Crypto climbs out of the pit

Bitcoin is up 1.2% in the past 2 hours to $16.7,000 early Thursday. Ethereum is rising faster, rising .3% to $1,200. The value of the crypto market rose 2% to $837 billion, recovering from the latest setback earlier this week. On the short-term charts, Bitcoin formed an inverted head and shoulders pattern, suggesting a possible rally to $17 8000 as suggested by the classic targets of this chapter. This, in turn, would mean removal of consolidation in almost two weeks, which could further boost buying optimism. A move back to higher time frames, but strength remains low as the previous cryptocurrency trades below the previous consolidation level at $18,0000. News Background According to Coinbase research, many investors are increasing the amount of coins in their wallets, despite the decline in the crypto market. During the last year, 62% of the institutional investors who responded to the survey increased their investments. According to a Harvard University study, central banks in sanctioned countries can use bitcoin and gold as hedges. Diversification of central bank reserves could ultimately increase the value of cryptocurrency and gold. Elizabeth Warren, a member of the US Senate Banking Committee, also called for stricter regulation of the cryptocurrency industry in an article published in The Wall Street Journal. He said the case of the Sam Bankman-Fried empire is a „wake-up call” for the authorities. New York state authorities have imposed a two-year ban on non-environmental mining of cryptocurrencies using the Proof-of-Work (PoW) algorithm.

Steve Walker

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