Price down 1.91% to $30,444

For the week from May 9 to May 15, Bitcoin fell by 7.96%, to $31,328. Over the weekend, buyers managed to win back most of the losses, closing the week above the middle of the weekly range (26700-34243) and leaving a long shadow. On the one hand, buyers have the opportunity to raise the rate to 35500. On the other hand, futures for American indices fell on Monday, which negatively affected the cryptocurrency in the first half of the week. Buyers retreated from $31,460 to $29,087.

Nothing new has happened yet. Investors expected the speech of the head of the US Federal Reserve Powell, hoping for the growth of indices after his speech. Crypto investors are not interested in his speech, unless he blurts out something about cryptocurrency. The speech was scheduled for 21:00 GMT+3.

On Tuesday, May 17, the cue ball traded in a slight plus. He received support from the recovery of stock indices, the weakening of the dollar (correction) and lower yields on 10-year bonds. The resistance was $32,700.

• Crypto market capitalization: $1.284 trillion
• Dominance: BTC: 44.4%, ETH: 19.2%
• Index of fear and greed - 12 (Extreme fear) against 8 the day before.

Dynamics of coins from the TOP - 10:

• Bitcoin (BTC): $29838 (-1.80%);
• Ethereum (ETH): $2035 (-1.93%);
• Binance Coin (BNB): $300.36 (-1.77%);
• Cardano (ADA): $0.5614 (-2.31%);
• Solana (SOL): $55.23 (-2.73%);
• Dogecoin (DOGE): $0.0887 (-1.33%).

Crypto world news:

• Portuguese Finance Minister Fernando Medina said that cryptocurrencies will be subject to taxation in the near future.
• The US and the EU will create a blockchain to track greenhouse gas emissions.
• Fabio Panetta, member of the executive board of the European Central Bank (ECB), said that the digital euro could appear within four years.
  Terraform Labs' in-house legal team resigned shortly after the collapse of Terra's algorithmic stablecoin caused havoc in the crypto markets
  Binance's $1.6B investment in LUNA is now worth just $3,000.
• Within a week, USDT supply fell by 7.5 billion. After the collapse of UST, investors poured into USDC.
• • China has returned to the number of leaders in bitcoin mining despite restrictions. The share of China is 21.1%. The United States remained in first place in terms of mining, with a value of 37.8% of the world bitcoin volume. Canada and Russia produce 6.48% and 4.66% respectively.

• The collapse of Terra forced the G7 to urgently discuss the new regulation of cryptocurrencies.

Bitcoin: Price down 1.91% to $30,444. On Tuesday, the head of the US Federal Reserve, J. Powell, said in his speech that the fight against inflation remains a priority for the Central Bank. If inflation slows down, the regulator will not move on to aggressively raising rates. Stock indices reacted positively to his speech. Following them, cryptocurrencies have risen in price.

Dust settles in the market after the collapse of Terra (LUNA). The dollar is correcting as the market factored in a 100 basis point rate hike in the next two meetings. The flight from risky assets has stopped, only the technical picture for bitcoin remains bearish. We expect sideways movement in the range of $4,000 today.

Ethereum: The price has stabilized in the range of 1950 – 2170. For Ethereum, the key support is at 1760. If it does not hold, we are in for a panic sell with a target in the 1200 region. Many top coins have been broken through key levels, which greatly frightened retail investors. They are ready to buy, but they are afraid of a new collapse. The technical picture is very weak for buying. To return optimism to the market, it is necessary to restore stock indices. Cryptocurrency is a risky asset, so it is prone to deep straits. The activity of buyers should be expected when the price fixes above $3150.