New setback for cryptocurrencies. The sector was trading calmly this Monday until the demand filed by the Commodity Futures Trading Commission (CFTC) against Binance and its founder, Changpeng Zhao, brought losses to digital currencies once again. After the news broke, Bitcoin retreats from $28,000 (-3.28%, $26,929) and Ethereum from $2,000 (-3.10%, $1,712).
Meanwhile, the fear of a financial crisis is fading as things improve in Europe (Deutsche Bank rebounds strongly) and also in the US (First Citizens will take over the deposits and loans of the bankrupt Silicon Valley Bank).).
Bitcoin has been considered a kind of "safe haven" during this banking crisis. If the crisis truly begins to recede, although this is not confirmed at all, it remains to be seen how the cryptocurrency will react.
Naeem Aslam, head of analysis at Zaye Capital Markets, agrees that the banking system crisis is largely fueling the price increase of Bitcoin.
"Having said that, we believe that the bullish momentum we have experienced in recent weeks is losing some of its charm as the price has started to consolidate below the important psychological level of $30,000."
In Aslam's opinion, the cryptocurrency should comfortably break above this price and maintain its position above it if we want the rally to continue its journey towards its next significant resistance at $50,000.