Mining companies increased in price due to growth of Bitcoin rate

Growth in securities of mining companies in January reached the highest monthly level in at least a year. Crypto-Upvotes expert review

The MVIS Global Digital Assets Mining Index, which includes data on the 20 largest miners. Such as Riot Blockchain, Galaxy Digital, Bitfarms and Iris Energy, is up 64 percent since the beginning of January 2023. This month, the indicator posted its biggest increase since its inception in December 2021. In doing so, Bitfarms securities rose more than 140%. And shares of Marathon Digital Holdings were up more than 120%. And Hive Blockchain Technologies more than doubled.

The growth of miners’ shares was caused by the recovery of Bitcoin. The first cryptocurrency since the beginning of January rose in price by 26.5% – from $ 16.6 thousand to $ 21 thousand. And on January 16 Bitcoin rate updated its maximum for 4 months, exceeding the mark of $ 21.4 thousand.

Profits of miners also increased against the growth of the crypto market. Despite the fact that the complexity of Bitcoin mining has grown to record levels. And more and more miners are plugging in, increasing hash rates. Luxor Hashprice Index – showing how much income a Bitcoin miner can expect. With a certain amount of hashrate – up 21% this year.

However, our experts note that it is unknown how long the growth of mining companies’ quotes will last. Cryptocurrency mining companies faced financial difficulties in 2022 and were forced to sell the mined cryptocurrency. As well as to return the equipment, reduce costs and personnel.

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Bitcoin turned 14 years old. Crypto-Upvotes expert review

Satoshi Nakamoto mined a Bitcoin genesis block on January 3, 2009

Bitcoin turned 14 years old. January 3, 2009 can be considered the real birthday of Bitcoin. That’s when the genesis block was mined with the date and a short excerpt from The Times article: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.

On October 31, 2008, the creator of Bitcoin, known as Satoshi Nakamoto, published a white paper. Titled “Bitcoin: A Peer-to-Peer Electronic Cash System. However, the BTC network did not actually work until three months later, when Satoshi mined the first block.

The genesis block was mined on a small server in Helsinki. The reward for mining it was 50 BTC. The first transaction on the BTC network took place a few days later. On January 12, 2009, 10 BTC from Satoshi Nakamoto were sent to developer Hal Finney in Block 170.

Nine months later, on October 5, Bitcoin appeared on the New Liberty Standart exchange. Our experts note that for $ 1 you could buy 1,309 BTC (now their price is $21 million).

On February 9, 2011, BTC for the first time equaled in value to the U.S. dollar. And on April 16 of the same year a major publication – Time magazine published an article about Bitcoin, for the first time about the new asset. The currency reached a total capitalization of $10 million.

Since then, Bitcoin has experienced several ups and downs. It reached its peak in November 2021, rising to $69,000. In 2022, global economic problems and several major bankruptcies in the industry led to a significant decline in cryptocurrency rates and a prolonged crypto winter.

The asset currently has a market capitalization of $322 billion and a daily trading volume of $13 billion. Bitcoin’s stake in a crypto market is 38.2%.

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What will happen to Bitcoin in coming week, our expert review

Crypto-Upvotes experts analyzed the situation with Bitcoin on crypto market and told how it can change in the short term

From December 5 to 11, the pair BTC/USDT traded in the price range of $16.7 ths – $17.4 ths. In the first half of the week Bitcoin was under pressure, in the second it got out in a small plus. Because Bitcoin got back in touch with the stock and currency markets. It was influenced by the dynamics of stock indices and the dollar index.

On Monday, December 5, investors were spooked by better-than-expected data from the U.S. service sector. The statistics changed market sentiment of the market participants. Because they are still afraid of the Fed’s continued tight policy to curb inflation. As a result, the S&P500 index was unable to break through the trend line on the daily and weekly section. The downward correction intensified amid closing long positions in technology sector stocks. The dollar index recovered to 105.79 points. BTC/USDT pair returned to the level of $16.8 ths.

On Tuesday, December 6, Bitcoin rate consolidated at $17 ths. On December 7, the pair BTC/USDT fell to the trend line of $16.7 ths on the background of risk aversion. Since Thursday, December 8, the situation in the markets has changed. Bitcoin gained 2.30% against the dollar to $17.2 thousand. The dollar index reversed downward and the S&P500 index recovered to 3,974 points. That was the end of the index’s rise, as well as Bitcoin’s strengthening.

On Friday, December 9, the S&P500 index fell 0.73% to 3934.39 points. The sell-off in risky assets resumed after the release of disappointing U.S. producer price data for November. Prices rose more than forecasted. The PPI index in November rose by 7.4% on an annualized basis and by 0.3% versus October. The average forecast was for a 7.2% growth for the former index and a 0.2% growth for the latter.

Investors fear again

Fears of tighter monetary policy from the Fed and a possible recession came to the fore. U.S. stock futures changed from rising to falling, while Treasury yields jumped.

The statistics are rocking the markets ahead of the U.S. Federal Reserve’s December 14 meeting. High volatility is needed for option sellers. To sell them at a high premium. Investors are expecting Wednesday’s rate hike of 50 basis points, to 4.5% per year. According to the latest CME FedWatch Tool, there is a 78.2% chance of a 50bp rate hike.

There is still uncertainty in the crypto market. The decline in the BTC/USDT pair on Friday was subdued. The level of $17.35K has not been passed, and the buyers can still pass it till Wednesday. The price pattern at 4H (time range on the chart) is favorable for an upward move.

Support is at the level of $16.9 ths, key – at $16.5 ths. We expect the denouement after the speech of the head of the US Federal Reserve Jerome Powell at the press conference, which will be held after the announcement of the rates decision.

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Investors are held back by fear. What will happen to BTC in coming days

Crypto-Upvotes experts explained reason of the last fall of BTC price. And told how it can change in coming days

Last week from November 21 to 27, BTC updated its yearly low. High volatility on crypto market was observed at the beginning of this week. Bitcoin sales intensified on news of the possible bankruptcy of Genesis. Which had $175 million hanging in the collapsed FXT exchange. The BTC/USDt pair was down to $15,400.

BTC price did not go lower. The sales were stopped by a representative of Genesis. He said that company continues to negotiate with creditors and does not plan to declare bankruptcy in the near future. The Wall Street Journal reported that billionaire Justin Sun is considering options for the acquisition of certain FTX assets. This news backdrop formed a nice session bullish trend on the intraday charts. Also, the cryptocurrency market received support from the weakening U.S. dollar in forex. As well as the growth of stock indices in the U.S. before the release of the minutes of the U.S. Federal Reserve meeting on November 1-2. Bitcoin rose 8.6% to $16,800 in 53 hours.

Buyer activity was halted by news that Genesis had hired a restructuring consultant to explore all options, including bankruptcy.

On Thursday low activity on all world exchanges can be explained by day off in the USA. Markets in the States did not work because of the national Thanksgiving holiday. On Friday, trading was at the level of $16.5 thousand.

As long as there is no negative news, Bitcoin is trying to climb out of the hole Sam Bankman-Fried sent it into. Fear of a possible collapse is keeping investors from active action. Buyers need to pass $17.15k and $18.5k for the FTX exchange collapse to recede into the background.

No factors for BTC growth

After shocks associated with the collapse of FTX, the crypto market is frozen, waiting for new factors for movement. Most likely, there will be no strong changes. Bitcoin now trades at $16.2k, the same dynamics is expected in the next (range $16-16.5k). In the absence of negative news, of course, because there is no positive news to expect.

Level of $18.5k is the key resistance level. Its overcoming will open the way for buyers to $22.5k. Also it will allow many miners to accumulate BTC and not to sell at low prices. Sellers are still set to bring the market down to the $10-12k zone.

The most important event this week is the report on the US labor market in November. As the cryptocurrency market has decoupled from the S&P500. Then it can ignore the price swings of the dollar and the S&P500 after the report is published. If Bitcoin reacts to U.S. statistics. Then again we can look at correlation and stronger correlation with other risky assets.

There will likely be more reports of problems in the crypto industry this week. Even if not as significant and large as with FTX. For example, it is now known that the ecosystem of decentralized finance and stable dUSD coin Ardana. Which is based on the blockchain Cardano, has announced the suspension of project development. Because there is now uncertainty about the funding and timing of this project.

The next negative report is that cryptocurrency lender Matrixport is looking for $100 million in funding. Lead investors have already committed $50 million to the company, but the deal has not yet been finalized. As Matrixport needs to find those who will close the other half of volume.

Conclusion

There are no factors for growth of digital financial assets. Main thing is that there are no new ” Black Swans ” – poorly predictable negative events. In this case, Bitcoin will remain at the level of about $16.5k. However, if there are new reports about difficulties on cryptocurrencies, it can fall to $14-15k.

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Correction in Bitcoin rate due to risky assets is over ?

Our Crypto-Upvotes experts have analyzed situation on cryptocurrency market. And told how Bitcoin price can change in the next few days

Last week, from November 14 to 20, trading on the crypto market was relatively quiet. Increased volatility was observed on the first day of the week. Bitcoin/USDt jumped from $15.8 th. to $17.1 th. (+8.69%). Growth in quotations was caused by the head of Binance, Changpeng Zhao. He said he will launch a fund to rebuild the industry and help promising companies. He did so to reduce the negative impact from collapse of crypto exchange FTX.

After updating the weekly high price stabilized in the range of $16 thousand – $17 thousand Investors are in no hurry to buy Bitcoin because they took a wait-and-see attitude. Because of fears of the next wave of sales on the background of new bankruptcies of companies related to the collapsed exchange FTX.

For ten days, market is in the phase of rest after a recent collapse. Bitcoin’s correlation with the S&P500 Index has turned negative at 0.62. Crypto market has stopped reacting to the dynamics of dollar and stock indices. Investors are busy transferring tokens from centralized exchanges to cold wallets. They are doing this to protect their cryptocurrency.

Bitcoin price is at $16,000 waiting for a new batch of news about crypto industry. As buyers have failed to quickly get the price back above $18,500. A level of $12k is still flashing green for sellers below, signaling a lack of resistance. Because of a collapse in FTX, events could begin to unfold in a worst case scenario for Bitcoin and crypto investors. Buyers need to consolidate above $18.5k. Without consolidation, bearish sentiment will not be offset.

There is a threat of new bankruptcies, and continued collapse of crypto market

So far, the ratio of long and short positions on futures market does not have any bias. Therefore, we do not expect a sharp change in the situation in the next few days.

On-chain parameters also speak in favor of absence of preconditions for fall. There is also growing interest in cold wallets, amid outflow of capital from CEX exchanges because of scandal with FTX.

Most likely scenario is a continuation of current levels. Accordingly, expected range of BTC price is about $16-17 thousand.

Among stability risks, there is a threat of new bankruptcies followed by an avalanche of liquidations. There are no guarantees that it will not happen this week. But the probability is not high either. And statements of major players about creation of crypto-business support funds to prevent exactly such chain reactions in the market. Should add optimism and confidence in protection of crypto industry from collapse.

Of important – it is worth to highlight protocol of November meeting of the US Federal Reserve, which will be published on November 23. Bitcoin is detached from risky assets, so it may ignore investors’ reaction to the publication of these protocols.

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What will happen to Bitcoin “There are no prerequisites for recovery ?”

Our Crypto-Upvotes experts told us what dynamics to expect from Bitcoin and digital currency market in short term

On November 14, Bitcoin exchange rate is about $16.5 thousand. During the last week, it fell by more than 20%. Our experts have analyzed this situation on crypto market and told what kind of dynamics to expect in next week.

Any negative news will bring down crypto market

The second week of November reversed all the achievements of buyers since mid-September. The collapse of the crypto market occurred due to the fiasco of negotiations between the head of Binance Changpeng Zhao and the head of FTX Sam Bankman-Fried.

Changpeng Zhao caused a liquidity crisis at the FTX exchange on Monday with his announcement that he would sell FTT tokens. As it turned out, most of the assets of FTX-affiliated company Alameda ($14.6 billion) were FTT tokens.

The Binance CEO wiped out a huge competitor in a matter of days. There is an opinion that he intentionally made public statements about selling FTT. The collapse in crypto market was partly localized by U.S. statistics on Thursday. Slowing inflation in the U.S. collapsed the dollar and boosted demand for risky assets. Traders sold off the U.S. currency on expectations of a slowdown in the U.S. Federal Reserve’s aggressive interest rate hike cycle. The BTC/USDt pair jumped 16% to $18,200.

Although Dollar Index continued to fall on Friday, cryptocurrency halted its rise. Sam Benkman-Fried undermined confidence in the crypto industry. Investors fear the collapse of other cryptocurrencies that have had liquidity problems because of FTX. We just don’t know about it yet. Alameda may be “dumping” its portfolio on the market to take advantage of a price rebound.

The inflation report temporarily diverted investors’ attention away from FTX problems. Although situation in market remains tense. After a collapse and rebound, Bitcoin/USDt is trading at $16,400 in the range of $15,600-$18,200. Shock has passed, but buyer activity is very low. Without new negative news, the continuation of the correction above $18.5k remains. In such conditions, it will be a feat for the buyers. According to our experts, the risks of Bitcoin decline to $12,000 are over 70%. The market is low-liquid, so any bad news on the collapse of some other exchange with its token will collapse crypto market within a day.

Prospects for Bitcoin to rise to $20,000 in coming week

Unfortunately, our experts do not see prerequisites for Bitcoin recovery even up to $20K. All that positive impulse, which the market got after the data about growth of consumption prices in the USA. But crisis around FTX, which is still in its acute phase and just started to develop, didn’t let BTC grow and it fell below $17K again.

This week market will wait for developments around FTX. And the details of the debts of Alameda and FTX. As well as possible solutions to the problem of repayment of debts to clients. Regulators will definitely take action, because many companies related to the American market, Galaxy Digital and Circle, have been affected.

It’s not yet completely clear how catastrophic the collapse of Alameda would be for those companies that Sam Bankman-Fried was actively rescuing in recent months. Rumors have surfaced about Alameda’s liabilities of up to $50 billion. This could be a real counterpart to a collapse of Lehman Brothers for crypto market.

Our forecast for BTC this week is that it might fall to $14-15K and it will hardly go lower because, judging by Order Book, there are huge buy orders. So even if Bitcoin falls below that level, it will be bought back immediately.

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Bitcoin rate updated minimum for two years. This is the start of forming a “Bottom” ?

Bitcoin fell below $18 ths, other cryptocurrencies were also affected. Our Crypto-Upvotes experts pointed out reasons for market decline. And also told about its short-term prospects

In the evening of November 8 Bitcoin rate momentarily fell to a two-year low of $ 17.1 ths. As of November 9, Bitcoin cryptocurrency is trading at $ 17.2 ths, it has fallen in price by 10% over the past 24 hours.

Bitcoin price decline accelerated as the rate of cryptocurrency exchange token FTX (FTT) plummeted almost six-fold, from $19 to $3. Altcoin now trades at $4+ and shows a daily decline of 74%.

The FTT token collapse and the overall situation around the FTX crypto exchange caused the entire crypto market to fall. First, the FTX exchange lost liquidity and its own token price collapsed. And then Binance announced about buying this exchange.

Possible FTX and Binance deal attracted attention from regulators. As well as other reasons that helped Bitcoin collapse

FTX and Binance deal attracted regulators, raising antitrust concerns. Regulators have the power to block major mergers. If they fear it will limit market choice. And there are strict laws against anticompetitive behavior.

Among other factors in a declining market is the tension between China and Taiwan. Because China is a pretty big player in the crypto market. Taiwan makes chips for mining. So this factor is important and pressures cryptocurrency prices down.

Another reason, our expert called the U.S. Congress elections. At the moment, Republicans are expected to win the elections to House of Representatives.

Cryptocurrency market sympathizes, first of all, with the Democratic Party. At least by the volume of investments in their election campaign. Foreign representatives of the cryptoindustry are betting exactly on Democrats.

In addition, all these problems of crypto-industry coincided with the growth of stock indices and weakening of USD.

Crypto market at an early stage of formation of the “bottom” ?

Buyers could not take advantage of the moment to pass the level of $22.5 ths. While USD is under pressure, and stock indices are set to rise. Buyers have a chance to return Bitcoin price to $20 ths. Now we need to wait for volatility to decrease. And exchanges FTX and Binance clarified the situation and their further actions, said our expert.

Our expert added that the current situation, which now presses the crypto market, could be a culmination of decline. Because the current situation in crypto industry may be the initial stage of forming a “bottom”. Because for many market participants such prices are of interest to increase buying volume or to enter this market.

Now there should be a set of factors that will be able to raise the price up. Therefore now the L-shaped recovery, rather than a sharp reversal of a bearish trend is more probable. If the situation with China and Taiwan does not worsen. It is unlikely that anything else can hurt the market more than it already has.

 

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The U.S. dollar collapsed against euros. How is this linked to the rise of Bitcoin?

Our Crypto-Upvotes experts discussed how US dollar affects cryptocurrency market. And gave predictions about the further movement of leading cryptocurrencies

Bitcoin rate rose from $19.5 ths. to $21 ths. per day. Ethereum rose by 13% and passed the mark of $1.5 ths. Among the top 30 cryptocurrencies by capitalization, all coins, except stabelcoins, increased in value. Market capitalization of entire digital currencies market showed growth of 6.9% and exceeded $1.047 billion.

At the same time, the US dollar collapsed against the euro on Forex market to its lowest level in five weeks. For the first time in this time, the U.S. currency became cheaper than euro. Dollar index (DXY) is also near a three-week low.

Impact of dollar index on cryptocurrency rates

How Bitcoin and the crypto market in general behave is influenced by the U.S. Dollar Index. Our expert explained that the DXY index (U.S. Dollar Index) shows the dynamics of the dollar against a basket of major world currencies. Such as : Euro, Swiss Franc, Pound Sterling, Canadian Dollar, Japanese Yen and the Swedish Krona.

Thus, the index shows the growth or decline of the U.S. dollar relative to a basket of currencies. When the index goes up, Bitcoin usually goes down. And when the index falls, Bitcoin goes up. This inverse correlation between the dollar index and Bitcoin was noticed a decade ago, and has been confirmed constantly since then.

Now Bitcoin’s rise above the $20,000 mark is due to the DXY index going down. The reason for this is the release of good reports by IT giants. As well as relatively positive data on the US labor market. And investors’ hopes that this information will lead FED to stop raising the rate.

Short-term strengthening of BTC or not?

However, despite some slowdown in U.S. inflation. The Fed will continue to tighten monetary policy. According to our expert, there is now too big a gap between inflation and the rate. Therefore, there is no reason to expect a strong slowdown in prices.

As early as next week at the meeting, Fed policymakers may raise the rate again by 75 bps (0.75%) to 4%. If FED declares that this trend will continue in the coming months, then today’s rate rally will be crossed out and sent to the trash garbage can.

According to our expert, we should expect in this case a new decrease of Bitcoin to the area of $15 thousand or even lower. Ethereum may go down to $1,000.

Under current conditions, cryptocurrency investors can liquidate futures positions. And make a profit by simply locking in profits on buy trades. Because there is no certainty that the current growth trend will continue now. Most likely, in the coming days it will be possible to observe the development of demand for the US dollar again.

What are prospects for growth of BTC?

Most likely, the trend of declining cryptocurrency rates may begin to change only in the first half of 2023. According to our expert, that is when the process of Fed’s monetary policy tightening may end. Or the step of rate increase will not exceed 0.25%. Then stock markets will start to form trends on increase of quotations. And on cryptocurrency market too, it will happen.

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Bitcoin price forecasts for November, review by Crypto-Upvotes experts

What events in the next month may lead to changes in the price of Bitcoin. And to what levels it can rise or fall

First Cryptocurrency has continued to trade in a relatively narrow range since mid-June 2022. Since then, the rate of BTC fell to a low of $17.6 ths. And at its peak, it reached $25.2 ths. Most of the time, cryptocurrency is near the mark of $20 ths.

Over the past month, the Bitcoin price range has become even narrower. Maximum value of the rate for the last 30 days reached $20.4 ths (October 6). The rate of Bitcoin fell to a minimum on the day of publication of the U.S. inflation data for September. At that time the price of BTC fell to $18.3 ths, but quickly recovered.

As of Oct. 24, the leading cryptocurrency is trading around $19,200, according to CoinMarketCap. Bitcoin has a market capitalization of $371 billion, with a daily trading volume of $28.8 billion. The asset’s share of the cryptocurrency market is 38.3%.

U.S. congressional elections and macroeconomics could affect BTC price

The U.S. Congressional elections are due in November, our Crypto-Upvotes experts note. Cryptocurrency and traditional markets are generally strong in the run-up to this election. However, our experts say it’s not quite right to expect the same rate behavior as it did after the last election. The previous congressional elections were held in early November 2020. The cryptocurrency market was in a bull market. And since then, Bitcoin has gone from $15k to $61k by April 2021.

But today both the stock market and the cryptocurrency market are still bearish. And the volatility in the cryptocurrency market is quite low. Therefore, no serious rally is expected from BTC. In case it fails to rise above $23k, the downward pressure will continue.

The bearish pressure is amplified by global macroeconomic weakness combined with the popularity of short ETFs on Bitcoin. This raises concerns about whether this time there will be a repeat of November 2018, when Bitcoin collapsed from $6k to $3k also after a long period of consolidation and low volatility.

Investors, primarily institutional investors, as in the stock market, always assess the situation in terms of the reaction of the Federal Reserve (Fed). As well as on macroeconomic data on the United States. Therefore, the price of BTC may react to further Fed Funds rate hikes.

Also, among important events for Bitcoin and the entire crypto market in November, our expert called the TOKEN2049 conference. It will be held from November 9 to 10 in London. Our expert noted that it will be attended by such well-known figures in the cryptocurrency community as Galaxy Digital founder Mike Novogratz, Tezos co-founder Kathleen Breitman and Blockchain.com CEO Peter Smith.

There is hope that the rate will soon stop rising by 75 bps. (0,75%)

At least a “slight hope” that the rate will soon stop rising by 75 bps (0.75%) at the end of each meeting. . As well as reduction at least to 0.25% or suspension of increases. All this will lead to the development of a medium-term trend for growth i Bitcoin rate.

In this case, psychologically important level of $20K may be overcome. This will allow the bulls to rush to the levels of $24K and $28.3K in the coming month. More rapid growth looks too optimistic variant so far. But it may lead to $32 thousand and $36.8 ths, says our expert.

It’s also worth paying attention to the following levels in the price of BTC when it grows: $20.5 ths, then $22.8 ths. Reaching the same Bitcoin mark at $25 K will already mean the change of current bearish trend.

Signals for continuing a bear market trend

Signal to continue bear market could be the level of $16 K. Then we should pay attention to the level of $14 K, and, finally, $10 K.

In the coming month, Bitcoin may show a decline. First, price of the first cryptocurrency may fall to around $18 K, and later to the area of $15 K – $16 K. Our expert noted that it will be possible if Fed rate will continue to rise.

 

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What will happen to cryptocurrency prices in October. Several forecast from Crypto-Upvotes experts

Our experts told us about possible price movements for cryptocurrencies in coming weeks. And gave forecast for their prices in accordance with different variants of events development

On October 13, after the publication of inflation data in the U.S., leading cryptocurrencies updated their price lows. Bitcoin rate fell to $18.3 thousand, less than the last time it was worth on June 20, when it was trading about $18.2 thousand. Also Ethereum showed decline – it fell to $1.2 thousand, updating its minimum since mid-July.

But by October 14 Bitcoin had recovered to the level of $19.8 thousand, the daily growth was 5.4%. Аnd Ethereum also rose in price by 7.2%. And the total market capitalization of cryptocurrencies is $980 billion, which is 5.5% more than a day ago.

Current situation on crypto market

Macroeconomics is the leading factor for cryptocurrency markets right now. Our experts notice that after the new release of inflation data in the U.S., there was a rare volatility in leading indices. But at the same time, the sharp drop was just as sharply bought back by investors. Cryptocurrencies reacted in a similar way.

Crypto market heavyweights such as Bitcoin and Ethereum are hardly reacting to events in the cryptosphere right now. However, there are not many negative factors. The main factor “confusing crypto-enthusiasts” is the trend toward tighter regulation in many countries. Because this brings cryptocurrencies closer to traditional asset classes.

Also, cryptocommunity is concerned about the decline of decentralization. Or the lack of growth of this indicator in many blockchains. In addition, the outflow of capital from GameFi, NFT and Metaverses markets looks logical against the background of energy crisis and risks of recession in economics.

Negative forecast scenarios

In case of a prolonged fall in Bitcoin, it is possible that those miners who have been working at a loss for a long time will capitulate. This is likely to lead to a decrease in the level of support. And it will bring Bitcoin’s price down to around $14,000 or $10,000.

Large capital is now panicking and seeking to withdraw funds in stablecoins and US dollar. The most likely scenario is that bitcoin will drop to $17,800 in coming weeks.

In addition, the fall in Bitcoin is accompanied by the biggest sell-offs of miners in the last 2 years – about 8,000 BTC per month (according to Glassnode). This has also influenced the rate of BTC decline and overall current market sentiment, our Crypto-Upvotes experts say.

Positive forecast scenarios

Crypto-Upvotes experts called a scenario in which cryptocurrency rates will start growing in the near future unlikely. However, if Bitcoin breaks through resistance level of $20.4 thousand, it will be possible to see movement to $22.5 thousand, our expert believes.

Positive factors that could support cryptocurrency rates are hard to find right now. At the same time, the option to increase prices of cryptocurrencies should not be discarded either. Because investors are eager to redeem assets at lower prices right now.

According to our expert, it could lead to overcoming the level of $1.4 ths for Ethereum. Bitcoin may initially reach a psychologically important level of $20,000. And its overcoming will lead to increase of BTC price up to $22 ths.

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