Cryptocurrencies at the start of the week are trying to make up for declines from the weekend, when Bitcoin retreated below $23,000 on a wave of disappointing for bulls PCE US inflation data. But today Wall Street indices rise again.
Despite media reports of a possible global ban on cryptocurrencies being analyzed by the International Monetary Fund and the Financial Stability Board, former World Bank president and IMF chief Georgieva indicated that rather than resorting to a global ban, regulators will work to create an appropriate regulatory framework, taking into account the popularity of cryptocurrencies in emerging economies. In the wake of a softening extreme regulatory spectrum and a rebound on exchange floors, with Bitcoin trading near $23,800, other cryptocurrencies are also trying to rebound.
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List of the most gaining cryptocurrencies. Leading the way are the intensely oversold NEO, DYDX and Maker on Friday. Source: xStation5:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/OVPEZEHXM5DKBB6J6BJOEN2JH4.png)
Cryptocurrency-based investment products saw outflows last week, after investors moved funds into funds betting on Bitcoin declines. Source: CoinShares, Bloomberg
- Positive U.S. economic data and the prospect of more Fed rate hikes dampened risk demand, weighing on cryptocurrencies. Funds betting on BTC declines saw inflows totaling $10 million in the week ended February 24, according to CoinShares, compared to an outflow of $12 million from funds betting on a rise in the BTC price (the third weekly decline in a row). Positive fund inflows were registered by CoinShares for Polygon, Solana and Cardano with slightly negative ones for Ethereum.
The CoinShares report highlighted the most important short-term risks for the industry are the controversy over regulations planned for implementation in 2023, the position of the SEC - whose head Gary Gensler says that of all cryptocurrencies, only Bitcoin is a 'digital commodity' and may not fall under its jurisdiction, and investor sensitivity to macroeconomic data. , which have recently disappointed bulls by casting doubt on the disinflationary trend.
Bitcoin, M30 interval. The major cryptocurrency has broken above the SMA200 average and is struggling for a sustained breakout above the 38.2 Fibonacci retracement at $23,800, which could reopen the way to $25,000. Source: xStation5
