (BNB) to 6.4% (Solana).
The total
capitalisation of the crypto market, according to CoinMarketCap, fell 3.6% to
$1.14 trillion overnight.
Bitcoin on
Monday failed to claw its way above $25K, after which short-term buyers rushed
to lock in profits and returned the price to the $24K area. The pressure on BTC
was exerted by the rising US dollar amid weak data from China, indicating a
slowdown in the economy.
However, so
far, Bitcoin's decline is more appropriately seen as a corrective pullback
within an uptrend. It would only be appropriate to discuss a break in this trend
if it moves below $22.5K-23.0K. Sluggish and uncertain growth at the first
stages is typical after a strong sell-off that prevailed since last October.
News
background
Notably, the
positive dynamics of the crypto market last week coincided with a net $17
million outflow, the first net withdrawal in seven weeks, of which $21 million
came from investments in BTC. At the same time, investments in bitcoin short
funds increased by $2.6 million.
The Wall
Street Journal reports that US pension funds remain optimistic about investing
in cryptocurrencies, despite a significant pullback in prices and a wave of
defaults by crypto companies.
Raul Pal --
Real Vision CEO -- believes that Ethereum remains highly attractive for
investors, and interest in it will grow even more after the move to PoS.
Michael
Saylor, former head of MicroStrategy, called the company's decision to buy
bitcoin a good one. He said, BTC is not suitable for everyone, "you should
invest for at least four years. Ideally, it's an intergenerational transfer of
wealth."
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.
This article was written by FxPro FXPro at www.forexlive.com.
http://dlvr.it/SWjKG3
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