The cryptocurrency market digest (BTC, ETH). Overview for 27.05.2022

May 27, 2022

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The BTC continues its slow decline. On Friday, the major cryptocurrency is consolidating at $28,872 and that’s not good. First of all, the asset has broken the area between $29,000-$30,000, which means that bears may continue pushing it down to $20,000. The closest support is at $28,650, and if bears break it, they may test $26,500. As before, there shouldn’t be any serious talks about the growth until the BTC fixes above $32,700.

Secondly, the American exchanges are expected to sell again. This week was rather effective – investors were buying almost every trading session, although the growth can’t be called stable, particularly as the statistics were not so good and raised a lot of questions about the stability of the US stock market.

It is recommended to keep an eye on the major cryptocurrency. The situation is rather “misty” at least but some might say that it’s quite risky.

ETH: plummeting

On Friday, the ETH is trading at $1,773 and obviously heading towards $1,700, just as predicted. At the same time, to get back inside the flat between $1,900-$2,000, the asset has to put a lot of effort and fix above $1,890 in the first place. Investors use any negative news to sell the ETH.

Coinbase: making the Fortune 500 list

Coinbase has become the first crypto company to have made the Fortune 500 rating. This year, the minimum volume for making the list is estimated at $6.4 billion. According to Fortune, Coinbase’s capitalisation in 2021 was at least $7.8 billion. The crypto exchange is currently ranked 437th.

Binance: security should be enhanced

Binance, in turn, is actively working on security and announcing strengthening of control over KYS checks. For this purpose, the company entered into partnership agreements with Kharon and Neterium. Enhancing security is required to meet the regulators’ requirements and reduce risks for both companies and 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.