The cryptocurrency market digest (BTC). Overview for 07.10.2022

BTC is falling again. On Friday, the asset is mostly trading at $19,921.

The current market situation is quite usual. Global market players are trying to avoid risks in stock markets, so they are currently not interested in crypto assets. The correlation between S&P 500/NASDAQ and the BTC remains quite strong.

American investors are once again bringing the US FOMC’s future moves in questions. At the same time, there were neither signals indicating a change in sentiment, nor the frustrating statistics. Most likely, investors hoped for a longer rebound. However, but when it became clear the rebound wouldn’t last long, market players were overwhelmed with disappointment.

Technically, the area between $18,000 and $19,000 remains a strong support zone. Until now, it managed to prevent “bears” from attacking.

The BTC miners’ reserves hit the lows

The number of coins held by the BTC miners dropped to the 10-year low, 1.92 million BTCs. Experts compare this with the tendency to sell cryptocurrency.

Holders are waiting in the wings

At the same time, holders – long-term investors – accumulated a record-breaking amount of cryptocurrencies. According to Ask Invest, they control at least 13.7 million coins, which is about 71.5% of the entire BTC volume offered in the market.

Norway will cancel the benefits for miners

Norwegian Ministry of Finance is thinking of cancelling the benefits for miners. This might add about $14 million to the country’s budget. At the moment, data centres that are involved in mining are paying for electricity at a reduced rate.