The crypto market: numbness or stability?
The crypto market: numbness or stability?
Market picture
Bitcoin rose 1.3% over the past week, finishing near $19,500. Ethereum added 1.3% to $1320. Other leading altcoins from the top 10 showed mixed dynamics, from a decline of 2.8% (BNB) to a growth of 17.2% (XRP).
Total crypto market capitalisation, according to CoinMarketCap, increased by 1.7% over the week to $944bn. The cryptocurrency Fear & Greed Index declined by 2 points over the week to 22 and remained in "extreme fear" mode.
Bitcoin has been declining in the past week, following the stock market, but has moved rather reluctantly. BTCUSD remained above the lower end of last month's trading range. This could be a continuation of buyers' optimistic mood or a manifestation of crypto's secondary nature, which is waiting for signals from equities. The last month has made the crypto market look more stable than the equity market, even if it’s lethargic.
News background
According to CryptoQuant, the mass movement of stablecoins to exchanges could signal that the crypto market is growing. However, the opposite process is now happening, with only about 25% of Tether (USDT) being on trading platforms.
According to the Ontario Securities Commission, more than 30% of Canadians plan to buy crypto assets soon, and the regulator sees no need to counteract their intentions.
FTX – one of the largest crypto exchanges – will launch a Visa debit card in more than 40 countries in Latin America, Europe, and Asia.
Binance could spend more than $1bn on investments in the crypto industry by the end of the year, the exchange's head, Changpeng Zhao, said.
By the FxPro Analyst Team
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