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Market overview of the last week
cryptocurrencies were extremely bullish from 2020 to November 2021 as the public took refuge in this market during times of heightened political, social and medical uncertainties, making it menacing and starting hostility towards cryptocurrencies. We saw a strong bearish reversal in November 2021, and in 2022 the decline accelerated, sending prices up to almost a quarter of the open price. Bitcoin is trading at around $16,000 from $48,000 at the start of 2022 Ethereum ended the year at $1,200.
Despite the decline in crypto prices, this market continued to evolve in 2022 with new developments and upgrades. Axe Infinity Lunacia Land Gameplay was released in June 2022, followed by Lunacia SDK Alpha, opening the gateway to the Axie universe. Cardano launched the Vasil Hard fork on the 30th of September. the Monero Network upgrade hard fork reduced transaction size, while THORChain RUNE’s planned obsolescence allowed the protocol to run by itself.
This week’s market expectations
In 2023, there are several developments in the crypto market, starting with Bitcoin’s 9 million con-burn. cosmos Hub (ATOM) will roll out the April 1 Lambda upgrade for Interchain Security v2, SDK v0.46, Token Issuance, Gravity DEX v2, which was postponed from Q3 2022. Litecoin will halve the third token reward later this year.
The trend has been bearish for cryptocurrencies throughout 2022, with risk sentiment quite bearish as central banks continued to hike rates while the global economy weakened. Although there have been periods of consolidation as well as uplegs, we have played both sides.
Bitcoin 65% of value lost
Bitcoin started 2022 just below $48,000 after failing to break above $70,000 and has since made lower highs with buyers failing to reverse the trend. As a result, the price fell below $20,000 in June, which was an important level for this crypto coin. But since then, the decline hasn’t extended all that much lower, which is a positive sign.
BTC/USD 240-minute chart
Ripple Still no settlement with the SEC
Ripple coin was down ahead of other cryptocoins as litigation with the SEC continues. The price surged higher in September as the lawsuit between Ripple Labs and SEC headed for resolution, rising to $0.55. But in November it reversed back down and this week the sellers came back after failing to scale above the 200 SMA (purple).
XRP/USD daily chart
Source: Crypto News Deutsch