The BTC is recovering and looking good: the leading cryptocurrency has returned to 16,582 USD upon falling below it. However, the whole situation is troublesome.
We may suppose that the current pullback is purely technical because fundamentally speaking, the market is stressed.
Genesis keeps fighting for its life. The company has hired counselors to work out all the ways of remaining afloat. Bankruptcy is also being discussed. Moreover, experts are looking for creditors that could help deposit the company’s balance for 500 million and up to 1 billion USD.
Market players are clearly seeing the risks that have impacted other players of the sector as well. Asset withdrawal from any platform may be rough and merciless. And no one seems insured from this.
On Wednesday, capitalisation of the crypto market is 823.61 billion USD: it has restored from the bottom hit yesterday. The BTC takes up 38.7%, the ETH – 17.3%.
Salvador authorities have started working on regulating digital asset services and crypto emission. They plan to create a special commission that will be registering crypto companies and control their business. Moreover, the draft bill mentions creation of a department that will be managing, storing, and invest funds.
Governor of the New York state Kathy Hochul has signed a law that puts a two-year ban on Proof-of-Work (PoW) crypto mining. Earlier a ban was imposed on opening new companies that use environmentally dirty mining.
The quotes of the CRV (Curve DAO Token) have grown by 43% overnight. Now the coin is number 82 in the Top 100 rating of crypto. The LTC have also demonstrated sufficient dynamics, growing by 29% overnight.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.