<p class=“MsoNormal“>Market
picture</p><p class=“MsoNormal“>Bitcoin lost
3.8% on Tuesday, ending it at around $23.2K, and is developing a decline to
$22.9 by Wednesday morning. Ethereum has lost 5.6% in the last 24 hours, to
$1680. Top altcoins are down 2.5% (BNB) to 7.2% (Solana).</p><p class=“MsoNormal“>Total crypto
market capitalisation, according to CoinMarketCap, fell 3.9% overnight to $1.08
trillion.</p><p class=“MsoNormal“>The recovery
in stock indices has choked, but even earlier and more dramatically, these
changes have affected Bitcoin and the whole crypto market. Should the decline
develop, investors and traders should pay close attention to the 21500 area,
where the previous local lows are concentrated. A dip below that and a decisive
return below the 50-day average could well be the start of a new wave of decline
that could take the crypto market to new lows. At least, there might be a test
of the June-July lows.</p><p class=“MsoNormal“>News
background</p><p class=“MsoNormal“>According to
CoinShares, net capital inflows into crypto funds slowed to $3m last week, with
Ethereum accounting for the most investments at $16m. Funds investing in
bitcoin lost $8.5m; those allowing shorting it faced $7.5m in outflows.</p><p class=“MsoNormal“>Michael
Novogratz, CEO of investment firm Galaxy Digital, expects bitcoin to
consolidate in the $20,000-$30,000 range for a while.</p><p class=“MsoNormal“>Circle has
blocked 75K USDC on Tornado Cash mixer wallets, which have come under sanctions
from the US Treasury. According to the agency, attackers have laundered
cryptocurrency worth more than $7 billion since its inception in 2019, with
about $0.5 billion linked to the North Korean hackers Lazarus Group.</p><p class=“MsoNormal“>The Reserve
Bank of Australia is working with the Digital Finance Corporate Research Centre
(DFCRC) to launch a pilot project to explore options for the practical use of
CBDC digital currency.</p><p class=“MsoNormal“>El Salvador
President Nayib Bukele said the legalisation of bitcoin last year contributed
to significant growth in the country’s tourism. </p><p class=“MsoNormal“>Iran
conducted its first import transaction worth $10 million paid in
cryptocurrency, bypassing the global financial system restricted by US
sanctions.</p><p class=“MsoNormal“>This article was written by <a target=“_blank“ href=“mailto:https://www.fxpro.com“ target=“_blank“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>
picture</p><p class=“MsoNormal“>Bitcoin lost
3.8% on Tuesday, ending it at around $23.2K, and is developing a decline to
$22.9 by Wednesday morning. Ethereum has lost 5.6% in the last 24 hours, to
$1680. Top altcoins are down 2.5% (BNB) to 7.2% (Solana).</p><p class=“MsoNormal“>Total crypto
market capitalisation, according to CoinMarketCap, fell 3.9% overnight to $1.08
trillion.</p><p class=“MsoNormal“>The recovery
in stock indices has choked, but even earlier and more dramatically, these
changes have affected Bitcoin and the whole crypto market. Should the decline
develop, investors and traders should pay close attention to the 21500 area,
where the previous local lows are concentrated. A dip below that and a decisive
return below the 50-day average could well be the start of a new wave of decline
that could take the crypto market to new lows. At least, there might be a test
of the June-July lows.</p><p class=“MsoNormal“>News
background</p><p class=“MsoNormal“>According to
CoinShares, net capital inflows into crypto funds slowed to $3m last week, with
Ethereum accounting for the most investments at $16m. Funds investing in
bitcoin lost $8.5m; those allowing shorting it faced $7.5m in outflows.</p><p class=“MsoNormal“>Michael
Novogratz, CEO of investment firm Galaxy Digital, expects bitcoin to
consolidate in the $20,000-$30,000 range for a while.</p><p class=“MsoNormal“>Circle has
blocked 75K USDC on Tornado Cash mixer wallets, which have come under sanctions
from the US Treasury. According to the agency, attackers have laundered
cryptocurrency worth more than $7 billion since its inception in 2019, with
about $0.5 billion linked to the North Korean hackers Lazarus Group.</p><p class=“MsoNormal“>The Reserve
Bank of Australia is working with the Digital Finance Corporate Research Centre
(DFCRC) to launch a pilot project to explore options for the practical use of
CBDC digital currency.</p><p class=“MsoNormal“>El Salvador
President Nayib Bukele said the legalisation of bitcoin last year contributed
to significant growth in the country’s tourism. </p><p class=“MsoNormal“>Iran
conducted its first import transaction worth $10 million paid in
cryptocurrency, bypassing the global financial system restricted by US
sanctions.</p><p class=“MsoNormal“>This article was written by <a target=“_blank“ href=“mailto: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.