Crypto hits a glass ceiling

Market Picture

The crypto market is struggling to break above the $1.09 trillion cap, having turned south from that level on Thursday morning, bringing the total market valuation down to $1.084 trillion.

Bitcoin continues to tend to sell on growth, failing to make a fresh attack on the 200-day. Bitcoin has recently outperformed the stock market but is now retreating against the buying in the indices. In the short term, bitcoin seems more at risk of falling than rising.

Ethereum also seems to be on the bears' side, losing for the fifth consecutive session, tied to the downward-sloping 50-day moving average.

XRP has been trading at arm's length from its 200-day moving average since the second half of August, most of the time acting as resistance.

The entire cryptocurrency market seems to be waiting for a substantial pullback in the top coins to buy in for the long term.

News background

The court rejected the SEC's appeal in the Ripple case, noting that the regulator did not provide enough evidence and that the request would not "materially advance the ultimate dismissal of the case."

The Bank for International Settlements (BIS) has developed a prototype system for monitoring Bitcoin transfers to give authorities a clearer picture of how, when and where the cryptocurrency is being used. The new monitoring system could form the basis for regulating the cryptocurrency sphere.

Indian authorities have begun developing a global cryptocurrency transaction tracking system that will allow government authorities to monitor transactions in digital assets across all cryptocurrency exchanges worldwide.

El Salvador launched the first local Bitcoin mining pool. The Volcano Energy project started mining the first cryptocurrency on Lava Pool in partnership with Luxor Technology.

By the FxPro Analyst Team