Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
By Alex Kuptsikevich
Market picture
Market Dynamics: The cryptocurrency market stabilised, losing just 0.1% of capitalisation and dropping to $2.37 trillion over the last 24 hours. After the halving, the bulls intensified their efforts to boost prices, but by the end of the week, the bears took the initiative.
Bitcoin under pressure: Bitcoin has been losing value (0.7%) since early Friday, reaching $64.2K, despite rising 1.2% the day before. The currency continues to correct, remaining at the bottom of the range set in March. The RSI is signalling a possible further decline in price.
Mining gets harder: Bitcoin's mining complexity increased by 1.99%, reaching a record of 88.1 T, with an average hashrate of 726.3 EH/s.
News background
Morgan Stanley and BTC-ETF: The bank is considering including spot bitcoin-ETFs in its list of recommendations for its brokers.
Wallet growth: The number of bitcoin wallets over $1,000 has doubled since last year to 10.6 million.
Morgan Creek forecasts: The company's CEO predicts baby boomers will invest more than $300bn in cryptocurrencies in the coming year.
Ethereum ETF: According to Reuters, management companies expect the U.S. SEC to reject applications for spot Ethereum-ETFs after "disappointing" discussions. The SEC has only held a handful of meetings on Ethereum funds.
Stablecoin Act: Standard & Poor's notes that a payment-stablecoin bill introduced in Congress has the potential to undermine Tether's dominance. USDT is issued by a non-US company and would be banned from circulation in the US.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.