Alexander Kuptsikevich
FxPro Financial Services Limited
Bitcoin returned to growth on Tuesday and was approaching $17.5K in early trading on Wednesday, developing its smooth ascent to levels last seen in mid-December.
Total crypto market capitalisation has risen 1% in the last 24 hours to $857bn, while top altcoins are adding between 0.1% (Cardano) and 3.9% (XRP).
Bitcoin will confirm its bullish trend if it consolidates above 17800 at the end – the highest close of the day in December. In this case, the sequence of higher highs will be started, whereas, since November, we only have a sequence of higher local lows.
Gemini co-founder Cameron Winklevoss in another open letter, called on Digital Currency Group (DCG) head Barry Silbert to step down due to $900 million in outstanding debt.
Despite DCG's accumulated problems, the price of bitcoin trust Grayscale (GBTC) rose 12% overnight thanks to news of Morgan Stanley's $3.6 purchase of Grayscale Investments' bitcoin shares. The discount in the value of GBTC relative to NAV (bitcoin market price) fell to 38% from a record 49% recorded on 13 December.
The former CTO of the bankrupt FTX exchange has begun cooperating with the investigation, which could shed light on the details of multi-million-dollar donations to US politicians by FTX and its former head Sam Bankman-Fried.
Meanwhile, DeFi project Ondo Finance has launched tokenised US Treasury bonds.
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts’ opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
USD Coin (USDC), the second-largest stablecoin in the crypto market, witnessed a spike in its trade volume since October last year. Crypto.com announced the delisting of Tether (USDT) for Canadian customers whilst the stablecoin battled competitors for dominance as USDC takes over with rising trade volume.
Ripple (XRP) price has jumped over 3% early Wednesday as bulls pierce through the monthly pivot level at $0.36. This comes after a very nervous trading day on Tuesday in the US session as
Ethereum Shanghai Hard Fork is the next key milestone for the second-largest cryptocurrency by market capitalization. The event is closely followed by a token unlock, where at least 35,008 ETH will be unlocked shortly after the hard fork is successful.
Bitcoin price continues to play an important role in curbing unnecessary optimism in the market. The bearish outlook that has developed over the last few days could result in a steep correction.
Bitcoin (BTC) price is traversing a channel that is sloping to the upside. Despite the consolidation, BTC is slowly climbing higher like clockwork. The recent Federal Open Market Committee (FOMC) Meeting on December 15 caused BTC to spike beyond the confines of the channel, but things are back to normal.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and omissions may occur. Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, clients or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Related Posts
