Forex. Cryptocurrency Forecast for today
Bitcoin continued to rise in price. An uptrend pushes market participants to buy an asset with renewed vigor. At the moment, there is a strong resistance at $58,000.
The capitalization of the cryptocurrency market on Monday amounted to 2.33 trillion US dollars against 2.30 on the weekend. This means that money is still coming to the market, which means long positions.
The head of the US Securities and Exchange Commission (SEC), Gary Gensler, said that a fund based on bitcoin futures traded on CME and the provisions of the Investment Companies Act of 1940 can get permission for a bitcoin ETF. At the same time, market participants predicted SEC approval by the end of October.
Earlier, the media reported that the growth of digital gold is due to seasonal purchases of investment funds. The growing popularity of the Lightning Network micropayment network has also played a significant role. The message of the US authorities about the lack of intentions to ban cryptocurrencies strengthened the hopes of investors.
Recall that if macro data from the US is better than the forecast during the week - it will strengthen the US dollar, and slightly weaken the altcoin market. Cryptocurrencies are very volatile, and can correlate with the foreign exchange market if there is an increase in trading activity.