The Crypto Market Has Crawled to the Top of the Range

Market Picture

Bitcoin has gained 2.5% in the last 24 hours to $16.9K and has already tried to break above $17K. The price has been moving near the upper end of its range for the past three weeks, fuelling hopes that buyers can push it up out of an established channel.

The total capitalisation of the crypto market has surpassed $850bn, rising to a two-and-a-half-week high. The overall crypto market, like Bitcoin, has been increased to the upper end of the trading range, but a more reliable confirmation of an exit from the flat movement would still be to cross the $900bn mark.

The rise in the crypto market came as a counterbalance to the pressure in equities, as crypto enthusiasts clung to news of Bitcoin’s legalisation as a means of payment and as an investment asset. This is not to say that Brazil has become second El Salvador, but the advent of regulation is a sign of the industry’s maturation, with long-term positive implications.

That said, it must be noticed that growth has been painfully slow due to the persistence of an impressive sales overhang. The domino effect of the FXT collapse has probably yet to fully materialise, while rising energy prices are accelerating miners out of business.

News Background

Decentralised exchange protocol (DEX) Serum on the Solana blockchain has announced that it is shutting down due to the collapse of FTX.

Fidelity Investments is launching bitcoin retail trading, opening small players’ access to its cryptocurrency platform. It is only for users who are on their whitelist for now.

According to the latest report from analyst firm Pitchbook, investment in the cryptocurrency industry amounted to $879 million in the third quarter of 2022, the lowest since the second quarter of 2021. However, this is still more than investments in other fintech.

The Huobi exchange has announced plans to issue the world’s first national token. The Dominica Coin, approved by the government of Dominica, will be published on the Tron blockchain.

Meanwhile, the Reserve Bank of India (RBI) will launch a pilot project to test a retail digital rupee in early December.

by FxPro’s Senior Market Analyst Alex Kuptsikevich