Bitcoin has failed to fully recover from the collapse at the end of last week, staying practically all the time within $8,800-9,900. BMI, the sentiment index by Tom Lee from Fundstrat Global Advisors, shows that it is good time to buy bitcoin now, whereas the market looks dull.
The market has not restored capitalization level above 400 billion. The current situation seems to be a short-lived resistance, an expert estimates.
Despite expectations, the fact that Germany officially approved cryptocurrencies as a payment means has failed to encourage the players, as the country is yet to become the leading market for digital coins. However, this is the first country in the EU in which digital coins are considered as a currency, so other members of the region could follow it.
At the same time, big sector players, China and Japan, are tightening the regulation. Specifically, Tokyo stated that they intend to call for tougher measures against cryptocurrencies used for money laundering as well as aimed at protecting investors against excessive risks at the upcoming G20 meeting.
As for altcoins, NEM posted more than 21% upturn d-o-d since Coincheck started paying back money after the hack attack. Users receive money at $0.83 exchange rate which was effective at the time of the robbery. For reference, the rate has halved since then.
CBOE futures will expire this Wednesday, so the market can become more volatile. Meantime, the downward trend prevails in the sector so far.