Bitcoin Ends Penultimate Week of 2022 on Quiet Note

The penultimate week of 2022 for the Bitcoin market has come to a close, and it seems that the trend continues to grind upwards. This is reflected in the weekly candle, which shows a steady and consistent grind up, with the June lows largely in sight.

Crypto market declines brought an increase in scams

There is a lot of hype surrounding cryptocurrencies. However, the fact of the matter is that a meaningful drop in the price of crypto would not have a corresponding effect on stability and creditworthiness of banks that we rate. So, it is no surprise that scams and other miscellaneous activity are rife. For example, the sextortion of a lucky lady was not unheard of in the early days of the crypto boom.

Luckily, the crypto industry has made some headway in the fight against the fraudsters. The Federal Bureau of Investigation (FBI) took down the infamous REvil ransomware strain. Aside from the usual suspects, there are also newer players in the game, like OFAC sanctioned Russian cryptocurrency services.

Cryptocurrency scams aren’t limited to the digital realm; traditional financial services are targeted as well. Fraudulent financial schemes are often coupled with tech support, romance schemes, and tech-centric retirement plans. As such, it isn’t hard to imagine a case where a senior may be the target of a particularly gullible scammer.

China’s snap rate cut on disappointing economic data

China’s central bank surprised markets by slashing its key lending rate by 10 basis points. The move came after a string of weak economic data.

Industrial output, retail sales, fixed asset investment, and residential property sales missed expectations by large margins. However, the economy narrowly avoided contraction in the June quarter.

China’s property market was further hammered by a mortgage boycott. This has slowed the nation’s growth, especially in the second half. But analysts are optimistic that Beijing can meet its growth target of 4.4% by 2022.

Meanwhile, unemployment rates reached a record 19.9% for youth and 5.4% for the whole country. Inflation remains stubbornly high.

Despite the weak economic data, Chinese investors were bolstered by a strong bank earnings report. The S&P 500 and the Stoxx 600 both rose. However, the yuan weakened to a one-week low against the dollar.

Global conflict and challenges are contributing to America’s stubborn inflation

Global conflict and challenges are aplenty. There are some who claim they are aplenty and those who claim they are aplenty. But what is the cost of living in China, Mexico, and Russia? Obviously there is some truth in both claims.

The question is, will this be enough to sway the populous from one another or is it just a phase one of the chess table? I’m not sure what the answer to that question is, but for the moment, we’ll just keep the squawks at bay. We’ve also seen a spike in Chinese immigration which is a big problem in and of itself. Aside from a shortage of workers, China has a reputation for high prices, especially for goods like electronics, apparel and pharmaceuticals.

Bitcoin’s weekly candle shows a steady grind upwards continuing to take shape after the June lows

The Bitcoin price has climbed a bit from its lows in early 2018. However, the spot price isn’t the only factor weighing on the market’s balance sheet. These five factors are influencing the digital currency’s direction.

One of the most important indicators for the future of the crypto sector is the level of monetary tightening. This has put pressure on risk assets, particularly cryptos. So far, it hasn’t quite matched the prior correlation.

The crypto market has been stung by high profile collapses, such as that of FTX, one of the largest crypto exchanges. Meanwhile, rising inflation and a war in Ukraine have triggered rising prices in commodities such as oil.

A week ago, Bitcoin hit a two-month high, but that isn’t enough to catapult it from the doldrums. On the other hand, a week of volatility isn’t the end of the world for bulls.

Crypto markets have a habit of doing the exact opposite of that which is expected by the majority

Crypto markets have a habit of doing the exact opposite of what the majority of people think. These assets have risen in popularity, but it is still unclear whether cryptocurrencies are the next great technological advancement or just another fad.

The most common use of cryptocurrencies is for buying and selling goods. But these digital assets also have applications in several sectors. For example, they can be used to complete real estate transactions with the help of a smart contract. They have also become popular in the dark web black market.

The most widely held cryptocurrencies are Bitcoin and Ether. Both have experienced significant volatility in recent months. In the first six months of 2017, Ether appreciated from $8 to $400. However, the price declined in July, largely due to technical issues.