Bitcoin finds support at the $26,000 level
Bitcoin attempted to break the 30,000 level in April, but this failed, and the cryptocurrency has been treading water since.
Bitcoin attempted to break the 30,000 level in April, but this failed, and the cryptocurrency has been treading water since.
ETH/USD heads to the conclusion of a mixed month after April’s 2023 high, as this week’s strong start is capped by the upper border of the daily Ichimokou Cloud
The bitcoin daily chart is trying to break out of its bearish channel between the lower blue and red bands. To this end, we are keeping an eye on its RSI.
Bitcoin has declined below $27,000 as investors considered news of reduced crypto-trading businesses from two major institutional liquidity providers in the U.S. Bloomberg recently reported that Jane Street and Jump Crypto, two of the largest crypto market makers, are stepping back from crypto trading in the U.S. due to the country's regulators cracking down on the industry.
ETH/USD shed around 8% last week, which puts it in a precarious position, but tries to defend critical technical levels
Bitcoin's rally is largely based on an expectation that the Fed will shift from a tightening policy to possibly cutting rates. According to the CME FedWatch Tool, markets see a potential decline of rates to 4.25% by year-end. In effect, there has been a repricing of rate-hike bets as market participants focus on financial stability risk.
DOGE/USD rallies as Elon Musk removed the blue bird as the logo of Twitter and replaced it with an image of a Shiba Inu dog, which is the logo of the Dogecoin cryptocurrency
The Commodity Futures Trading Commission charged crypto exchange Binance with “willful evasion” of Federal law, in the latest episode of regulatory crack down on the industry, creating headwinds for BTC/USD
The US02Y has declined markedly over the last eight trading days from a high of 5.09% to current levels of 3.74%. This has proven to be a tailwind for bitcoin. The cryptocurrency is up over 25% over the last week.
Bitcoin jumped almost 9% yesterday and 7% on Sunday. This is in response to the confidence crisis across the US banking sector following the SVB failure. The cruptocurrency is also sensitive to front end of the yield curve repricing yields downwards.
Silvergate Bank will wind down its operation and liquidate. The liquidation includes the full repayment of deposits. Last week it said it would delay the filing of its annual report as it was assessing its ability to “continue as a going concern.”
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