changed little over the past 24 hours, trading at $19.4K on Tuesday at the
start of the day. The initial fall was neatly redeemed during active European
and US trading amid a rebound in stock indices. Some investors and traders saw
the market response as excessive and sought to buy back the market at its
capitalization of the entire crypto market rose 2.7% in the last 24 hours to
936bn. Both bitcoin and the crypto market continue to receive support near
levels of the previous three months’ lows, around the $20K and $900B area,
pause in the sell-off, the technical balance of power is on the bears’ side,
with the potential to renew the June lows and move into the $12-14K area.
renowned expert Willie Wu, the cryptocurrency market has not yet bottomed out.
According to him, if bitcoin fails to stay in the $19K – $20K range, it faces a
collapse to $17.6K. However, BTC may only bottom at around $10K.
CoinShares, investments in crypto funds rose last week after sharp outflows in
the previous week. Net inflows of $7 million compared to outflows of $63
million the week before.
$17 million Inflows
to bitcoin funds contrasted with $15 million outflows from Ethereum funds.
Investments in funds that allow shorts on bitcoin rose by $3 million. “The
combination of positive and negative flows suggests a continued lack of
investor engagement in cryptocurrencies,” CoinShares said.
two years of litigation, the SEC and Ripple Labs called on a federal court to
immediately rule on whether XRP sales violate US securities laws.
This article was written by FxPro’s Senior Market Analyst Alex