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Market picture
Bitcoin returned to growth on Tuesday and approached $17.5,000 in early trading on Wednesday, expanding its smooth ascent to levels last seen in mid-December.
Bitcoin daily chart
The total crypto market capitalization has increased by 1% in the past 24 hours to $857 billion, while major altcoins add between 0.1% (Cardano) and 3.9% (XRP).
Total Cryptocurrency Market Cap
Bitcoin will confirm its uptrend if it consolidates above 17800 at the end of the day’s high close in December. In this case, the sequence of higher highs will be started, whereas, since November, we only have a sequence of local higher highs.
News Background
Gemini co-founder Cameron Winklevoss in another open letter called on Digital Currency Group (DCG) head Barry Silbert to resign over $900 million in unpaid debt.
Despite DCG’s mounting problems, the price of bitcoin trust Grayscale (GBTC) rose 12% overnight on news that Morgan Stanley had purchased $3.6 worth of bitcoin stock from Grayscale Investments. GBTC’s discount to net asset value (market price of bitcoin) fell to 38% from a record low of 49% on December 13.
The former CTO of bankrupt exchange FTX has started cooperating with the investigation, which could shed light on the details of multimillion-dollar donations to US politicians by FTX and its former chief Sam Bankman-Fried.
by Alex Kuptsikevich, Senior Market Analyst at FxPros
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