The Crypto Market Is In No Hurry To Reach New Highs

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Market picture

Bitcoin spent most of Wednesday in a shallow corrective mode, falling back to $22.3,000. However, with the start of active trading in New York, optimism returned to the stock markets, pushing BTC to $23.7,000 by the end of the regular session. We saw renewed pressure and a pullback to the $23,000 level on Thursday morning.

Yesterday’s drop can be seen as a technical correction from the January 19th momentum, leading the way to $25,000. However, it is more likely that the renewal of the six-month highs was a false break as trading has mostly been in the $22.7-23.3000 range since Saturday, reflecting continued profit taking. .

The cryptocurrency’s market capitalization has returned to the $1.05 billion level, where it has spent most of its time since Jan. 21.

News Background

Twitter analyst Trader_J called bitcoin’s continued rise manipulation. He speculates that most of the BTC in the current rally was bought using BUSD, Binance stablecoin.

South Korean authorities have issued an arrest warrant for the head of the country’s second-largest cryptocurrency exchange, Bithumb, who is accused of manipulating the share price of the exchange’s subsidiaries and embezzling funds.

According to SEC Commissioner Hester Pearce, participants in the cryptocurrency community and regulators should learn from the issues faced by the crypto industry in 2022. However, she noted that the challenges faced could be beneficial to the future.

Attorney John Deaton, who represents XRP owners, said a final hearing on the LBRY platform will take place in New Hampshire on January 30. The event, he said, is significant for the industry: an eventual victory for the SEC would mean that all secondary market transactions in digital assets could be considered illegal in the United States.

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