Have a nice and productive day for everyone, and for some of them, more recently, fruitful work on the "farm"! As always, I offer you a daily review of the market news:
BTC. The market was once again influenced by negative news from China - the Chinese Banking Association, the Internet Finance Association and the Payment and Clearing Association recommended that citizens refrain from investing in cryptocurrencies, noting that such operations are not protected by law. This has exacerbated bitcoin's precarious position. Attempts to develop an upward movement within the framework of working out the figure indicated in yesterday's review were stopped by the level of dynamic resistance – the exponential moving average of 30 EMA 2H. The asset returned to the descending channel indicated on the chart, breaking through its lower limit. The fall of the instrument was not stopped by the accumulation block at $40,300, and later Bitcoin continued its downward movement to the support level at $ 38,300. Based on the reaction of the price when it comes into contact with these levels, it will be possible to conclude about the further scenario of events – the asset will either find a local bottom in this zone, or bitcoin is waiting for a descent to the correction level of 0.786 on Fibo ($36,205).
ETH. In a pair to BTC, the asset value decreased by 2.5% over the past day. Ether is trading above the support level at $2865, with the nearest resistance level at $3225.
The second largest American bank by assets, Bank of America (BoA), announced a partnership with the startup Paxos – the bank joined the settlement network for securities on the blockchain. Thanks to the use of blockchain, the Paxos Settlement Service platform allows you to complete transactions for the purchase and sale of securities in just a few minutes. Usually, when buying and selling securities in America, they use the services of the Depository Trust and Clearing Corporation (DTCC), which usually takes a couple of days to confirm transactions. Thus, the distributed registry technology allows you to reduce costs, increasing the profit ratio.
MicroStrategy acquired 229 BTC worth $10 million at an average cost of $43,600. Now under the management of MicroStrategy is 92 thousand bitcoins, the purchase of which was spent $2.2 billion. The average price of one purchased BTC is $24,400 Despite everything, the company tirelessly accumulates digital gold, publicly showing the benefits of investing in digital assets-MicroStrategy's "paper profit" from investing in bitcoin is $1.8 billion.
The launch of its own NFT collection by the Cyberfiles project (CMT) increased the cost of CMT by 100% at the peak (to the dollar).
The listing of the All Sports (SOC) project on the HKEX exchange led to an increase in the price of SOC at the moment by 45% (against the dollar).
Polygon's (MATIC) strategic partnerships with Freela and Trace Network were responsible for MATIC's 50% growth at its peak (against the dollar).
The US stock market ended Tuesday with a fall due to pressure on investor sentiment, weak data from the housing sector and negative dynamics in the telecommunications industry. At the close on the New York Stock Exchange, the Dow Jones was down 0.78%, the S&P 500 was down 0.85%, and the NASDAQ Composite was down 0.56%.
The total value of digital assets over the past 24 hours has fallen by 12.8%, the dominance of the main cryptocurrency has increased by 0.5%. On the daily chart of bitcoin, the RSI indicator shows the level of "oversold" close to the values of March 2020, long positions on BTC and altcoins have been eliminated by $1 billion. Overall, Bitcoin should find a local bottom soon.
