Crypto fails to bounce off the bottom: The cryptocurrency market remains weak, losing 0.5% to $2.07 trillion as Bitcoin falls below $59K. Market sentiment stays in fear, and a false breakout highlights bear control. News includes increased BTC mining difficulty and OpenSea facing legal action
Crypto fails to bounce off the bottom
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The cryptocurrency market failed to move significantly from the previous days levels, losing 0.5% to
$2.07 trillion. Crypto followed the stock market but was noticeably weaker. Smooth growth during the
day was wiped out by a late sell-off, taking capitalisation back to the local lows of recent days.
Sentiment in the crypto market remains in the fear zone, with the index at 34 (+5 for the day).
Bitcoin approached $61K on Thursday, buoyed by hopes that the equity market would be able to
digest the fall in Nvidia shares. However, a sell-off in the second half of the session showed that the
bears were in control and the breakout was false. In early trading on Friday, BTC rolled back to
$58.8K, an area of lows since August 28th. The technical picture didn’t change much during the day:
the ability to consolidate above $60K will open the way for sustained buying, while a sustained dip
below $59K will accelerate selling. There could be many false signals between these levels.
Another recalculation showed that the first cryptocurrency’s mining difficulty increased by 2.99% to
89.47 T. The average Hash Rate reached a maximum value of 718.28 EH/s, indicating the continued
connection of high-performance equipment.
OpenSea, one of the largest NFT trading platforms, received a warning from the US SEC about
possible legal action for securities trading.
The team behind an L2 solution for Bitcoin called Stacks announced the start of the Nakamoto
upgrade process. This process decouples the block production schedule from the cryptocurrency’s
network. The activation will increase transaction speeds and provide a foundation for smart contracts
using the BTC network as a base layer.
Donald Trump has promised to make the US the crypto capital of the planet .He announced a plan to
help the US strengthen its leadership position in cryptocurrencies. Sales of Donald Trump fourth
NFT collection exceeded $2 million. He earned ~$7.16 million in royalties from the previous three
collections.
The TON team fixed the second blockchain outage in 24 hours. The outage was apparently caused
by the heavy load associated with the DOGS meme token issue.
