The cryptocurrency market digest. Overview for 14.02.2022

Article By RoboForex.com

At the beginning of the new week of February, the world remains tense: investors are nervous and do not hurry to risk because they cannot quite understand the global situation. Everyone seems to be waiting for some signal.

Users of NFT faced an unexpected problem: last year, via them and mobile apps frauds started spreading harmful programmes for illegal mining or schemes for stealing crypto wallets. Previously, these schemes worked via websites for adults or torrents and now they came to the crypto world.

Central Banks remain preoccupied with crypto regulations. This time, the head of the CB of Hungary suggested banning crypto and mining in the EU. Matolcsy thinks that the EU should follow the Chinese example, putting a full ban on trading and mining cryptocurrencies.

Meanwhile, the crypto market is watching global investor moods. Over the last two days, Polygon, Rocket Pool, Crypto com Coin, ETH, Dasic Attention Token, and more got on sale.

Polygon remains interesting in the long run thanks to its Ethereum-compatible sidechain. The project works faster and cheaper than the main Ethereum network and will enjoy high demand in the future. From the point of tech analysis, Polygon is developing a descending momentum in the bearish phase.

The BTC yet cannot start confident growth. Investors are tense: there is a strong correlation between the US NASDAQ index and the BTC, and the US stock market has been selling brutally since yesterday. On H4, the BTC is correcting, declining to the support level and 40,000. From this level, the cryptocurrency can bounce upwards and start growing to 46,500.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.