04.05.22 - 11.05.22
Last week results
Instruments:
In the last seven days, sentiment in the cryptocurrency markets has remained practically unchanged, with digital assets remaining under pressure. Investors prefer to avoid risk ahead of the US Federal Reserve and Bank of England's announcements on key interest rate decisions on 4 and 5 May, respectively.
The Belgian Financial Services and Markets Authority has introduced the mandatory registration of cryptocurrency exchanges and operators of custodial wallets. This move by regulators somewhat tightens requirements.
The New York State Assembly has passed a bill that would impose a two-year moratorium on new crypto mining firms that use a carbon-based energy source.
The Belgian Financial Services and Markets Authority has introduced the mandatory registration of cryptocurrency exchanges and operators of custodial wallets. This move by regulators somewhat tightens requirements.
The New York State Assembly has passed a bill that would impose a two-year moratorium on new crypto mining firms that use a carbon-based energy source.
These week’s key events
In the last seven days, sentiment in the cryptocurrency markets has remained practically unchanged, with digital assets remaining under pressure. Investors prefer to avoid risk ahead of the US Federal Reserve and Bank of England's announcements on key interest rate decisions on 4 and 5 May, respectively.
The Belgian Financial Services and Markets Authority has introduced the mandatory registration of cryptocurrency exchanges and operators of custodial wallets. This move by regulators somewhat tightens requirements.
The New York State Assembly has passed a bill that would impose a two-year moratorium on new crypto mining firms that use a carbon-based energy source.
The Belgian Financial Services and Markets Authority has introduced the mandatory registration of cryptocurrency exchanges and operators of custodial wallets. This move by regulators somewhat tightens requirements.
The New York State Assembly has passed a bill that would impose a two-year moratorium on new crypto mining firms that use a carbon-based energy source.
Bitcoin approaches undervalued territory
Bitcoin (BTCUSDT) remains under pressure. However, the strong support level at $36,920 remains intact for the moment and is holding back a downward trend. What's more, some analysts note that BTC is approaching undervalued territory.
Here are three reasons to buy Bitcoin right now:
● Large credit organisations are showing increasingly more interest in cryptocurrencies. Goldman Sachs issued its first bitcoin-backed loan, which marks its full entry into the cryptocurrency market. Fairfax County in the US state of Virginia is also considering the possibility of investing part of its investment fund assets into cryptocurrency and blockchain projects. The county's leaders already have experience in the field and want to expand it.
● Bitcoin mining difficulty is growing. The indicator reached a record of 29.79 T, jumping immediately by 5.56%. In terms of percentage, the indicator's increase is the second-highest since the beginning of 2022. This means that the cryptocurrency's supply could increase at slower rates.
Fig. Bitcoin mining difficulty. Source: Glassnode
● Technical analysis: Bitcoin has been unable to drop below the strong support level at $36,920. While the cryptocurrency is above this mark, its value retains the chances of rising and could be a good buying point with the next target at $40,000 and then $42,015.
Seize the opportunity and enter a position at the right time.
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