Bitcoin added a symbolic 0.1% on Tuesday, ending the day
around $31K and adding another $500 this morning. Ethereum has been adding 0.2%
in the past 24 hours.
Other leading altcoins from the top 10 showed mixed dynamics,
ranging from a 10.8% decline (Avalanche) to a 0.2% gain (Binance Coin). The
total capitalisation of the crypto market, according to CoinMarketCap, declined
1.6% overnight to $1.42 trillion.
The Bitcoin Dominance Index rose 0.4% to 42.2%. The
Cryptocurrency Fear and Greed Index added 2 points to 12 by Wednesday, starting
recovery from an area where it rarely lingered.
Although Bitcoin managed to close Tuesday’s trading with a
proper strengthening, a powerful offensive did not happen, as bull buying was
choked again by stock market pessimism.
It remains a situation where the stock or debt markets will
determine whether we see another rebound from the critical $30K level or a
failure of support and a complete surrender of the buyers. Cardano creator
Charles Hoskinson has announced the beginning of new crypto winter. However, he
does not see any factors that could trigger the market to rebound soon.
Cryptocurrency investment company Galaxy Digital reported a
net loss of $111.7 million for the first quarter of this year. Galaxy Digital
founder Mike Novogratz allowed bitcoin to decline further in the coming
quarters due to the negativity on Wall Street. Meanwhile, last week saw an
influx of institutional investors into crypto funds after four weeks of capital
MicroStrategy chief executive Michael Saylor said it has no
plans to sell its cryptocurrency reserves. He said bitcoin would have to fall
below $3562 for the firm to have insufficient assets to secure loans.
El Salvador has bought another 500 bitcoins at an average of
$30,744 amid a fall in the crypto market. Last autumn, the country’s
recognition of BTC as legal tender was a landmark event for the global economy.
This article was written by FxPro’s Senior Market Analyst Alex