Market picture
The crypto
market lost 1.8% over the past 24 hours to $1.120 trillion, returning to
Monday’s levels. The growth momentum of the previous day was not supported by
the new portion of bad news about the debt ceiling, which launched a pull from
risky assets.
Over the
past 24 hours, Bitcoin has lost 2.2%, Ethereum 2%, and the top altcoins have
lost between 1% (XRP) and 5.8% (Litecoin).
Bitcoin is
trading near $26650 on Wednesday morning, near the lower end of its trading
range since May 13. The upper boundary of this corridor, 27300, remains a
significant upside hurdle. A simple scenario codenamed “what doesn’t go
up, goes down” could soon be coming to fruition in Bitcoin.
Also on the
bears’ side is that the former cryptocurrency is under the 50-day moving
average, settling there long enough after the failure, and now former support
works as resistance.
BTC
volatility has fallen to a five-month low. Last week, the narrow range of BTC
quotations coincided with a meagre volume of transferred on-chain value. Most
of the coins are “napping” in anticipation of higher prices.
News background
Since 13
April, following the activation of the Shapella hardfork on the Ethereum
network, the volume of ETH in stacks has increased by 4.4 million coins. In
total, 22.5 million ETH, or approximately 18% of the total supply, have been
staked on the blockchain.
Strike, a
Lightning Network-based payment application operator, announced the integration
of the Tether (USDT) into its platform.
Bloomberg
reports that the Hong Kong Securities and Futures Commission (SFC) will
officially allow retail investors to trade cryptos from June 2023.
According to
The Block, the share of trading volume on decentralised exchanges (DEX) has
reached a record high, surpassing 22% for the first time amid the popularity of
meme cryptocurrencies. Users are not waiting for them to be listed on
centralised exchanges (CEXs) but are switching to DEXs to buy meme tokens.
Government
authorities could use the courts to demand access to funds in Ledger wallets
connected to Recover’s private key recovery service, the hardware
cryptocurrency wallet maker confirmed but called such a scenario unlikely.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.