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What to expect from the crypto market this week

What to expect from the crypto market this week blog post on news.bitxmi

What to expect from the crypto market this week

Since the beginning of October, bitcoin has risen in price by almost a third. Is the first cryptocurrency capable of continuing its growth in the coming days, and how will this affect altcoins?

Last week, the bitcoin rate for the first time since mid-May exceeded $56 thousand. The capitalization of the main cryptocurrency increased to $1 trillion. Bitxmi experts predicted whether Bitcoin will rise in price in the coming days and explained why altcoins are in no hurry to repeat the dynamics of the first cryptocurrency.

Threat from regulators

In the coming weeks, the bitcoin rate will largely depend on the information field around the regulation of digital assets in the United States, experts say. Recently it became known about the creation of a special investigation team in the US Department of Justice, which will investigate cases of money laundering using cryptocurrencies.

“Such decisions of the authorities make it clear that in the future new regulations and regulatory solutions will be developed in the United States for stricter control over cryptocurrency transactions,” experts say.

After the complete ban of cryptocurrencies in China, the main focus of the crypto market participants is on the USA. The United States will try to seize the leadership and become the main technological hub for digital assets, the expert is sure.

If there are no loud statements next week, then the bitcoin rate will continue to fluctuate around $ 50-57 thousand. Strengthening regulation by the largest states may again become a factor in the decline of the entire market, experts say.

What will happen to altcoins?

Despite the fact that bitcoin has risen in price by almost a third since the beginning of October, this has not become a significant event for altcoins. According to experts, in order for alternative coins to start growing actively, the first cryptocurrency should rise in price by another 20-30%.

“We do not see strong bullish growth yet, we see local bursts,” experts explain.

Recall that in August 2021, the BitXmi crypto exchange launched the BXMI NFT Marketplace, where you can buy gold, silver, diamonds, and arts with zero fees.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.


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