The cryptocurrency market digest (BTC). Overview for 22.04.2022

April 22, 2022

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Not too much good news from the BTC. On Friday, the major cryptocurrency is trading at $40,492 and remains under pressure for the third consecutive trading session.

Negative vibes are coming from the stock markets – yesterday American investors were selling and the overall situation was rather sad. The US Fed is ready to boost its monetary policy tightening and market players are expecting the regulator to raise the interest rate in May by 50 basis points or even more.

Attempts of stock bulls to break the downtrend didn’t get anywhere – they didn’t stand a chance. The downtrend in the NASDAQ, which has a strong correlation with the BTC, proves that bears now have an advantage.

If so, the “local growth” scenario is off. One should monitor $37,000 as bears will definitely try to attack it. However, if the miracle happens and the BTC closes the week above $41,200, there will be opportunities to capture the moment.

Algorand: carbon-free smart contracts

Algorand announced its intentions to start smart contracts that can offset minimal carbon emissions. The system will charge fees for transactions and use them to buy carbon contracts. What for? Because being environmentally responsible is trending in today’s civilized world.

Binance US: a path to Puerto Rico

Binance US got a licence for performing financial transactions in Puerto Rico. This country is one of the global cryptocurrency centres and the opportunity to get there was a matter of honour. Binance can offer access to a great number of tokens and count on the client base growth, although the company might have to fight for users.

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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.