The bitcoin price is declining, dropping to $47K to its lows from last week, failing to gain support from buyers after rising above $50K earlier in the week. From the lows of July, when the price briefly dipped below $30K, the rate is up 72%, peaking at the start of the week, so a corrective pullback offset some of the short-term overheating. Further declines down to $42K-$44K are not beyond the market’s usual pullbacks, but a deeper dive would bring back a more negative scenario.
The hash rate recovery is worth paying attention to. According to the latest data from CryptoQuant, computing capacity on the Bitcoin network has tripled from lows a few months earlier, when it fell on the expulsion of miners from China. The hash rate recovery has been attributed to the rise in price, as it means the network is becoming more secure.
We are highly likely to approach the point where new rules for the crypto market and exchanges will come into effect. No one wants to “stifle” the technology in its early stages of development, and now, paying for services with Bitcoin or Ethereum is very complicated and expensive for ordinary users. Still, you must understand that the growth of an active user base will change the attitude of regulators.
The wave of mass implementation of cryptocurrencies in everyday life will likely come from South America and the Middle East. Despite recent events in Afghanistan, the country has been listed as a promising destination for cryptocurrency adoption. Another positive factor can be seen in the news that U.S. banking giant Citigroup is waiting for regulatory approval to launch Bitcoin futures trading on the CME.
The bank is facing a surge in demand for cryptocurrency as the price of digital currencies rises. Futures themselves don’t necessarily carry a positive for the price, but market participants are always positive about the acceptance of cryptocurrencies by traditional finance.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||71.6%||54||$28 321.68||2.28%||8.48%||$547 363 076 214|
|2||ETH||Ethereum predictions||78.8%||39||$1 817.69||3.62%||5.68%||$222 437 708 965|
|3||USDT||Tether predictions||90.8%||1||$1.001105||-0.07%||-0.18%||$78 572 798 041|
|4||BNB||Binance Coin predictions||70.8%||51||$325.66||0.31%||-1.61%||$51 419 192 454|
|5||USDC||USD Coin predictions||92%||2||$0.999778||0.08%||-0.02%||$34 416 346 579|
|6||XRP||XRP predictions||84.4%||21||$0.434678||-3.53%||17.51%||$22 147 264 021|
|7||HEX||HEX predictions||62%||82||$0.111054||-9.71%||27.40%||$19 257 973 692|
|8||ADA||Cardano predictions||74.8%||44||$0.367937||-0.76%||10.36%||$12 775 060 278|
|9||STETH||Lido stETH predictions||90.8%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|10||DOGE||Dogecoin predictions||73.2%||51||$0.076721||1.67%||2.49%||$10 178 610 379|
|11||MATIC||Polygon predictions||76.8%||47||$1.15||2.04%||-3.24%||$10 016 033 654|
|12||SOL||Solana predictions||72%||52||$22.02||1.29%||9.81%||$8 449 847 577|
|13||BUSD||Binance USD predictions||93.2%||1||$0.999969||0.04%||-0.06%||$8 063 768 426|
|14||DOT||Polkadot predictions||72.4%||49||$6.33||2.46%||0.91%||$7 401 853 780|
|15||LTC||Litecoin predictions||71.6%||59||$95.37||8.32%||16.29%||$6 919 022 798|
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