Bitcoin's price has fallen below $19,000, and Ethereum is trading below $1,230 after a negative inflation reading from the US. Risky assets are under pressure again:
- Meta Platforms is teaming up with Microsoft to bring Office 365 programs to the Meta-built Metaverse space. Such a big push by the market giants could support interest in virtual reality, one of the cornerstones of which is the Ethereum ecosystem;
- JPMorgan and Visa will focus on improving cross-border payments through the use of Liink's private blockchain network (JPM Coin) and B2B Connect;
- The City of Rio De Janeiro intends to accept cryptocurrency tax payments in property taxes starting in 2023. The city is currently in the process of looking for companies to handle payments via blockchain.
Futures volume of ETH and BTC ond Binance exchange, has risen since April showing that interest in speculating on the prices of digital assets is not waning despite price declines. Source: Kaiko, Finbold
Bitcoin chart, M30 interval. The price of the major cryptocurrency settled below the SMA50 after the US inflation reading, which buried the markets' hopes for a faster Fed pivot. Previously, the declines marked a larger move in the price of the king of cryptocurrencies. The RSI indicates oversold levels but a drop below key support could herald longer-term weakness and an imminent attempt to attack the June lows at $17,500. The current bulls are trying to defend the levels of $18,000 from where the price has managed to rise by nearly $500. Source: xStation5
