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Crypto: calm surface but strong currents underneath

Started by forex4you, Nov 18, 2022, 06:58 pm

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Crypto: calm surface but strong currents underneath

<p>Crypto market
picture</p><p class="MsoNormal">Bitcoin
made another attempt to break above $17.0K on Friday morning but has so far
been unable to overcome this strong resistance level, moving around $16.7K. The
entire crypto market rose by $4bn to $834bn - a minor swing tempered by the
moderately negative Nasdaq Index and a stronger dollar over the day.</p><p class="MsoNormal">The
cryptocurrency fear and greed index rose 3 points to 23 by Friday and remains
in a state of "extreme fear". Lower market volatility drives the
index up even if prices are not rising. </p><p class="MsoNormal">At
the same time, retail investors should be active. Under the smooth surface of a
calm market, capital will likely continue to flow out, if not out of
crypto-assets altogether, then out of crypto-related companies, drying up their
liquidity. And one should be prepared for someone else to go broke shortly.</p><p>News
background</p><p class="MsoNormal">Investors
continue to withdraw bitcoins from cryptocurrency exchanges. According to
CoinGlass, cryptocurrency outflows have exceeded 220,000 BTC in the last ten
days.</p><p class="MsoNormal">JPMorgan
is drawing attention to the declining capitalisation of Stablecoins, indicating
that investors are leaving the crypto infrastructure. Over the past few months,
the stablecoin market has lost an estimated $41 billion.</p><p class="MsoNormal">El
Salvador's President Nayib Bukele has decided to support bitcoin. El Salvador
will buy one BTC every day from November 18. Tron founder Justin Sun joined
Bukele's initiative and will use the purchased BTC to back his stablecoin USDD.</p><p class="MsoNormal">The
US Congress has taken an interest in Binance's role in the FTX collapse. The
impact of Binance CEO Changpeng Zhao's public statements on the FTX situation
will be the focus of a hearing as early as December.</p><p class="MsoNormal">This article was written by <a href="">FxPro</a>'s Senior Market Analyst Alex

                This article was written by FxPro FXPro at

Source: Crypto: calm surface but strong currents underneath
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