The cryptocurrencies manage to recover in line with Wall Street, after the Moody’s credit qualification reduction. Thus, the market operates mixed with ups and downs of the Altcoins.
The cryptocurrency market operates on Monday, May 19. The Bitcoin (BTC) rises 1.22% and is located around US $ 105,493.5, while Ethereum (ETH) advances 4.8% and is located above US $ 2,500. The cryptocurrency that is the most is Ethereum, while secondly Chainlink remains with an advance of 2.6%. While, contrary, tancoin (-2.6%), Bitcoin Cash (-1.3%) and Stellar (-1.3%) go back.
Although the Moody’s credit qualification reduction hit Wall Street a moment, managed to recover at the close and the same destination ran the cryptocurrencies. The agency justified the decision in the increase in indebtedness, fiscal challenges and the highest cost of refinancing in a context of high interest rates.
Mixed feeling among crypto investors
According to 10x Research, the mood among investors “Native crypt” continues to reflect some skepticism, As if Bitcoin was still at US $30,000. Many operators have bet on recent weeks or remain subexposed to the current rally. “That shows that this bullish cycle is not yet understood,” they argue.
For these analysts, The determining factor is the entry of institutional capital. Companies such as Strategy (former Microstrategy) and Metaplanet have intensified their BTC purchases. Despite this, they emphasize that institutional participation in Strategy remains low (46%), well below giants such as Apple (60%) or Microsoft (70%).
Javier Molina, Anoro analyst, underlines the change of weather in the sector after what he calls the “day of liberation.” Bitcoin exceeded US $ 104,000 and its volatility is increasingly close to that of the S&P 500, indicating greater maturation of the market.
“The entry of institutional ones through ETFs and business balances is beginning to anchor the price. Although risks such as the recent hacking of data in Coinbase, the market interpreted it as a minor obstacle in a sector where phishing is a systemic threat,” says Molina.
Besidesthe regulatory turn in the US contributes to this change of perception. The SEC has adopted a less hostile tone, the Congress debates a relevant law on Stablecoins, and Blackrock already manages more than 3,000 million dollars in tokenized bonds on Ethereum. “The discussion is no longer whether Crypt will survive, but how much of the global financial infrastructure will capture,” they say.
From the technical analysis, César Nuez, from Bolsamanía, considers that Bitcoin could be preparing a new attempt to achieve historical maximums. “The levels of accumulation in their daily chart are a clear sign of the current buyer strength,” he concludes.
Source: Ambito
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