Bitcoin remains in the ascending corridor

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Bitcoin fell 3.5% on Thursday, closing at around $ 22,500, but almost fully recovered its losses on Friday morning. As a result, the variations in the past 24 hours are minimal, with a gain of 0.2% at 23,200, with a magnitude of around 4%. Ethereum was trading close to $ 1660 from $ 1650 at the same time as yesterday.

Other major altcoins were added between 0.4% (XRP) and 2.6% (BNB). Total market cap, according to CoinMarketCap, rose 0.4% overnight to $ 1.08 trillion. The cryptocurrency’s Fear & Greed index rose 1 point to 31.

Bitcoin has been under pressure throughout Thursday, despite continued positive market momentum and a general increase in demand for risk. Such momentum in the cryptocurrency market once again shows how far it is from the sentiment that has pushed the price higher over the past couple of years.

From another perspective, this morning BTCUSD is back to the upside just above the lower boundary of its accession corridor held for the past seven weeks and has remained above its 200-week moving average.

New background

Ark Invest calculates that BTC has dropped below 200-WMA only seven times in history. After crossing this line, the annual return on the business averaged around 240%.

Along with the uptrend, mining difficulty increased by 1.74% for the first time in two months.

Mastercard noted that it views cryptocurrencies as an asset class rather than a means of payment due to their price volatility. Stablecoins and DH digital currencies have a better chance of filling this niche.

FTX CEO Sam Bankman-Fried praised a bill presented to the US Congress that would give the power to regulate the cryptocurrency market: the Futures Trading Commission (CFTC).

The recent Project Nomad bridge hack, in which hackers managed to steal $ 190 million in assets, was the 13th hack in the industry so far this year. According to Chainalysis, the total amount of damages was $ 2 billion. Blockchain security agency SlowMist believes cryptocurrencies are safer than DeFi and firewalls.

According to Peckshield, the hackers withdrew $ 4.8 million from ZB, a decentralized cryptocurrency exchange that claimed to be the safest in the world.

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