The cryptocurrency market digest (BTC). Overview for 18.03.2022

March 18, 2022

Article By RoboForex.com

The BTC is falling on Friday. It improved quite well earlier to pass $40,000 but couldn’t reach $42,000. At the moment, the BTC is retreatingб following in the footsteps of other risky assets.

As usual, one can say that the BTC rate is closely correlated with American stock indices. When financial markets recover, the major cryptocurrency also rises. Both areas rose in the last couple of days but investors are clearly taking a pause right now.

The borders of the sideways range in the BTC changed a little bit – now it’s $38,500-$42,000. The actual local support is at $40,000. If the bears fail to break it, the asset may rise to $42,000 or even $45,000. $45,500 is the level, a breakout of which may really force the asset to start a new uptrend.

The Fed: the rate was raised, what’s next?

The US Fed’s decision to raise the rate for the first time in four years by 25 basis points was based on the inflation data. Capital markets and major assets, including the BTC, responded in a positive way. But what’s next? It is evident that high inflation is here to stay and the US CPI is not expected to drop to 2% before 2024. Investors may consider Bitcoin an attractive asset to protect their funds from inflation. It means that the asset sill has growth potential.

European Union: interest in cryptocurrency

The European Union has been considering the documents to regulate the crypto market for a long time. the most controversial point was how to restrict turnover of “Proof-of-Work”-based digital assets. This restriction is now removed from the regulating documents. This news may be considered a step forward to the crypto market.

Metaverses: the future is already here

The British bank HSBC will collaborate with The Sandbox metaverse. The bank will acquire a plot of LAND, virtual real estate in The Sandbox metaverse, and will develop it to engage and connect with sports, esports and gaming enthusiasts. The metaverses and being a part of them are becoming more and more important for bi-time companies and enterprises. According to the public estimations, the metaverse market may go from $45.5 billion in 2019 to $1.5 trillion in 2030.

As of now, there are only separate pieces of metaverses but the progress is extremely quick.

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.