The cryptocurrency market digest (BTC). Overview for 11.07.2022

The BTC is smoothly declining. On Monday, the leading cryptocurrency is going down to $20,510. This is the third day of feeble sales in a row after on Friday, the crypto approached $22,300.

An important resistance level remains at $23,500. It needs to be surpassed so that the price secures above it if the market counts on any bull movements.

With the timid growth of the BTC last week, investors voiced first hopes for a crypto spring that would come if the BTC succeeded. However, we are not that optimistic because the corporate reports season is coming in the US, and it might bring us some surprises. The Nasdaq and S&P 500 indices correlate very noticeably with the BTC. If American markets go down, crypto will dive along.

The US decided upon regulations

The issue of imposing regulations on crypto has been one of the main problems in the sphere of finance in the US. Eventually there has occurred some activity. The US Ministry of Finance presented a document that set the framework for interaction between countries in the sphere of digital assets. The main goal of the document is bringing crypto activities in accordance with US democratic values. Moreover, there are plans to protect consumers in the US and the world by spreading out standards and technologies.

Compass Mining will cut down on the staff

A mining company Compass Mining announced its plans to cut down on the staff members. The company is going to fire about 15% of its employees and to start paying top management 50% less. Compass Mining is correcting its business due to the market situation.

Celsius will have to answer fraud accusations

The Celsius crypto platform was accused of a fraud for a million USD. The claimed is a former business partner who insists on following the agreement on distributing profits. The platform must answer the accusation within 20 days.

Article By RoboForex.com