Crypto Market Pressured by Bigger Trends

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Once more, Bitcoin was unable to surpass the $25K mark. The Nasdaq100 dropped 2.5%, and initial analytical opposition was later reinforced by a powerful downward trend in US stock benchmarks.

On a weekly basis, it appears that the market is unable to enter a positive period because bitcoin depreciates upon hitting its 50- and 200-week moving averages. Be ready for another decline to the $17.5K or even $16.5K region if there isn't a positive turnaround in the upcoming days.

According to Glassnode, a shift in user behavior is to blame for the fact that bitcoin is standing up well in the face of the present market trends and governmental pressure. Short-term speculators have once again adopted the buy-the-dip strategy. However, the proportion of "whale" addresses with sums of 1,000 Bitcoin or higher has decreased to levels seen in the middle of 2019, suggesting that the retail sector is driving purchases while the whales are engaged in sales.

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Bloomberg reports that Chinese officials have covertly backed Hong Kong's plan to create a growth hub for the blockchain sector in the city. Businesses that formerly operated in the People's Republic of China can now incorporate in Hong Kong.

Despite price increases, the Bank for International Settlements (BIS) predicted that between 2015 and 2022, the typical individual user would lose about half of their investment in bitcoin. The BIS repeated its appeal for international cooperation in bitcoin governance and issued a cautionary statement about the dangers of heightened systemic ripple effects.

A version of the Ordinals protocol that enables users to publish different items in picture, text, video, and other forms has been added to the Litecoin network.