Crypto climbs out of the pit

<p class=“MsoNormal“>Bitcoin is adding 1.2% over the past 24 hours to $16.7K by the start of trading on Thursday. Ethereum is rising more briskly, gaining 4.3% to $1200. Crypto market capitalisation rose 2% to $837B, rebounding from the latest setback at the start of this week.</p><p class=“MsoNormal“>On the short-term charts, Bitcoin has formed an inverted head-and-shoulders pattern, suggesting an upside potential growth to $17.8K, as suggested by classic targets for this figure. </p><p class=“MsoNormal“>In turn, this would be a move out of consolidation in almost two weeks, which could further boost buyers‘ optimism.</p><p class=“MsoNormal“>Taking a step back to the larger timeframes, however, strength remains on the bears’ side as the former cryptocurrency trades below previous consolidation levels at $18.0K.</p><p>News background</p><p class=“MsoNormal“>According to Coinbase research, many investors are increasing the number of coins in their wallets despite the decline in the crypto market. Over the past year, 62% of institutional investors surveyed have increased their investments.</p><p class=“MsoNormal“>According to a Harvard University study, central banks in sanctioned countries could use bitcoin, as well as gold, as a risk hedge. Diversifying central bank reserves could eventually boost the value of cryptocurrency and gold.</p><p class=“MsoNormal“>Elizabeth Warren, a US Senate Banking Committee member, also called for stronger regulation of the cryptocurrency industry in her article for The Wall Street Journal. She said the Sam Bankman-Fried empire incident is a „wake-up call“ for the authorities.</p><p class=“MsoNormal“>New York state authorities have imposed a two-year ban on the non-environmental mining of cryptocurrencies on the Proof-of-Work (PoW) algorithm.</p><p class=“MsoNormal“>This article was written by <a target=“_blank“ href=““ target=“_blank“ class=“article-link“>FxPro</a>’s Senior Market Analyst Alex

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