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Bitcoin is Behaving Like Gold – ForexLive

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The primary cryptocurrency returned to development on
Tuesday morning, including 3.3% and rising to 43,500. Technically, BTCUSD held
above the 50-day transferring common and obtained help from patrons after one other
contact of this stage.

On the identical time, nevertheless, this common is
directed downwards, emphasizing the overall downward development. Cryptocurrencies
appear to be as soon as once more attempting on the position of a safe-haven asset, changing into a
little extra like gold and rather less like shares.

Though US inventory indices have been beneath stress
on Monday, they determined to cease the sharp decline on the finish of final week.
Nevertheless, the high-tech Nasdaq ended the day unchanged.

European inventory indicators confirmed a noticeable
drop beneath the affect of tensions round Ukraine. On the identical background,
gold shot up 3% to highs since June final 12 months.

It ought to be understood that within the occasion of a
huge sale of shares, solely short-term authorities bonds would be the protecting
asset of final resort. Establishments invested $75 million in crypto funds final
week, in response to CoinShares.

Over the previous 4 weeks, internet inflows to crypto
funds amounted to $209 million. The pinnacle of Uber mentioned that the corporate would
undoubtedly begin accepting cryptocurrencies sooner or later.

A
British crypto investor has introduced the creation of a metropolis for crypto traders
within the Pacific and expects 1000’s of supporters from around the globe to
be a part of quickly. The Ministry of Finance of the Russian Federation proposed to restrict
the investments of unqualified Russian traders in cryptocurrencies to 50
thousand rubles.

The
company estimates tax revenues to the finances from the legalization of the
cryptocurrency market at 10-15 billion rubles, and the primary quantity of funds
will fall on the miners. General, Bitcoin was down 0.2% on Monday, ending the
day at round $42,200. Ethereum added 0.1%, whereas different main altcoins from
the highest ten confirmed blended dynamics: from a lower of 1.6% (XRP) to an increase of two
.2% (Terra).

The overall capitalization of the crypto market,
in response to CoinGecko, grew by 0.5% per day, to $1.97 trillion. The BTC
dominance index didn’t change throughout the day, remaining on the stage of 40.7%.
The Worry and Greed Index is up 2 factors to 46 and is in a state of concern.

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

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