Bitcoin BTC has ranged between $16.7k and $17.4k with a week-over-week price change of -1.99%.
Below is the Total Market Cap of Cryptocurrency, meaning that it is the total value of all cryptocurrencies combined, similar to a stock index such as the Dow Jones or the S&P 500, which track the stock values of the top 30 and top 500 companies respectively (except this is all the cryptocurrencies).
The current setup screams double-bottom reversal. This is not guaranteed to play out, but there is a good chance the crypto markets reverse from here towards a $1.1-$1.4 trillion total market cap.
The next major support area is the $400 billion total market cap.
It is our opinion that making an outcome-independent initial entry into cryptocurrency is an intelligent option for investing in the future of this industry.
Goldman Sachs To Spend Big
Goldman Sachs (GS), one of the world's largest investment banks, is looking to spend tens of millions of dollars on crypto firms whose valuations have been hit after the implosion of FTX, Reuters reported on Tuesday.
"We do see some really interesting opportunities, priced much more sensibly," Mathew McDermott, Goldman's head of digital assets, told Reuters. Goldman sees an increased need for trustworthy players in the industry, which the bank sees as an opportunity, he said.
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