Bitcoin Aims to Reach 45K

Increased
inquiry for BTC

Yesterday,
the first cryptocurrency was in demand during the Asian and American sessions. The
current values of BTC are consolidating in the area of 2-month extremes. In
contrast to the previous test of these levels, this time, we see a smooth rise
in the rate, indicating that the bulls still have some momentum.

Also, over
the past 24 hours, Ethereum has gained 2.4%, while other leading altcoins from
the top ten have strengthened from 0.5% (XRP) to 7.4% (Solana). The exception
is Terra, which is shedding 1.8%, correcting part of its gains in the first
half of the week.

According to
CoinMarketCap, the total crypto market capitalization increased by 2.3% to $2
trillion. The Bitcoin Dominance Index rose 0.1 percentage points to 41.8%. The
Fear and Greed Cryptocurrency Index added another 7 points to 47 and ended up
in the neutral territory.

Cardano
leads the last week in terms of growth among top coins (+39%) as Coinbase added
the possibility of staking cryptocurrency with a current estimated annual
return of 3.75% per annum.

Countries
assess the risks of cryptos

Credit
Suisse reported that Bitcoin doesn’t pose a threat to the banking sector as an
alternative to fiat money and banking services.

The CEO of
BlackRock, one of the world’s largest investment companies, noted that military
actions in Ukraine and sanctions against Russia will increase the popularity of
cryptocurrencies and accelerate their adoption.

Despite the
rally in global stocks over the past two weeks, financial conditions in the
debt markets continue to deteriorate due to rising interest rates and
inflation. Largely because of this, El Salvador has postponed the issuance of
bitcoin bonds in anticipation of more favorable conditions. Since very active
steps to raise key rates are expected in the next year and a half, and Bitcoin
is far from the highs, it is unlikely that such bonds will be issued soon.

The Bank of
England intends to tighten supervision of cryptocurrencies due to the financial
risks that their adoption carries. However, the Central Bank urged commercial
banks to exercise maximum caution when dealing with these extremely volatile
assets.

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