<p>Market Picture</p><p>Cryptocurrency
market capitalisation fell 1.2% overnight to $1.07 trillion. This level has
been the focus of attention since Sunday, reflecting the consolidation of the
participant’s strengths. The cryptocurrency fear and greed index is back in the
50s. </p><p>Since
January, periods of greed are alternating with a neutral
sentiment, not fear.</p><p>Bitcoin
continues to find support as it falls to 23k, an impressive result amid falling
markets and a stronger dollar. The first cryptocurrency remains virtually
unchanged, effectively fighting off the strong headwinds that pushed the
Nasdaq100 back five weeks ago.</p><p>Significant
signal levels on the way down for Bitcoin appear to be around $22.7K, where the
50-day moving average and the local lows from late last week are concentrated.
If this support fails to hold, the next major stop is not expected until
$21.5K, negating February’s bullish momentum.</p><p>Ethereum is
sandwiched between resistance in the 50-week average (near $1690) and the
50-day average (near $1600). A bearish victory in this local battle could
trigger a quick pullback to $1400.</p><p>Background news</p><p>France is
set to tighten licensing rules for cryptocurrency companies. The country’s
lower house of parliament has approved a set of new regulations for the
licensing and registration of cryptocurrency companies. If the bill is passed,
the changes will take effect from July 2023.</p><p>Major
stablecoin issuers, united in the Stablecoin Standard group, have announced
work to create a common set of standards to increase consumer confidence in
digital assets.</p><p>The Gamium
blockchain project’s GMM token surged 650% after it announced a partnership
with Meta and Telefonica as part of the Metaverse Activation Programme
initiative. The joint programme between the giants aims to empower and scale
startups in the Metaverse and Web3 space.</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
Kuptsikevich.</p>
market capitalisation fell 1.2% overnight to $1.07 trillion. This level has
been the focus of attention since Sunday, reflecting the consolidation of the
participant’s strengths. The cryptocurrency fear and greed index is back in the
50s. </p><p>Since
January, periods of greed are alternating with a neutral
sentiment, not fear.</p><p>Bitcoin
continues to find support as it falls to 23k, an impressive result amid falling
markets and a stronger dollar. The first cryptocurrency remains virtually
unchanged, effectively fighting off the strong headwinds that pushed the
Nasdaq100 back five weeks ago.</p><p>Significant
signal levels on the way down for Bitcoin appear to be around $22.7K, where the
50-day moving average and the local lows from late last week are concentrated.
If this support fails to hold, the next major stop is not expected until
$21.5K, negating February’s bullish momentum.</p><p>Ethereum is
sandwiched between resistance in the 50-week average (near $1690) and the
50-day average (near $1600). A bearish victory in this local battle could
trigger a quick pullback to $1400.</p><p>Background news</p><p>France is
set to tighten licensing rules for cryptocurrency companies. The country’s
lower house of parliament has approved a set of new regulations for the
licensing and registration of cryptocurrency companies. If the bill is passed,
the changes will take effect from July 2023.</p><p>Major
stablecoin issuers, united in the Stablecoin Standard group, have announced
work to create a common set of standards to increase consumer confidence in
digital assets.</p><p>The Gamium
blockchain project’s GMM token surged 650% after it announced a partnership
with Meta and Telefonica as part of the Metaverse Activation Programme
initiative. The joint programme between the giants aims to empower and scale
startups in the Metaverse and Web3 space.</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
Kuptsikevich.</p>
This article was written by FxPro FXPro at www.forexlive.com.