<p>Market picture</p><p>Bitcoin lost
ground throughout Monday, falling to $22.5K in early trading on Tuesday, down
6% from its Sunday peak. Total cryptocurrency market capitalisation fell 1.1%
overnight to $1.04 trillion, with altcoins easy to find with positive overnight
trends.</p><p>While institutional
selloffs pressured Bitcoin, it is still trying to swim against the tide,
gaining 0.7% today to $22.8K.</p><p>On the
technical side, the latest pullback is too small to be considered a full-blown
correction capable of attracting new buyers to the downside. Bitcoin now has a
much higher chance of continuing its slide on profit-taking from the rally
since the beginning of the year. </p><p>These can be
as low as $22.1K or even $21.0K. The pull into defensive assets intensified
ahead of the FOMC's decision when market expectations and Fed rhetoric diverged
dramatically.</p><p>According to
CoinShares, investments in cryptocurrency funds rose by $117m last week, the
highest in six months, with investors focusing on bitcoin. Investments in
bitcoin-related funds increased by $116 million, Ethereum by $2 million, and
inflows in funds allowing short bitcoin to rise by $4 million.</p><p>News Background</p><p>Vailshire
founder Jeff Ross suggests that bitcoin is likely to rise to $25,000 in the
short term. According to him, the strength of BTC on the 4-hour chart remains
impressive.</p><p>South Korea
will introduce a cryptocurrency transaction tracking system in 2023 to combat
money laundering and recover illegally obtained funds.</p><p>The value of
bitcoin on Nigeria's popular NairaEX exchange jumped to nearly $39,000 in local
currency terms, 65% higher than the BTC price on the global market. </p><p>The
discrepancy is due to the country's central bank's ATM withdrawal limit. The
central bank is trying to reduce the proportion of cash in circulation to
increase the acceptance of digital naira (eNaira).</p><p>This article was written by <a href="https://www.fxpro.com/" target="_blank" rel="follow">FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>
This article was written by FxPro FXPro at www.forexlive.com.
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