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Market News Cryptocurrency Market About to Hold These Levels

Cryptocurrency Market About to Hold These Levels

The capitalization of cryptocurrencies is now 1% greater than it was one day ago due to the market pulling down from earlier in the day's local highs.

Skylar Shaw

2023-04-14

6645

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Bitcoin Maintains Its $30,000 Level

For the third day in a row, Bitcoin has been stabilizing at the $30,000 level while trading in a narrow $20.7-30.3 range. The price was somewhat impacted negatively but not significantly by the US news from yesterday.

The capitalization of cryptocurrencies is now 1% greater than it was one day ago due to the market pulling down from earlier in the day's local highs. Ethereum gained 2.7%, Bitcoin added 0.5%, while the top altcoins had gains ranging from 5.5% (Solana) to -0.2% (XRP).

The $30,000 threshold marked a turning point in the market for Bitcoin in 2021 and the first half of 2022. Prior to falling significantly last year, the price of bitcoin was stable for around five weeks. A mirror dynamic is more likely, where the bulls take some time to collect momentum before making a strong move higher.

A similar dynamic to that of the leading coin may apply to the whole cryptocurrency market.

Bank of America said that a significant amount of bitcoin had been transferred from cryptocurrency exchanges to customer wallets. This happens when investors want to keep BTC for a long time, indicating that the sellers' pressure may be lessening.

Bitcoin News

Approximately 70% of Americans with varied levels of knowledge of cryptocurrency initiatives, according to Pew Research, do not have any immediate plans to invest in digital assets. Regulational ambiguity, excessive volatility, and high-profile bankruptcy have all contributed.

A paper produced by a European Commission office calls for more stringent identification checks for those using bitcoin exchanges and ATMs.

The tax agency (AEAT) of the Spanish government has increased attempts to collect taxes from local owners of digital assets. 328,000 merchants will be informed by officials.

a Binance.After internet rumors that Tron creator Justin Sun had been detained by Hong Kong law authorities arose, a US exchange declared that it was delisting trade pairs involving TRON (TRX). Later, Sun refuted the rumors.

As part of its strategic innovation agenda, Argentina's National Commission of Values (CNV) has established a futures index for Bitcoin. The index would be the region's first item of its kind.