-11122024742.png)
-11122024742.png)
Crypto market tests range ceiling
Crypto market tests range ceiling
Market picture
Market capitalisation rose 1.7% in the last 24 hours to $2.98 trillion, approaching the upper end of the consolidation range where the market has been hovering for almost two weeks. The previous consolidation in April took about the same amount of time before the last move up. Rest after the rise may favour further growth.
Greed characterised market sentiment on Tuesday, with the corresponding index rising to 67, repeating the highs of May 2.
Bitcoin rose significantly on reports of events in India and Pakistan, briefly surpassing the $97.5K level. This growth momentum has not yet found support in other assets - gold is getting cheaper, and the equity index is mostly down. Perhaps the assault on local highs will continue soon. A consolidation above $98K may trigger a growth scenario up to $112K.
News background
Riot Platforms, the fourth-largest bitcoin mining company by bitcoin reserves, mined 463 BTC in April and sold 475 BTC for $38.8 million. The firm sold coins from the reserve for the first time in about a year.
BlackRock's IBIT is the defining contribution to the ETF's positive performance. According to Lookonchain, BlackRock additionally purchased 5,613 BTC (over $529 million). The company now holds 620,252 BTC (worth over $58bn).
Bitwise investment director Matt Hougan said the crypto market could face difficulties this summer if the US Congress does not continue to work on profile bills. He noted a bill to regulate stablecoins, the passage of which has been delayed.
The FxPro Analyst Team
The dollar begins a new chapter of growth
The Dow Jones has reached its top levels, but don’t rush to short it
US data supports patient Fed, deal with EU boosts appetite
Gold Declines as EU Strikes Trade Deal
Gold sends negative signals
Markets Rise on Extended US-China Tariff Pause
The crypto market digested the sell-off and moved further up
