As doubt returned to international markets, the total market capitalization of cryptocurrencies dropped 1.2% to $1.08 trillion.
The second day’s movements for Bitcoin are centered around $28.3K. Given that this is above both the 200-day and 200-week moving averages, a bull trend may still be present.
The first cryptocurrency’s failure to diverge from its main trend indicators, however, worries us.
The dynamics of the alternative coins are even more concerning. For the third day in a row, XRP is down and has been trading at lows since July. There is only a slim chance of a reversal from the 50-week MA, which is currently at 0.4650, since it is declining below its 200-week MA.
Ethereum has reversed earlier-in-the-week gains and is now moving toward the lower limit of the declining channel, which is currently at $1515.
Solana is an exception, since it is currently trading close to this week’s highs. It recently succeeded in rising above its 200-day MA. Additionally, when the upward-sloping 50-day MA gets ready to cross the 200-day average before the end of the month, a bullish “golden cross” signal is developing.
News Background
Long-term holders currently control 80.34% of the available supply of bitcoin, according to Bitfinex. Since late 2022, the hoarding pattern has become more pronounced, and since about the same time, the exchange supply of BTC has been decreasing.
Fidelity, a major investment firm, has revised its application to the SEC for the purpose of launching a Bitcoin spot ETF in light of earlier remarks. Increased transparency, liquidity, and security are all benefits of the new filing.
Heath Tarbert, the former chairman of the Commodity Futures Trading Commission (CFTC), asked authorities to adopt stablecoin regulations more quickly in order to support the US dollar. Stablecoins, according to him, may modernize the US financial system and increase payment efficiency.
The EU accepts guidelines for exchanging bitcoin tax information. The EU requires cryptocurrency companies to share customer assets with tax authorities.
Chainalysis reports that the UK has overtaken the US and India as the world’s second- and third-largest crypto economies, respectively.
The Fed is debating whether it is feasible to create and introduce a digital dollar because the government-issued stablecoin might outperform current alternatives, particularly the FedNow rapid payment system, according to Michelle Bowman, a member of the Fed’s Board of Governors.
Roblox, an online gaming company, rejected rumors that it would accept XRP payments for in-game items. The project team deemed the information to be “inaccurate.”
