The cryptocurrency market digest (BTC). Overview for 17.08.2022

The BTC is slowly falling. On Wednesday, the major crypto is moving to $23,832.

At the same time, the US stock market, which has a direct correlation with the BTC, continued rising yesterday, and the S&P 500 index even updated its highs. Why can’t the crypto market catch up with American exchanges? Probably, it’s because investors don’t believe in a stable growth of indices in the light of rate hikes.

In this context, today’s going to be a very interesting day. The US Fed is scheduled to release its Meeting Minutes. Market players will surely look through the document trying to find any hints at some kind of a slowdown in aggressive rate hikes now that the CPI has stopped skyrocketing. If there are such hints, the US stock market may rise with a vengeance, and the crypto market will follow.

From the technical point of view, there is an important resistance area for the BTC right now, $24,300-$24,500. If the asset breaks it, the price may continue growing to reach $26,000.

Coinbase will cooperate with BlackRock

Crypto exchange Coinbase entered into a partnership with investment management corporation BlackRock Inc. BlackRock retail and institutional investors will now have the chance to manage and trade cryptos in the Coinbase Prime platform.

Tornado Cash is banned in the US

The US Department of Treasury banned the popular cryptocurrency mixer Tornado Cash. The Office of Foreign Assets Control added the company to its sanction list.