Over the
past 24 hours, Bitcoin has fallen 0.25% to $23.4K. The total capitalisation of
the crypto market has fallen 0.3% to $1.07 trillion. The slight decline came
despite a rebound in global stock indices. The crypto market has seen minimal
changes since the start of the day, indicating a wait-and-see attitude.
The
short-term technical picture is bullish for Bitcoin, with the price above its
50-day average and near late January’s local highs. Ethereum’s uptrending
50-day twice acted as support in February. Resistance since last October
remains at the 1700 level. ETHUSD is selling off from here.
According to
CoinShares, investments in cryptocurrencies decreased by $2 mln last week, the
third consecutive week of declines. Investments in bitcoin fell by $12 mln and
Ethereum by $0.2 mln. Investments in funds that allow shorts on bitcoin
increased by $10 mln.
Over the
past few weeks, Santiment has seen a slowdown in bitcoin whales’ activity.
There has also been a decrease in activity among mid-sized addresses
controlling between 10 and 100 BTC.
Michaël van
de Poppe, Eight platform founder, remains bullish, saying the bear phase is
over, and Bitcoin is about to break out.
According to
IntoTheBlock, 39% of Ethereum’s total supply is concentrated on the balance
sheets of a limited number of addresses. This starkly contrasts Bitcoin, where
whales account for no more than 11% of the total.
The ongoing
cryptocurrency crisis and tighter regulation have had no impact on interest in
digital assets. According to Morning Consult, 20% of US adults (over 50 million
people) own cryptocurrencies.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.