22.08.22 - 29.08.22
Last week results
Instruments:
Cryptocurrencies spent last week mostly steeped in negative sentiment. Bitcoin attempted to overcome the $25,000 level but failed, resulting in the start of a correction. Many altcoins followed the crypto market's pioneer.
On the whole, the news environment was pretty negative.
▶️ Information emerged that South Korea plans to ban citizens' access to foreign cryptocurrency exchanges that haven't undergone the registration process. Restrictions are also being introduced in Canada. Some provinces have started introducing annual limits on altcoin purchases.
▶️ S&P Global downgraded the Coinbase cryptocurrency exchange to a speculative level. Furthermore, reports emerged that the exchange was facing a new class action lawsuit. In it, the platform is accused of illegally moving assets, freezing funds and blocking customer accounts.
▶️ Crypto investors didn't find optimism in the news that fraudsters have found a way to steal money through General Bytes Bitcoin crypto ATMs at the time of deposit.
These week’s key events
Cryptocurrencies spent last week mostly steeped in negative sentiment. Bitcoin attempted to overcome the $25,000 level but failed, resulting in the start of a correction. Many altcoins followed the crypto market's pioneer.
On the whole, the news environment was pretty negative.
▶️ Information emerged that South Korea plans to ban citizens' access to foreign cryptocurrency exchanges that haven't undergone the registration process. Restrictions are also being introduced in Canada. Some provinces have started introducing annual limits on altcoin purchases.
▶️ S&P Global downgraded the Coinbase cryptocurrency exchange to a speculative level. Furthermore, reports emerged that the exchange was facing a new class action lawsuit. In it, the platform is accused of illegally moving assets, freezing funds and blocking customer accounts.
▶️ Crypto investors didn't find optimism in the news that fraudsters have found a way to steal money through General Bytes Bitcoin crypto ATMs at the time of deposit.
📈 Bitcoin's drop is a chance to buy
Bitcoin (BTCUSDT) once again returned to the support level of $20,700. The fact that it could stay above this significant level suggests that the bearish phase is in the past. Some analysts note that the time of Bitcoin miners throwing in the towel is behind us, which allows us to expect growth.
💡 Here are three reasons to buy Bitcoin right now:
🔹 PayPal has added the feature to buy, sell and transfer cryptocurrencies in its mobile app. The service is currently supporting Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Users can make internal and external transfers, as well as pay for purchases at online stores that support PayPal.
🔹 The Bitcoin difficulty indicator is signalling that miners' active Bitcoin sell-off is coming to an end after they were forced to sell mined coins to cover their costs when the price dropped. Currently, only the most productive miners who sell less are left on the market. This contributes to the formation of a shortage of coins and an increase in Bitcoin's price (a buy signal comes when all the averages are as close as possible to each other).
Fig. Bitcoin difficulty chart. Source: Glassnode
🔹 Technical analysis: The next resistance level for BTCUSDT is at $21,550. If the price breaks through this point, we can expect Bitcoin (BTCUSDT) to rise to around $24,600. A bounceback off of the support level at $20,700 is also a good place to enter long positions.
❗️ Seize the opportunity and enter a position at the right time.
Exchange BTC
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