There is a feeling that the crypto market (and not only) is already tired of the current information flow: news about tightening monetary policy, rising commodity prices, possible problems in the global economy. A difficult situation is now observed literally everywhere, as, among other things, the latest inflation data from Turkey, where consumer prices have increased by 61%, say. Of course, there is its own specifics, for example, instead of raising rates, Erdogan lowered them, which stimulated the outflow of currency, but there is almost no doubt that in other countries this indicator will increase by a record amount. In such a situation, the growth of risky assets, such as cryptocurrencies and shares of technology companies, looks irrational.
At the same time, there are simply no information channels that can lead to tangible changes in the market. Routine processes continue to take place in the cryptocurrency industry: new projects are emerging that are almost no different from existing ones, crypto exchanges are integrating new methods of buying digital assets, bloggers are trying to convince listeners of the inevitable dominance of the blockchain in the future, and so on.
However, all this looks too insignificant to start a price rally.
Perhaps the most significant event is the attempts of the Australian authorities to regulate DAO – decentralized autonomous organizations that de jure do not have owners, and all issues, in theory, are solved by all holders of coins. Global regulators, in particular FATF, tend to believe that in fact, there are no specific beneficiaries yet, and the fact that the coins of such projects are distributed unevenly and most of them are held by a narrow group of people is difficult to deny. Because of these nuances, regulators could not clearly form their position, so if the initiative is successful, the market will receive a precedent for further development.
In the current situation, the quotes are most likely to fall to the March lows – $ 37 thousand per BTC.