While investors nervously awaited the next turn in Ukraine and a crypto executive order by U.S. President, Joe Biden, Bitcoin and many altcoins rose significantly midweek.
In the wake of the worst stock market collapse in years, risk appetite returned to Bitcoin as prices surged on the day.
- At the time of writing, the flagship cryptocurrency was trading at $41.5K and had a daily trading volume of $32.6 billion.
- It has a market value of $787 billion. Bitcoin remains the world’s most valuable crypto.
- The Bitcoin price is forming a trading range and could trade between $35K and $45K in the coming weeks.
- There are 18,978,181 circulating BTC coins, and there are 21,000,000 BTC coins in the maximum supply.
According to United States secretary of the treasury, Janet Yellen, federal regulators need to ensure that crypto executive orders encourage responsible innovation without creating significant risks to consumers or the broader financial system.
It will address the significant benefits that the innovation could bring, as well as risks related to illicit finance, as well as protect consumers and investors and prevent threats to the financial sector and the broader economy, Yellen said in her statement.
Price action
- A support point appears to have finally been found for around the $40K price level after it fell to a one-week low below $38K on Sunday.
- Buying yesterday’s drop by bulls, once the price found a sustainable floor, explains the rise in price.
- In the event the price does not stay above $40k, we go to support. A support of $34-$36k and resistance of $43-$45k.
- Bitcoin’s fundamentals remain sound, but many active traders are not trading the crypto market as much as they are trading a few commodities supercycles.
