Crypto climbs out of the pit

Bitcoin is adding 1.2% over the past 24 hours to $16.7K by the start of trading on Thursday. Ethereum is rising more briskly, gaining 4.3% to $1200. Crypto market capitalisation rose 2% to $837B, rebounding from the latest setback at the start of this week.

On the short-term charts, Bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term has formed an inverted head-and-shoulders pattern, suggesting an upside potential growth to $17.8K, as suggested by classic targets for this figure.

In turn, this would be a move out of consolidation in almost two weeks, which could further boost buyers' optimism.

Taking a step back to the larger timeframes, however, strength remains on the bears’ side as the former cryptocurrency trades below previous consolidation levels at $18.0K.

News background

According to Coinbase research, many investors are increasing the number of coins in their wallets despite the decline in the crypto market. Over the past year, 62% of institutional investors surveyed have increased their investments.

According to a Harvard University study, central banks in sanctioned countries could use bitcoin, as well as gold, as a risk hedge. Diversifying central bank reserves could eventually boost the value of cryptocurrency and gold.

Elizabeth Warren, a US Senate Banking Committee member, also called for stronger regulation of the cryptocurrency industry in her article for The Wall Street Journal. She said the Sam Bankman-Fried empire incident is a "wake-up call" for the authorities.

New York state authorities have imposed a two-year ban on the non-environmental mining of cryptocurrencies Cryptocurrencies Cryptocurrencies represent nearly counterfeit-proof digital currencies that are built on blockchain technology. These can be obtained using cryptography or virtual currencies.Cryptocurrencies constitute decentralized networks, harnessing blockchain technology that crucially are overseen by a central authority. This makes cryptocurrencies unique in their function, placing them effectively outside the sphere of influence from any government or central bank.Such digital currency stems from encrypti Cryptocurrencies represent nearly counterfeit-proof digital currencies that are built on blockchain technology. These can be obtained using cryptography or virtual currencies.Cryptocurrencies constitute decentralized networks, harnessing blockchain technology that crucially are overseen by a central authority. This makes cryptocurrencies unique in their function, placing them effectively outside the sphere of influence from any government or central bank.Such digital currency stems from encrypti Read this Term on the Proof-of-Work (PoW) algorithm.

This article was written by FxPro’s Senior Market Analyst Alex Kuptsikevich.