bitcoin

Market Update – Bitcoin Stays Above $36,500

Analysis
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Bitcoin has recovered after falling below $35,000 over the weekend and is currently trading above the $36,000 psychological mark. The price of the asset was probably dragged down over the weekend by multiple factors, being one of them the news that South Korea plans to tax overseas cryptos starting next year.

CoinMarketCap

However, buyers have today pushed the price of the asset above $36,500, almost the same level the crypto was trading last Friday at about this time.

The recent news that the South Korean authorities plan to ban cross trading, which crypto exchanges use to convert fees from crypto to fiat, has not had an impact on the market, at least for now.

However, the main news that has grabbed our attention, but which has not had any effect on the market either, is the fact that Anonymous has threatened Elon Musk for causing sharp changes in the price of Bitcoin with his tweets.

Talking about indicators, the BTC dominance index has fallen to 40.9%, which shows investors are actively putting their money into other assets, for example, Ether, whose dominance index now stands at 19.5%.

The total market cap now amounts to 1.674 trillion, while the market trading volume is down to  $83,137,881,677.

Apparently, buyers are pushing the crypto price up despite the recent negative news, which in a different situation, could have become triggers to drag the price down to new lows.

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