The cryptocurrency market digest (BTC). Overview for 30.11.2022

30.11.2022

The cryptocurrency market has started recovery. No one knows whether this will last long, so investors are actively using their chances. The BTC is rising to 16,894 USD.

Curiously enough, the background is overloaded with news and fears, and interest to risk is minimal. However, the crypto market seems to be autonomous, focused on its own catalysts. This preserves it from reacting to background triggers.

No news about bankruptcy or trouble at any crypto platform makes investors confident and cheers them up. This is what they base their small purchases in.

The risk is at the Genesis platform. As we know, the company is currently struggling to avoid bankruptcy, running to the help of Proskauer Rose and Kirkland & Ellis lawyers.

A serious resistance level is still 17,200 USD, and upon rising over it, a pathway to 18,500 USD will open. However, right now chances for this are scarce.

Capitalisation of the crypto market is 854.43 billion USD, the BTC taking up 38% and the ETH – 18.2% of it.

Maersk and IBM quit blockchain

A logistics giant Maersk and the IBM company are planning to stop using the TradeLens complex platform in their work. It is based on blockchain and allows for controlling supply chains. The project did not succeed commercially and is now ready to be shut down.

Australia: correct regulations will generate income

The Technical Council of Australia (TCA) states that in case of correct regulations the crypto sector will add 40 billion USD to the GDP. And this will support the development of the crypto sector and blockchain, in turn. The distributed register technology is expected to enhance the efficacy of many businesses.

Brazil is ready to control crypto

The Brazilian Parliament made one more step towards regulating the crypto market. Several norms of control have just been approved by the government. Now it is President’s turn to sign the draft bill. The document, among other things, introduces the definition of a new type of crime – fraud with use of digital assets.

Attention!

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.