The crypto market is gloomy, or at least its largest part is. The leading cryptocurrency — BTC — is being dragged down by the generally tough situation. The BTC is known to have a strong correlation with the NASDAQ index. The US stock market is selling and avoiding risks, equally reacting to geopolitical problems and the upcoming toughening of the credit and monetary policy. The BTC dropped below 40,000 USD for the first time since the beginning of February. The BTC capitalization is now under 755 billion USD. Naturally, market players are nervous about the geopolitical situation — this is the second-important factor after the upcoming increase in the interest rate by the US Fed and the narrowing of the balance of the regulator. From the point of tech analysis, the Bitcoin quotes might pull back up upon testing 40,000, and then fall down fast to 35,000.
Among other interesting news in the crypto market, the one standing out is the announcement made by a South Korean management company KB Asset Management about the launch of a fund focused on crypto in the form of indices and ETFs. Presently, South Korean users have only limited access to the new type of assets, hence such a fund might enjoy popularity. In Kazakhstan, raids against illegal mining farms are going on. The latest raids detected and deprived of electricity 13 illegal farms. The events in Kazakhstan are bringing dramatic change to the mining sector.
Meme coins are driving attention once again. This time, it is BABYDOG (Baby Doge Coin). The price of the token grew by 21% after it got listed on the Huobi exchange. Trades will start after the token gains enough liquidity but deposits of the Baby Doge Coin have been accepted since 18 February. Graphically, the dynamics of the coin resembles a pennant. Current consolidation is a natural market reaction to the beginning trades.
Source: Roboforex
