BTC reached 30,710 USD on Friday, marking a weekly growth of 2.35%.
Improvement in the domestic news landscape and the reestablished correlation with the US stock market are working in favour of the flagship cryptocurrency. At the same time, it should be noted that the rally is not formed yet because buyers remain cautious. For the BTC exchange rate to confidently move upwards, the cryptocurrency needs to secure above 31,150 USD. Once this is achieved, the next target for growth would be 33,000 USD.
The capitalisation of the cryptocurrency market is gradually increasing and currently stands at 1.190 trillion USD. The share of BTC remains at 50.2%, while the share of ETH has decreased to 18.9%.
BTC mining has become less complicated
According to a recent calculation, the complexity of mining the leading cryptocurrency has decreased by 3.26%. For May, the cumulative revenue of miners amounted to 916 million USD, which shows consistent growth since November last year.
The King of the UK ratifies cryptocurrency legislation
The King of the UK has ratified a draft bill allowing regulators to oversee digital assets and stablecoins. This is a formal measure, as the legislation was previously agreed upon at the House of Lords.
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
- Today, investors’ focus is on the PCE Price Index inflation report Apr 26, 2024
- Gold price recovers amid uncertain US economic outlook Apr 26, 2024
- This “Bullish Buzz” Reaches Highest Level in 53 Years Apr 26, 2024
- FastSpring and EBANX Forge Partnership to Expand Pix Payments for Digital Products in Brazil Apr 25, 2024
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024
- QCOM wants to create competition in the AI chip market. Hong Kong index hits five-month high Apr 25, 2024
- Japanese yen hits all-time low as BoJ meeting commences Apr 25, 2024
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024