The cryptocurrency market digest (BTC). Overview for 10.08.2022

The BTC dropped to $23,000. Yesterday’s trading session was emotionally exhausting – market players were selling and the overall picture was more negative than positive.

Two days ago, the BTC was going to test $24,400. However, market conditions failed: American exchanges started falling. Technically, it was explained by the fact that their previous growth had no solid base, but a nail-biting wait for the US CPI data release and a possible recession made investors lock in profits.

Wednesday is a very important day. If the CPI data from the US does show a slowdown in inflation, stock exchanges will rise, and the crypto market will follow. Reasonable inflation numbers might prevent the US Fed from continuing its aggressive policy in the near future – it’s a good signal for capital markets.

The capitalisation of the crypto market is about $1.084 trillion; the fear index has significantly dropped.

Iran: first steps in crypto

Iran made the first import order paid with cryptocurrency worth $10 million. Possibly, in a couple of months, likely by the end of September, cryptos will be more widely used in the country’s trade – it will make the process less dependable of exchange rate fluctuations.

Core Scientific is still selling BTC

In July, Core Scientific mined 1,221 Bitcoins, but sold 1,975 tokens to cover its capital expenses. By selling crypto, the company earned $44 million; the average price was $22,000 per coin. The company needs this money to continue expanding its mining facilities.

SEC will monitor exchanges

The United States Securities and Exchange Commission initiated investigations into operations of all crypto exchanged operating on the American soil. It’s about 40 platforms, including Binance. The regulator’s major accusation is possible violations of the law.