The cryptocurrency market digest (BTC, ETH). Overview for 09.03.2022

The BTC is actively rising on Wednesday; it is trading at $41,780 and has added 8% over the last 24 hours. The BTC capitalisation is recovering, it is now $789 billion.

So, the risks of dropping to $34,000 are not so high and it’s good news. One should continue monitoring the support area at $33,500. In case of a new wave of negative news and a breakout of this level, the next downside target will be at $27,600. The current resistance is at $45,000. However, one shouldn’t talk about a stable uptrend until the price fixes above $55,000.

On one hand, it may be assumed that the BTС became interesting for buyers who want to invest their fiat money, which is now losing weight due to inflation. On the other hand, a local decline in the BTC might easily attract investors from the technical point of view.

Mining: there is some interest

A mining startup from Texas called Blockmetrix raised $43 million during the round of financing, and it was more than expected. Blockmetrix is planning to expand, that’s why the money will be invested in the company’s further expansion. First of all, it will be spent on buying new mining equipment.

The US: all eyes on regulation

According to Bloomberg, this week the US might sign a digital asset regulation bill. The document signed by President Joseph Biden is expected to contain instructions for federal agencies to explore future legislative amendments and assess the influence of cryptocurrencies on the country’s economy and national security issues.

It means that the US might use the cryptocurrency regulation bill for determining the roles of State Departments, from the SEC to the CFTC and Department of Trade and Commerce.

ETH: demand for options

After a continuous decline in ETH, investors started paying attention to put options on ETH to ensure additional protection if the price continues plunging. It’s an interesting method, which was barely popular in the past. The ETH price is going up today; the asset is trading at $2,764. Since the beginning of 2022, the major altcoin has lost 32%.