25.04.22 - 02.05.22
Last week results
Instruments:
Bitcoin suffered losses last week, as did altcoins. At this step, high-risk assets are very in demand, which is causing downward movement for them.
The National Bank of Ukraine introduced limits on cross-border cryptocurrency transactions for its citizens in an attempt to prevent capital outflow from the country. In essence, the regulator prohibited the purchase of cryptocurrency from hryvnia-denominated accounts.
The United States' Cybersecurity and Infrastructure Security Agency, Federal Bureau of Investigations and Department of Treasury released a warning about threats from North Korean hackers to steal cryptocurrency.
The Department of Treasury imposed sanctions against Russian miners for the first time. Russia ranks third in the world in mining volume. As a result, the US company Compass Mining is looking for a buyer to purchase its 12-MW mining equipment worth $30 million that it installed in Siberia.
The National Bank of Ukraine introduced limits on cross-border cryptocurrency transactions for its citizens in an attempt to prevent capital outflow from the country. In essence, the regulator prohibited the purchase of cryptocurrency from hryvnia-denominated accounts.
The United States' Cybersecurity and Infrastructure Security Agency, Federal Bureau of Investigations and Department of Treasury released a warning about threats from North Korean hackers to steal cryptocurrency.
The Department of Treasury imposed sanctions against Russian miners for the first time. Russia ranks third in the world in mining volume. As a result, the US company Compass Mining is looking for a buyer to purchase its 12-MW mining equipment worth $30 million that it installed in Siberia.
These week’s key events
Bitcoin suffered losses last week, as did altcoins. At this step, high-risk assets are very in demand, which is causing downward movement for them.
The National Bank of Ukraine introduced limits on cross-border cryptocurrency transactions for its citizens in an attempt to prevent capital outflow from the country. In essence, the regulator prohibited the purchase of cryptocurrency from hryvnia-denominated accounts.
The United States' Cybersecurity and Infrastructure Security Agency, Federal Bureau of Investigations and Department of Treasury released a warning about threats from North Korean hackers to steal cryptocurrency.
The Department of Treasury imposed sanctions against Russian miners for the first time. Russia ranks third in the world in mining volume. As a result, the US company Compass Mining is looking for a buyer to purchase its 12-MW mining equipment worth $30 million that it installed in Siberia.
The National Bank of Ukraine introduced limits on cross-border cryptocurrency transactions for its citizens in an attempt to prevent capital outflow from the country. In essence, the regulator prohibited the purchase of cryptocurrency from hryvnia-denominated accounts.
The United States' Cybersecurity and Infrastructure Security Agency, Federal Bureau of Investigations and Department of Treasury released a warning about threats from North Korean hackers to steal cryptocurrency.
The Department of Treasury imposed sanctions against Russian miners for the first time. Russia ranks third in the world in mining volume. As a result, the US company Compass Mining is looking for a buyer to purchase its 12-MW mining equipment worth $30 million that it installed in Siberia.
Bitcoin is moving towards a strong support
Bitcoin (BTCUSDT) is moving to the support level of $36,920. This is a fairly strong level capable of stopping crypto prices from falling further. There are currently no prerequisites for prices to drop below this mark.
Here are three reasons to buy Bitcoin right now:
- Bitcoin's balance on exchanges continues to fall, falling to lows not seen since July 2018 in a week. In fact, this indicates a continuing decline in bitcoins available for purchase, which formally forms a shortage and will push prices up.
Fig. Bitcoin balance on all exchanges. Source: Glassnode
- Despite the crypto market's pioneer seeing its price drop, a net outflow of BTC continues to occur on the biggest exchanges. The outflow of bitcoins from exchanges reached the 100,000 mark per month. This indicates the continuing demand for cryptocurrency and serves as a good explanation for why the balance of BTC is falling on exchanges.
Fig. Bitcoin exchange net position change. Source: Glassnode
- Technical analysis: Bitcoin is approaching a strong support level at $36,920. A pullback from this level could be viewed as a good entry point for long positions, with a short-term target of $40,000 and $42,015 thereafter.
Take advantage of this golden buying opportunity.
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