cryptocrurrency

$BTC Bitcoin, as of the end of last month, found support on dips to the $76K region. Over the last couple of days, this support has been reinforced by the 50-day MA, as has the market. On the other hand, resistance at the 200-day MA continues to decline, bringing the bulls’ and bears’ red lines closer together and marking the moment when the market will choose its trend for the coming months.
The 50-day MA, which has become a support level for the market and Bitcoin, has not proved an obstacle for Ethereum sellers, with its price falling back to 2.1K. The second-largest cryptocurrency has remained in a sell-off since the start of the month, encountering more significant resistance at the 200-week MA. Failure to break above this line is a new development for ETH.
This is the fifth instance of a dip below this ultra-long-term curve, but previously, a reversal from lows signalled a sustained bull market.
☆NEW BACKGROUND;
Retail investor demand for Bitcoin has fallen by 73% over the last 30 days, CryptoQuant notes. The market structure continues to shift towards large capital, whilst small investors are gradually ‘disappearing from observable on-chain activity’.
The total market capitalisation of tokenised assets is set to reach $4 trillion by 2028, according to Standard Chartered Bank. The development of this market will facilitate wider adoption of decentralised finance (DeFi) protocols.
The Bitcoin-focused DeFi protocol Echo has suspended cross-chain operations following an attack on the Monad network bridge. The actual loss amounted to approximately $816,000.
Around 10% of adult US residents have used cryptocurrency for payments or invested in digital assets, according to a Fed report. In 2021, amid the crypto market boom, the figure reached 12%.
☆MARKET OVERVIEW;
Over the last four days, the crypto market has traded within a very narrow range centred on $2.56 trillion. The market has retreated to the 50-day moving average (MA), which is acting as short-term support despite a rising dollar, falling share prices, and a decline in gold. Among the most popular coins, the day’s leaders were Algorand (+7.1%), Zcash (+2.4%) and Basic Attention (+1.8%). The biggest fallers were Toncoin (-3.9%), Immutable (-3.6%) and Neo (-2.6%).
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