Bitcoin (BTC) The price managed to rise 2.1% on Thursday and closed the day around $39,900, before dropping to $39,600 on Friday morning, cutting gains by as much as 0.6 percent in the last 24 hours. Ethereum, on the other hand, is up 1.1% in the last 24 hours. Altcoin prices in the top 10 ranged from -4.4% (Terra) to +3.6% (Binance Coin).
The total value of the crypto market rose 0.25% to $1.81 trillion in just one night, according to data from CoinMarketCap. The Bitcoin Dominance Index rose 0.1 points to 41.6%. The Cryptocurrency Fear and Greed Index, on the other hand, dropped 1 point to 23 on Friday and remained in “extreme fear”.
bitcoin priceIt corrected to the upside, strengthening stock indices on Thursday. However, BTC also witnessed an increase on the selling pressure side as it tried to climb above the $40,000 level. The old uptrend support line seems to be working as resistance temporarily.
At the same time, BTC/USD appears to be in an oversold condition. The RSI index on the daily charts double-bottomed in April against falling domestic price lows, a development that fuels hopes for consuming bearish momentum and the possibility of a more credible reversal.
Bitcoin is clearly no longer able to reverse the negatives without the global demand for risky assets.
At the same time, the adoption and proliferation of cryptocurrencies is on track, providing a basis for long-term optimism about the industry.
According to a survey by cryptocurrency exchange Bitstamp, 88% of institutional investors and 75% of retail investors believe cryptocurrencies will become mainstream before the end of the decade. Meanwhile, the level of trust in digital assets in emerging economies is markedly higher than in developed economies where regulations are more stringent.
El Salvador’s National Bureau of Economic ResearchAccording to (NBER), more than 20% of businesses in the country have accepted Bitcoin as a means of payment.
DAMAC Properties, a major luxury real estate developer in the UAE, recently announced that it is ready to accept payments in BTC and ETH.
US Congressman Patrick McHenry has called for a separate regulator for the crypto industry and specific federal legislation. He criticized US regulators for their narrow-mindedness and lack of attention to the cryptocurrency industry.
On the other hand, the Bitcoin hashrate rate increased by 5.56%, reaching a record high of 27.79 trillion hashes.
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.