📈 Major cryptocurrency gains early in the week and tests $31,000 zone
Monday's trading session on the broad market is performing somewhat mixed. Stock market indices and commodities mostly drop, which can be justified by the impact of strong upward movements on Treasury bond yields, which for the US 10-year note broke out of the 5% level (unseen since 2007).
The exception to the general pessimism is Bitcoin, which has gained more than 15% over the past two weeks. Today, optimism on the quotations of the major cryptocurrency was largely triggered by the overtones of a Morgan Stanley report, where analysts said that the "crypto winter" colloquially referred to by investors may be coming to an end, and the thaw may be initiated by a seasonal response to BTC's halving period, which at this point is estimated for early April 2024.
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile app
Bitcoin started the new trading week in a very good mood. The major cryptocurrency is currently gaining nearly 3%, and for a while it was trading more than 4% higher intraday, testing the $31,000 barrier. Trading over the weekend was relatively quiet. Source: xStation 5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
