Cryptocurrencies rise after stocks

Bitcoin rose about 1% in 24 hours to $ 20,400. Ethereum added 3.2%, while the other top 10 altcoins gained between 0.7% (Dogecoin) and 2.8% (XRP). Buyers prepared on the back of positive equity indices despite the strengthening dollar.

The total market capitalization of the cryptocurrency, according to CoinMarketCap, increased 1% overnight to $ 916 billion. On Thursday, the “crypto fear and greed” index remained unchanged, settling at 18 points (“extreme fear”).

Bitcoin rebounded from an initial drop in the US session on Wednesday on the strength of US equity indices.

Famous Twitter blogger Bluntz believes the current technical picture on the BTC and ETH charts suggests that a massive rally in the cryptocurrency market is imminent.

Market veteran Peter Brandt, who predicted the crypto winter of 2018, expects bitcoin to drop to $ 14,000. According to him, a “pennant” pattern could form on the BTC chart, implying a further decline.

The cryptocurrency market increasingly resembles equity and oil markets, Coinbase’s chief economist said, and Bitcoin should hardly be compared to gold.

The US Federal Reserve has announced that central bank digital currencies will not cause radical changes in the international monetary system, so they will not threaten the status of the US dollar.

The Bank of England is concerned about the long-term impact of cryptocurrencies on the financial system and, given the market’s “vulnerabilities” in the cryptocurrency market, has proposed tougher rules for the cryptocurrency industry.

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