Bit-comment: Rebound, but still below last week’s corridor
March 31, 2020 @ 12:13 +03:00
Bitcoin grew 5% in the last 24 hours and changing hands for $6,450 at the time of writing. However, so far, the first cryptocurrency has not been able to return to the previous week’s price corridor. Altcoins are slightly in the growth territory. Over the week, the total capitalization of the cryptocurrency market almost unchanged from $180bn. The Crypto Fear & Greed Index rose slightly by a few points, staying in the “extreme fear” zone. The RSI index in the neutral area at 45. All indicators show that investors at the moment prefer not to make decisions regarding cryptocurrencies.
News on coronavirus spreading contagion could boost the momentum for all markets, but so far, we have too little good evidence. Market participants are watching Telegram’s judicial war with the SEC. However, there is already the collision of principles, and it is more likely that the regulator will win. Telegram is trying to ensure that the injunction does not apply to non-American investors, but even here, the company has little space for manoeuvre. Telegram’s failures may have a rather strong demoralizing effect on the sector as a whole.
The FxPro Analyst Team