Bitcoin is chained to $20K, and that's good

[forex4you]

Bitcoin is chained to $20K, and that's good

<p class="MsoNormal">Market
picture</p><p class="MsoNormal">Bitcoin
remains firmly anchored to the psychologically significant $20K round level,
changing by only fractions of a per cent for almost a week. Ethereum continues
to draw green candles, but this is more than nominal growth, also within
fractions of a per cent, while the price is still hovering around $1580. Of the
top altcoins, Polygon stands out, adding 5% in a day and 8.3% in seven days.
The others are down over the last seven days.</p><p class="MsoNormal">Total crypto
market capitalisation, according to CoinMarketCap, added 0.9% overnight to
$984bn.</p><p class="MsoNormal">BTC has been
hovering near the circular $20,000 level for almost a week, despite recent
stock indicators' notable drop. The last time there was such a prolonged lull was
in June 2020, when it stretched out for almost a month. Current trends indicate
that bitcoin is a leading indicator for the stocks rather than following them.
If this connection persists, the resilience of the most crowded with
institutions, BTC and ETH, indicates that risk appetite continues, which gives
an encouraging signal for the stock market.</p><p class="MsoNormal">News
background</p><p class="MsoNormal">According to
Bank of America, Crypto investors are switching to Stablecoin as they wait for
the market crisis to continue.</p><p class="MsoNormal">The Attorney
General of Washington has filed a lawsuit against Michael Saylor and the
MicroStrategy company he used to run for $25 million in tax evasion.</p><p class="MsoNormal">Dogecoin
co-founder Billy Marcus ridiculed former Microstrategy CEO Michael Saylor for
being overly enthusiastic about the first cryptocurrency. Saylor called bitcoin
"a miracle happening right before people's eyes".</p><p class="MsoNormal">Finally,
South Korean tech giant LG Electronics is preparing to launch a cryptocurrency
wallet, Wallypto, based on the Hedera Hashgraph network in the third quarter of
2022.</p><p class="MsoNormal">This article was written by <a href="https://www.fxpro.com/" target="_blank">FxPro</a>'s Senior Market Analyst Alex
Kuptsikevich.</p>

This article was written by FxPro FXPro at www.forexlive.com.

Source: Bitcoin is chained to $20K, and that's good

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