The cryptocurrency market digest (BTC, ADA). Overview for 06.02.2023

The BTC lost its foothold and dropped to 22,787 USD. The decline over the week amounts to 3.95%.

After last Friday the US employment statistics was out, investors got anxious about future reactions of the Fed. The report was strong, which could assure the Fed about further tightening the credit and monetary policy. This is bad for the stock market, the S&P 500 and Nasdaq indices, with whom the BTC has quite a serious correlation.

An important support level is 23,000 USD. The faster the BTC returns above it, the better.

Capitalisation of the crypto market is 1.056 trillion USD. This result has lasted above trillion for 3 weeks, which gives reasons for being cautiously optimistic: investors are beginning to act. The BTC takes up 41.5% of the market and the ETH – 18.7%.

Digital pound may appear in 2030

The Bank of England and Treasury do not exclude the probability of issuing digital pound because the country needs it while cash is being used less and less. Statistics show that in 2021 only 15% of all transactions were in cash, while in 2011 the share was 50%.

Cardano: great result in 2023

Since the beginning of the year, the ADA has grown by 65%, and capitalisation of the project has extended to 13.81 billion USD from 8.63 billion USD. Thus, the ADA has become number 8 in the rating of the most required crypto. The main support comes from large investors.

FTX claims refund from politicians

The FTX crypto exchange asks all politicians who has received some financial support to give it back by the end of February. All politicians in question have received confidential messages. The total sum is 93 million USD.