Market Overview

The crypto market cap stands at $2.61T, up 2.48% over the past 24 hours. Leading the gains are Dash (+7.9%), Cosmos (+6.5%) and Immutable (+5.9%), while laggards include Basic Attention Token (āˆ’0.2%), Aave (+0.1%) and Theta (+0.3%). The sentiment index fell by 1 point over the past day to 32, remaining in the fear zone.Fig. 1. The crypto market is on the rise, once again exceeding $2.6T.

Bitcoin is rewriting 11-week highs, briefly slipping above $78.4K. This marks a continuation of the upward trend that has been in place since the start of the month. In our view, the $75ā€“86K range is not saturated with strong resistance levels, and in the absence of significant negative factors, we anticipate a positive upward momentum. However, at $86K, the leading cryptocurrency will encounter the 200-day moving average, which is also near an important pivot zone. Breaking through this zone would signify much more than the current relatively quiet range.

Fig. 2. Bitcoin is hitting 11-week highs.

News Background

Anthony Scaramucci, founder of investment firm SkyBridge Capital, compared and stated that the leading cryptocurrency meets all the requirements of a monetary system. According to him, BTC is becoming part of the investment portfolios of both private individuals and institutions worldwide.

The first cryptocurrency could reach a new all-time high within 12 months, suggests Michael van de Poppe, founder of MN Trading. He notes that following deep corrections, Bitcoin typically rebounds by 30ā€“60% within six months.

Consideration of the CLARITY Act, a bill to regulate the crypto market, may be postponed until May, said Senator Thom Tillis, who is leading negotiations between representatives of the crypto industry and the banking sector. The main obstacle remains the fee provision for staking stablecoins.

A consortium of 12 European banks led by Qivalis has chosen the Fireblocks platform to launch a euro-pegged stablecoin. The project is being developed in accordance with MiCA.

The UK has unveiled a strategy for reforming the payments sector. The authorities plan to bring the regulation of traditional services, stablecoins and tokenised deposits under a single legal framework.

The FxPro Analyst Team