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Bitcoin Entrenched at $30K | Forexlive

Bitcoin fluctuates
around $30K and has crossed that line daily in one way or another over the past
12 days. A 3.5% increase in the day’s results on Thursday turned into another
pullback on Friday morning. Ethereum has strengthened by 3.5% in the past 24
hours, finding itself pegged at $2000.

Other altcoins in the
top 10 gained between 0.4% (Solana) and 5.5% (XRP). Total cryptocurrency market
capitalisation, according to CoinGecko, rose 3.1% overnight to $1.28 trillion.
The Bitcoin Dominance Index rose 0.1% to 44.8%. By Friday, the cryptocurrency
fear and greed index is unchanged at 13 points (“extreme fear”).

Bitcoin and the
entire cryptocurrency market’s protracted tug-of-war promises to resolve with a
strong move in one direction. However, there is hope for both bulls and bears.
The latter has a minor advantage, as we saw this area touch down from above in
January and June-July 2021. But now, all the fighting is concentrated below.
Among the crypto news that caught our eye: MicroStrategy CEO Michael Saylor
said his company would buy bitcoin at any price until it reached a million


Bitcoin’s drop below
$30,000 last week came after a large volume of the cryptocurrency entered
exchanges. According to IntoTheBlock, traders have sent around 40,000 BTC to
exchanges since May 11. According to an audit report by accounting firm MHA
Cayman, USDT stable coin issuer Tether Holdings Limited reduced its reserves in
the commercial papers by 17%, improving the quality of its funds.

The Ethereum
development team said it would migrate the Ropsten test network to the
Proof-of-Stake (PoS) consensus algorithm on June 8 2022. According to the
legislation, SEC chief Gary Gensler has warned that the regulator is ready to
take new measures against unregistered cryptocurrency companies.

The US Commodity
Futures Trading Commission (CFTC) believes that amid a rise in cryptocurrency
crime, the watchdog must strengthen regulation of digital assets to crack down
on fraud and manipulation.

This article was written by FxPro’s Senior Market Analyst Alex

Read More : Bitcoin Entrenched at $30K | Forexlive

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