The BTC has risen to 17,197 USD. Weekly increase is assessed at 3.33%.
For now, the technical picture is mostly positive. Firstly, after the week closed above 17,000 USD, the daily chart formed a Bullish Engulfing pattern, which gives a chance to buyers. Secondly, the crypto market restored its correlation with the US indices, and they are doing quite good.
The medium resistance is at 17,200 USD and has no strategic meaning already. The resistance level of 17,350 USD is worth looking at because if it is broken away, the chances for reaching 17,650 USD will increase.
On Monday, capitalisation of the crypto market is 848,533 billion USD. The BTC takes up 39.1%, the ETH – 18.9%.
In the nearest future, attention will be focused on the FTX and Genesis exchanges. Moreover, the market will check out the inflation report from the US (Thursday).
Genesis is risking a lot
The management of the Genesis Global Trading crypto company is laying off 30% of staff and considering bankruptcy. According to WSJ, the Genesis project is now employing 145 people. The company got in trouble last year when it loaned 2.4 billion USD to Three Arrows Capital. The latter got bankrupt. The second blow came when the FTX exchange went bankrupt.
Mexican CB postponed launch of digital peso
It turned out that the development of the digital Mexican currency is at the earliest stage. Previously, the digital peso was expected to appear in the market in 2025, but now the date is absolutely unknown. First thing, the CB has to consider technical requirements to the development, and then lay out administrative norms and legislation.
LDO and SOL grew by 30%
11 crypto from the Top 100 list at once grew overnight. The LDO and SOL demonstrated great results (+30%). Note that the LDO (a DeFi protocol token) grew by 80.2% over last week.
Source: Roboforex
