wave

Market Update – Bitcoin is Unable to Gain Boost

Analysis
Reading Time: 2 minutes

The cryptocurrency market is at about the same level as yesterday, with Bitcoin trading at $33,369.51, slightly above yesterday’s $33,200.2.

The rest of altcoins from CMC’s top 5 remain in the same situation, being the only remarkable change the fact that Cardano has replaced Binance Coin in the 4th position after adding 2.34% during the past day.

CoinMarketCap

The Bitcoin dominance index currently stands at 45.7%, 0.4% above yesterday’s level, while the market capitalization of the cryptocurrency developed by Satoshi Nakamoto stays at $625,554,649,029.

Regarding the capitalization of the entire crypto market, it amounts to $1.370T, almost the same as yesterday’s $1.373T.

Today we have shared with you 1 positive and 3 negative news. Starting with the former, it has become known that online broker Robinhood has filed for an IPO with the SEC to list its shares on the NASDAQ. The company estimates it could raise about $100M.

On the other side of the coin we have the news about the regulators from 2 different jurisdictions examining the operations of Binance. The authorities of the Cayman Islands have reported they are studying the operations of the crypto exchange in its territory, as the watchdog claims the platform is running a crypto exchange business without the appropriate license.

Something very similar is happening in Thailand, where the Thai SEC has filed a criminal complaint against the platform for reportedly running a crypto business without the required license and promoting its services on its website and Facebook page.

If this was not enough, we have one more negative news that could affect the market. According to analytical resource Glassnode, the number of active Bitcoin addresses has fallen by more than half (60%) in just 6 weeks, which shows the users demand for the crypto is decreasing.

As we all know, we usually see major market movements during the weekend. What will happen on Saturday and Sunday?

If you like our content and want to support us, please follow us on Twitter, Facebook and Instagram and don’t miss the latest news!