Bitcoin remains in the ascending corridor

Market picture

Bitcoin was down 3.5% on Thursday, ending at around $22,500, but almost fully recouped its losses Friday morning. As a result, the changes over the past 24 hours are minimal, with a gain of 0.2% to 23,200, with an amplitude of around 4%. Ethereum was trading near $1660 from $1650 at the same time yesterday.

Other major altcoins added between 0.4% (XRP) and 2.6% (BNB). Total market cap, according to CoinMarketCap, rose 0.4% overnight to $1.08 trillion. The cryptocurrency Fear & Greed Index rose 1 point to 31.

Bitcoin was under pressure all Thursday, despite continued positive market momentum and a general increase in demand for risk. Such momentum in the crypto market again shows how far it is from the sentiment that has driven the price higher for the past couple of years.

From another perspective, BTCUSD reversed higher this morning just above the lower boundary of its accession corridor, held for the past seven weeks and remained above its moving average. of 200 weeks.

new background

Ark Invest calculates that BTC has only fallen below 200-WMA seven times in history. After recovering above this line, the annual return on the asset has averaged around 240%.

Along with the uptrend, mining difficulty rose 1.74% for the first time in two months.

Mastercard noted that it views cryptocurrencies as an asset class rather than a means of payment due to their price volatility. Stablecoins and DH digital currencies have a better chance of filling this niche.

FTX CEO Sam Bankman-Fried has praised a bill introduced in the US Congress that would give the power to regulate the crypto market – the Futures Trading Commission (CFTC).

The recent Project Nomad bridge hack, in which hackers managed to grab $190 million in assets, was the 13th hack in the industry so far this year. According to Chainalysis, the total amount of damages was $2 billion. Blockchain security agency SlowMist believes that cryptocurrencies are safer than DeFi and firewalls.

According to Peckshield, hackers withdrew $4.8 million from ZB, a decentralized crypto exchange that claimed to be the most secure in the world.

This article was written by Alex Kuptsikevich, Senior Market Analyst at FxPro.

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