Market
picture
The crypto
market capitalisation has fallen by around 1% in the past 24 hours to $1.02
trillion, with Bitcoin losing around the same amount, trading at $20.4K. There
is a wait-and-see attitude on the part of investors ahead of the Fed meeting,
where all eyes are on signals of further actions.
Meanwhile,
BTCUSD remains above its 50-day average and local highs from a month ago,
creating expectations that the market is preparing to go to the higher step
after some respite. The following significant levels are around $22.3K
(September highs) and $24.3K (July-August highs and the 200-day MA).
If the
optimists are disappointed, the decline could accelerate markedly below $19.5K
(50-day MA) and further below $19K (the global support area of the last five
months).
For the time
being, we are leaning more towards the upside scenario, assuming we see signs
of a slowdown in rate hikes from the Fed starting in December.
News
background
According to
Santiment, addresses with balances between 100 and 10,000 BTC have accumulated
over 45% of the total cryptocurrency supply. HODLers are not getting rid of
accumulated coins yet, but they are not resuming buying either, so the BTC
exchange rate has stagnated in recent months.
SEC head
Gary Gensler congratulated the cryptocurrency community on the 14th anniversary
of bitcoin’s “whitepaper”. This prompted a mixed reaction from users.
Many of them accused Gensler of trolling and hypocrisy that he doesn’t think
about the development of the cryptocurrency industry.
Binance CEO
Changpeng Zhao said he invested $500 million in Twitter to fix flaws hindering
the project’s development and the introduction of crypto payments to the social
network. According to him, Twitter is poorly monetised and has many technical
problems, such as bots. However, despite the shortcomings, the platform has
tremendous value.
This article was written by FxPro’s Senior Market
Analyst Alex Kuptsikevich.