Cryptocurrencies need a driver | Forexlive

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Bitcoin has gained 2.8% over the past 24 hours to $19750 but remains broadly zen. Against the background of falling equity markets, the balanced moves of the first cryptocurrency looked like a sign of domestic strength. But yesterday, the stock market marked a sharper growth than cryptocurrencies.

Bitcoin is one move away from the top of its trading range ($20300). But only a solid consolidation above this limit should be considered a significant bullish signal.

Ethereum is lying at its 200-week moving average for the third week. Perhaps the entire crypto market lacks a major external driver to shift to growth, although no significant decline exists.

News background

According to CoinShares, investments in cryptocurrencies increased by $10 million last week. The figure rose for the third week in a row, but the scale of investment indicates continued indecision. Bitcoin investments rose by $8 million, Ethereum by $6 million, and investments to short bitcoin rose by $2 million.

According to CryptoQuant, bitcoin outflows from crypto exchanges recently intensified, which could be seen as a bullish signal.

US Senator Cynthia Lummis expressed concerns about the national debt and rising inflation in the US. In her opinion, citizens should invest in bitcoin to preserve their finances.

According to Nomics, around 12,100 cryptocurrencies have effectively stopped trading this year, becoming “zombies”. Technically, the coins exist but have not shown trading volumes for at least a month.

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