What happened on the crypto market in the last 24 hours?
The crypto market is like no other ecosystem. Recently, it has undergone many new changes and developments. Many new developments appear in the blink of an eye. Let’s take a look at what was happening in the cryptocurrency market while you were sleeping with the best analysts of the SafeTrading team and search for the best crypto signals.
Bitcoin made an attempt to increase the price on July 8, but this did not give much effect. BTC, which has declined slightly since then, is now trading around $ 32,530. It has been trading at these levels since June 21.
Technical indicators are unstable. The RSI 50 indicator is undecided between a bullish or bearish breakout. Likewise, the MACD has lost its strength but is still showing a positive result. BTC is still trading in the same range from $ 31,300 to $ 40,550. The second target is the 0.382 Fibonacci retracement resistance level.
The total cryptocurrency market capitalization is down almost 7% today after some hurdles earlier this week. Since June 22, its market capitalization has fluctuated in a narrow range from $ 1.3 trillion to $ 1.5 trillion. It is currently in the middle of that range at $ 1.42 trillion.
Only a handful of top 100 altcoins are making a profit every day. Among them, FLOW (FLOW) shows the best results, having added more than 18% in the last 24 hours. FLOW is also one of the most profitable of the week, having increased by almost 60%. But the main list is:
On the other hand, the KuCoin token (KCS) has lost more than 21% today. However, despite the setback, KCS has gained about 52% over the past week, making it one of the best performers over the past week.
News from the world
The Reserve Bank of New Zealand held a meeting to update the monetary and foreign exchange system. As a result, a potential central bank digital currency is scheduled for review (CBDC).
US-based financial intermediary Robinhood is expected to pay at least $ 10 million to the:
- New York City regulatory;
- Supervisory agency for alleged cybersecurity and money laundering violations.
Argentina’s National MP from Mendoza, Jose Luis Ramon, has announced a new bill that will allow workers in certain industries to receive their salaries in cryptocurrency.
It was announced that the long-awaited digital currency of Jamaica’s central bank will be launched next month.
Investor warning from UBS!
UBS, one of the Swiss banks, has warned investors about cryptocurrencies. Advisory warnings have emerged in the wake of fluctuations in the markets and a sharp drop in the prices of important assets. One of the most important reasons for this is that the number of checks will increase in the near future. There are many countries that are acting and taking steps to strengthen the legal framework and make cryptocurrencies official and also there is a company like SafeTrading, which helps to give people the best crypto signals and to make trading legal everywhere.
UBS points this out and advises investors to choose much more reliable and at least less risky units. Like any investment vehicle, cryptocurrencies also carry a certain amount of risk, but we can see that this risk is significantly greater compared to traditional markets.
Of course, if you act carefully, you can make money, but when you lose, big numbers will be lost and you will be hurt. Investors who take this risk still prefer cryptocurrencies.
An increase in the number of checks is expected
Countries and governments are looking to increase the number of checks to eliminate the illegal situation and, more importantly, to come to the fore with their own official money. Thus, a dangerous process awaits investors. This is undoubtedly one of the issues that UBS is focusing on. If the legal framework is strengthened, sanctions will be applied to investors. The same is true for the stock markets.
Also Read: How to accept cryptocurrency as payment
In SafeTrading we can talk about the sector and the investment area, which carries risks in every sense. The bank is not here to glorify traditional markets or assets. On the contrary, he reports on shortcomings and possible problems.
We already know that the risk ratio of cryptocurrencies is high from the day they are in the market. Investors are also aware of this situation and there is a good reason why they prefer high risk. Although the losses can be very large, the numbers you will get in a short time will be quite high. In other words, it is a system in which you can multiply your existence when you wake up in the morning. We consider it quite acceptable that the risks in a system with such functioning are high.