continues its streak of small wins, recording its 13th consecutive day of gains
on Tuesday, adding for 15 days in the last 16 sessions this year. </p><p>The exchange
rate rewrote a two-month high at $21.55K. Local overbought conditions continue
to build, with help from the stock indices, where the Nasdaq100 managed to
close Tuesday’s trading higher.</p><p>Bloomberg
strategist Mike McGlone said that the bottom in the crypto market has already
been passed. He noted that the charts resembled the situation in 2018, although
the macroeconomic situation is quite different. </p><p>Back then,
the Fed had already started easing its policy, but now it is a long way off,
„so anything can happen“.</p><p>It is easy
to agree with this statement, but we still point out that growth is vulnerable
to sharp declines at this stage. From a long-term investor perspective, we
pointed out already in November that the crypto market has passed its low
point. </p><p>However, the
best time for speculative buying is yet to come, when there will be a FOMO
stage, like we last saw from December 2020 to April 2021. An even more
colourful rise was from April to December 2017. In both cases, an acceleration
and near-ubiquitous rise after surpassing previous historical highs.</p><p>News background</p><p>Digital
currencies, CBDCs and stablecoins are the natural evolution of money and
payments and will fundamentally change the global financial system, Bank of
America believes. CBDCs „may become the most significant technological
advance in the history of money“.</p><p>According to
a new analysis by mining company Luxor, Bitcoin is showing
„resilience“ amid the challenges it has faced in the past year.
Macroeconomic pressures, natural anomalies, and the high volatility of some
mining companies‘ shares (and, in some cases, their bankruptcy) have never been
able to prevent the network’s hash rate from rising significantly.</p><p>The European
Parliament has changed the timetable for the European Union’s Cryptocurrency
Regulation Act (MiCA). Its final consideration has been pushed back to April.
The 400-page document needs to be translated into 24 EU languages.</p><p>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ target=“_blank“ rel=“follow“>FxPro</a>’s Senior Market Analyst Alex
This article was written by FxPro FXPro at www.forexlive.com.
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