<p>Market picture</p><p class=“MsoNormal“>Bitcoin is
down 1.3% over the past week, finishing around $27,800. Ethereum lost 2.7% to
$1760. Other leading altcoins from the top 10 showed mixed dynamics: from a
decline of 8.2% (Polkadot) to a growth of 13.6% (XRP).</p><p class=“MsoNormal“>Total crypto
market capitalisation, according to CoinMarketCap, fell 1.4% to $1.16 trillion
over the week.</p><p class=“MsoNormal“>Bitcoin had
updated 9-month highs to around $28,900 but corrected in the second half of the
week.</p><p class=“MsoNormal“>As a result
of another recalculation, bitcoin’s mining difficulty rose by 7.56%. The figure
renewed its all-time high at 46.84 T. The average hash rate was 335.23 EH/s.
Correlated metrics have increased by more than 30% since the beginning of the
year.</p><p>News background</p><p class=“MsoNormal“>Tether
technical director Paolo Ardoino said the company has about $1.6 billion in
excess reserves to support its stablecoin USDT. In his view, amid the banking
crisis and global economic uncertainty, bitcoin may well surpass its previous
record high of $68,000.</p><p class=“MsoNormal“>The Fed’s
board of directors has once again rejected Custodia Bank’s application for
membership, indicating that the bank’s business model does not meet the goals
set out in the Federal Reserve Act.</p><p class=“MsoNormal“>JPMorgan
bank said the US banking crisis has opened up opportunities to increase market
share for some crypto exchanges by offering banking services to cryptocurrency
firms and investors.</p><p class=“MsoNormal“>German
securities processing giant Deutsche Wertpapier Service Bank AG (dwpbank),
which manages 5.3 million customer accounts for various banks, has launched
wpNex, a bitcoin trading platform.</p><p class=“MsoNormal“>Nasdaq, the
operator of the stock exchange of the same name, has announced plans to launch
cryptocurrency storage services by the end of the second quarter of 2023.</p><p class=“MsoNormal“>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“ rel=“follow“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>
down 1.3% over the past week, finishing around $27,800. Ethereum lost 2.7% to
$1760. Other leading altcoins from the top 10 showed mixed dynamics: from a
decline of 8.2% (Polkadot) to a growth of 13.6% (XRP).</p><p class=“MsoNormal“>Total crypto
market capitalisation, according to CoinMarketCap, fell 1.4% to $1.16 trillion
over the week.</p><p class=“MsoNormal“>Bitcoin had
updated 9-month highs to around $28,900 but corrected in the second half of the
week.</p><p class=“MsoNormal“>As a result
of another recalculation, bitcoin’s mining difficulty rose by 7.56%. The figure
renewed its all-time high at 46.84 T. The average hash rate was 335.23 EH/s.
Correlated metrics have increased by more than 30% since the beginning of the
year.</p><p>News background</p><p class=“MsoNormal“>Tether
technical director Paolo Ardoino said the company has about $1.6 billion in
excess reserves to support its stablecoin USDT. In his view, amid the banking
crisis and global economic uncertainty, bitcoin may well surpass its previous
record high of $68,000.</p><p class=“MsoNormal“>The Fed’s
board of directors has once again rejected Custodia Bank’s application for
membership, indicating that the bank’s business model does not meet the goals
set out in the Federal Reserve Act.</p><p class=“MsoNormal“>JPMorgan
bank said the US banking crisis has opened up opportunities to increase market
share for some crypto exchanges by offering banking services to cryptocurrency
firms and investors.</p><p class=“MsoNormal“>German
securities processing giant Deutsche Wertpapier Service Bank AG (dwpbank),
which manages 5.3 million customer accounts for various banks, has launched
wpNex, a bitcoin trading platform.</p><p class=“MsoNormal“>Nasdaq, the
operator of the stock exchange of the same name, has announced plans to launch
cryptocurrency storage services by the end of the second quarter of 2023.</p><p class=“MsoNormal“>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“ rel=“follow“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>
This article was written by FxPro FXPro at www.forexlive.com.