Bitcoin prospects will depend on the dynamics of the U.S. stock market
Общая капитализация крипторынка, по данным CoinGecko, выросла за неделю на 11,2%, до $1,99 трлн. Альткоины пробудились от “спячки” и росли сильнее рынка, в отличие от предыдущей недели.
The main growth of the crypto market last week came on Friday, when bitcoin surged by 10% in a few hours at the end of the day. Even strong U.S. labor market data, released a couple of hours before the jump, did not hinder the growth. Investors decided to buy back BTC in order to protect investments from inflation.
The growth of digital assets was helped by the strengthening of the U.S. stock market. U.S. stock indices rose for the second week in a row after a marked decline in January.
Meanwhile, strong U.S. labor market data released on Friday could force the Fed to tighten its monetary policy faster. Yields on 10-year Treasuries jumped above 1.93% on Friday, making new two-year highs, which could lead to a sell-off in the stock market. If cryptocurrencies hold up and continue to rise, it would be a serious bid to reverse the trend.
Cryptocurrencies are too vulnerable, easy to track and likely to be banned by governments in a number of countries, said billionaire Ray Dalio, founder of Bridgewater, one of the world's largest hedge funds.
The Russian government may introduce a tax on miners at least 15%. The tax on all participants of the crypto market could be up to 1 trillion rubles, the authorities calculated.
The Fed unveiled a white paper on the digital dollar late last week, but the question of its future launch has not yet been resolved.