Crypto market ignores FUD and bitcoin continues to generate upward momentum

Another portion of Chinese FUD on Tuesdayinfluenced the chances of Bitcoin to continue the formation of an upward impulse towards the upper limit of consolidation since the last ten days of May. Local support held out, sellers did not show aggression, and in the coming hours we can expect an assault on the $36,000 zone – 36,500, the success of which will open up the potential for a further rise to $39,000 – 40,000 

What happened in China? A company has closed, the owners of which can be classified as adventurers, and it cannot be said otherwise. Beijing Qudao Xingye Technology Co, closed by the authorities, not onlycreated an entertainment business, but alsoreleased its own digital currency Mao Li Coin. This is after all the “Chinese” ones. warnings, which turned out to be quite serious, judging by the speed and manner in which the miners were repressed.

In fact, this is just another confirmation thatthat the Communist Party is determined to suppress all work of the cryptoasset industry in anticipation of the launch of the digital yuan and is ready to encourage only the development of projects in the nationwide blockchain system BSN. This also applies to banks, which are not recommended to serve crypto companies.

Such recipes are beginning to be mastered in relation toto Binance in Europe. Despite the fact that the largest Bitcoin exchange does not directly advertise its services in the UK, following the warnings of the local regulator, credit institutions began to reconsider their attitude towards transactions related to this platform, following Barclays. It also became known yesterday that European clients have temporarily lost the ability to replenish their deposits in euros through the SEPA system, withdrawals remain available. This could potentially signal the emergence of more serious problems for Binance.

The market does not seem to see such a threat ifbased on the behavior of the exchange’s own token (BNB). In the top 10 in terms of capitalization per day, the asset shows the best dynamics, and over the past seven days it was second only to Uniswap in growth. This is definitely supporting sentiment in the market as a whole. 

Ethereum looks better than Bitcoin.On Wednesday, the rate tested $2,400. The day before, Hong Kong-based technology company Meitu announced the acquisition of 31,000 ETH as a reserve asset. Swiss Sygnum announced the addition of ETH2 staking service for clients. The deposit contract of the second protocol has already accumulated 6 million ether tokens. Everyone is waiting for the London hard fork on August 4, which should add a commission burning mechanism, which could reduce inflation on the network. Like Bitcoin, Ethereum still has room for growth towards the upper limit of consolidation in the area of ​​$2500-2600.

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