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According to Bernstein, Bitcoin rally may not happen, as "new injections" of funds seem not to be here

According to Bernstein, Bitcoin rally may not happen, as "new injections" of  funds seem not to be here | FXMAG.COM
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  1. European Parliament lawmakers voted that Banks holding cryptocurrencies in the EU will have to comply with stricter capital requirements for digital assets

    Despite positive developments in US stock indices, Bitcoin continued its unsuccessful attempts to consolidate above $23,000 on Wednesday. The crypto market has, at least, paused after rallying since the beginning of the year.

    Total capitalisation is down 2.9% over the last 24 hours but remains just above $1 trillion. Among the top altcoins, Ethereum loses 4.9%, while the rest are down between 2.9% (Litecoin) and 6% (Solana).

    according to bernstein bitcoin rally may not happen as new injections of funds seem not to be here grafika numer 1according to bernstein bitcoin rally may not happen as new injections of funds seem not to be here grafika numer 1

    In Bitcoin, today's lows at $22.3K are part of a typical correction from the momentum of last week's lows. A break below $ 22.2K suggests a deeper correction to the $20.5-21.0K area.

    European Parliament lawmakers voted that Banks holding cryptocurrencies in the EU will have to comply with stricter capital requirements for digital assets

    According to Katie Wood, CEO of Ark Invest, the cryptocurrency market will enter a new phase in 2023.

    The mindset of long-term investors will determine whether the current wave of bitcoin growth is a bull trap or a strategic buying opportunity, Glassnode believes.

    Read next: Bitget analyst about the US GDP: In my opinion, we will see higher GDP than expected 2% - in Q3 and Q4 revisions we’ve seen stronger economic momentum than expected | FXMAG.COM

    For the first cryptocurrency to continue its rally, it will need to overcome a key resistance level at $25,000, according to cryptocurrency firm B2C2. Once this milestone is passed, there will be renewed interest from "outsiders" looking to get back into the market.

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    Bernstein said that the rally is unlikely to continue as there are no signs of "new injections" of funds into the crypto market.

    European Parliament lawmakers voted that Banks holding cryptocurrencies in the EU will have to comply with stricter capital requirements for digital assets.


    Alex Kuptsikevich

    Alex Kuptsikevich

    Financial market professional with 16-years' experience and Senior financial analyst at FxPro. Author of daily reviews on the impact of economic events with comments regularly featured in top international and Russian media. Covers fundamental analysis, global markets, foreign exchange market, gold, oil, cryptocurrencies.

    Alex Kuptsikevich is a regular contributor to both digital and print media including CNBC, Forbes, Reuters, MarketWatch, BBC and Coindesk.


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