bitcoin It made a daily close near the $24,000 level yesterday and managed to retest these levels after last week’s failed bullish attempt. While BTC has continued to rise in the last seven days, it has also gained 3.8% on the last 24-hour chart. On the other hand, the largest altcoin Ethereum is also rising, offering a positive outlook. The situation is not much different in the top ten altcoins, which are in the continuation of the list, and things are going quite well.
CoinMarketCapThe total value of the crypto market increased by 3.8% overnight to reach $1.1 trillion, according to .
Bitcoin managed to close above its 50-day moving average for two days. Closing the week above the $22,700 level would represent a significant return to a zone above the 200-week moving average.
Such a technical trend could send positive signals to retail buyers. Other factors continue to progress positively for institutional investors, particularly the recovery in demand for risky assets and the pullback of the dollar from multi-year highs.
However, the long-term outlook is also looking against buyers. As monetary and economic conditions tighten, cryptocurrency The market has to move against the current. In addition, the prevailing view of Guggenheim Partners is that the industry has not yet been “cleaned” of distressed participants. Crypto will suffer in the long run due to regulatory pressure and a lack of strong institutional support.
According to the IMF, the cryptocurrency market will decline if the economy goes into recession. Preliminary released on Thursday US GDP data confirmed the start of a technical recession in the country. While it was stated in the report in question that stablecoins may also be in danger, the inclusion of Tether in the list was frightening. The report suggested that Tether was at risk “because they were not supported one-on-one.” As it will be remembered, it had a great collapse in a scenario similar to Terra and could not maintain its constant value.
The UK, on the other hand, has proposed treating cryptocurrencies as a new type of property, making it much easier to protect investors in this tool.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.