The cryptocurrency market digest (BTC). Overview for 14.10.2022

The BTC is rising on Friday – the asset is mostly trading at $19,605.

Yesterday, the market was very nervous and is still trying to reach stability. At the same time, the BTC dropped to $18,183 amid exchange sales but managed to recover pretty fast.

As we can see, the support area between $18,000-$19,000 was able to survive another bearish attack.

The negative vibe in the market was caused by the September CPI data from the US, which showed 8.2% y/y after being 8.3% y/y in August. However, on MoM, the indicator increased to 0.4%. No matter what, inflation remains high, and it allows the US FOMC to continue tightening its monetary policy. Capital markets declined and the crypto market followed. And when investors reversed their positions, the local trend in digital assets also reversed.

So far, there is nothing new for the BTC as it continues following the US stock market.

China may develop a single Asian cryptocurrencies

An idea of a single Asian digital token is well falling into the China’s strategy to strengthen its economic impact in the region. In addition, China would be very interested in becoming the global leader in developing digital currencies. A digital token may be pegged to the basket of 13 currencies, including Yuan, Yen, Won, etc.

ENS skyrocketed

ENS leaped up over 16% in the last 24 hours. The coin’s capitalisation is $398.11 million; it’s now ranked 85th in the global cryptocurrency rating.

BlockTower launches a new fund

A crypto company focused on asst management, BlockTower, launches a new $150 million fund along with a venture capital arm. The fund is going to be focused on DeFi and the companies targeted at cryptocurrency infrastructure.