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What to expect from cryptocurrencies next week?

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cryptocurrencies next week

What to expect from cryptocurrencies next week?

Cryptocurrencies next week. What to expect? Over the past seven days, the price of bitcoin dropped to $ 31 thousand, but then in less than a day, it increased by 20%. What will happen to digital assets in the coming days, and why has the likelihood of gaining a foothold at $ 40,000 increased?

Bitcoin has shown 20% growth this week. The price of the digital coin dropped to $ 31, thousand, but the next day it increased to $ 37.5 thousand. At the time of writing, the main cryptocurrency is traded at $ 39.9 on the BitXmi crypto exchange. BitXmi experts explained what is happening with cryptocurrency quotes and what to expect from digital assets in the coming days.

Way to $ 40K

The likelihood of Bitcoin breaking through the $ 40,000 level has increased amid the release of US inflation data. Which in annual terms reached 5%. According to analysts, the situation developed in a similar way during the 2008 crisis, when inflation reached 5.6%, but even then rates remained low for almost 8 years. Accordingly, now a similar scenario may be repeated: high inflation is only a temporary phenomenon, but zero or near-zero rates are with us for a long time.

“Low rates are an advantage and positive for risky assets,” – the experts add.

There is also other positive news that may have a positive impact on the quotes. For example, about the statement of the Basel Committee on Banking Supervision, which operates under the Bank for International Settlements. The regulator warned banking organizations that they must have sufficient reserves to cover possible losses from investments in bitcoin.

The analyst is also advised to pay attention to the fact that Warren Buffett’s company Berkshire Hathaway this week invested $ 500 million in a Brazilian neobank that works with cryptocurrencies. Prior to that, Buffett had repeatedly criticized digital assets and called them gambling.

Market participants expect a new rise in the price of bitcoin, analysts say. According to them, this is indicated by the increase in the number of short positions on futures markets. Cryptocurrency market capitalization may return to growth in the near future after sufficient volume has accumulated.

Decrease in altcoins

Over the past two weeks, there has been a marked demand for bitcoin, according to analysts at BitXmi. According to them, large players accumulate a position in the main cryptocurrency and withdraw it from crypto exchanges. Since there is a clear demand to buy bitcoin for altcoins, this puts pressure on alternative coins.

Over the past week, Ethereum has fallen in price by 10%, while the price of Binance Coin and Cardano has fallen by 12%. Over the same period, the share of bitcoin in the market has also increased, which as of May 13, according to CoinGecko, is 42.7%.

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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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