Bitcoin lies at the bottom
May 03, 2022 @ 09:05 +03:00
Bitcoin rose 0.6% on Monday, ending the day near $38.4K, cruising at arm’s length from the $38K level for the past five days. Ethereum has settled near $2800, losing 0.5% over the past 24 hours. Other altcoins in the top 10 have shown mixed dynamics, ranging from a decline of 1.9% (Solana) to a rise of 1.5% (Terra).
Total crypto market capitalisation, according to CoinMarketCap, declined 0.7% overnight to $1.74 trillion. Bitcoin’s dominance index added 0.2% to 42.1%.
The cryptocurrency Fear and Greed Index was down 1 point to 27 by Tuesday and remains in “fear” mode.
Since late March, the bears have been intensifying from $39K, forming a sequence of lower highs. At the same time, the basis in the form of support at $38K generally remains untouched.
The crypto market seems to have laid at the bottom, missing the momentum of the US indices growth at the close of trading, indicating a high supply of coins for sale and reluctance to take active actions in anticipation of the Fed’s decision on Wednesday. But there may be another lower bottom if the FOMC reaction to the Fed leads to a stock market sell-off.
According to Santiment, large investors have been aggressively buying Ethereum and Binance Coin over the past two weeks, which could signify an impending trend reversal.
JPMorgan Chase CEO Jamie Dimon said that cryptocurrencies offer advantages over fiat currencies in some respects, such as fast transaction times for payments. However, Dimon still recommends caution when investing in crypto assets.
According to Coin ATM Radar, the global bitcoin ATM installation rate declined for the fourth consecutive month in April.
Meanwhile, Solana’s blockchain went down for seven hours to carry out transactions due to a surge in operations that the network could not cope with.
Billionaire Mark Cuban suggested using DOGE to fight spam on Twitter, which Elon Musk recently bought out.
The FxPro Analyst Team