Bitcoin is recovering just over $ 31k as analysts warn of a dull summer

The Bitcoin price recovered last night as it moved above $ 31k. The largest cryptocurrency measured by market value was heading towards $ 32k but did not reach $ 31,800 due to bearish roadblocks. Altcoins were largely stable, which helped Bitcoin improve its market share. More on that later.

Other news: analysts warn Bitcoin investors for a “boring summer” as the market continues to stagnate. Bitcoin itself has settled into a narrow trading range between $ 28k- $ 32k, and attempts to break below or above it have so far failed. Altcoins, on the other hand, continue to record small losses that cause investors to flee the market. So in general it is expected to be a slow, slightly bearish summer.

The leader of IBM’s enterprise blockchain solution Hyperledger has stated that Central Bank Digital Currency (CBDCs) is the natural course of development for the crypto sector. Daniela Barbosa, the current leader of the project, believes that CBDCs should be openly welcomed by the crypto sector. She made these comments at the ongoing World Economic Forum in Davos, Switzerland.

A recent study revealed that a large number of El Salvadorans do not approve of the government’s current crypto policy. The country remains the only state in the world that recognizes BTC as a legal tender. But this has come with a price tag and the mood of the public is shifting towards this move, especially as the crypto boom is currently waning due to bad market mood.

Monthly NFT sales have recently begun to decline with activity for May showing 65% lower numbers than April. More on that later.

New York Government’s push to ban cryptocurrency mining in its jurisdiction has a strong response from the local crypto community provoked† Jake Chervinsky, the current head of policy at the Blockchain Association, said this development will not stop actual carbon emissions, but will only remove them from the state. Other pro-crypto groups and individuals also made no secret of their views.

The ungrateful fall of US Terra (UST) has led to speculation that not all algorithmic stack coins may be viable in the near future. LUNA, the Terra group’s most important cryptocurrency, has lost 99.9999% of its value to date.

The Ugandan central bank has reversed its cryptocurrency policy and moved away from its tough stance by allowing a regulatory sandbox approach. The bank has a local blockchain association requested also to propose rules for the sector.

According to a report by the US Federal Trade Commission (FTC), social media responsible much of the huge $ 1 billion losses in the crypto sector in 2021. That’s five times more than in 2020 and as much as 60 times more than in 2018.

The Bitcoin price is rising just over $ 31k

The Bitcoin price came in just over $ 31k earlier in the day and looks set to challenge the $ 32k resistance. However, further progress may be difficult for the cryptocurrency to achieve.

The last 24 hours started with the BTC price around $ 29.8k. It traded sideways for a while before starting to rise at. 03:30. It jerked slightly above $ 31k and peaked at $ 41.8k at. 16.30. Since then, it has traded sideways around the $ 31.5k value.

Bitcoin bulls are finally looking to make some gains, but the price may be put down by prolonged bearish sentiment and the threat of an impressive cryptocurrency winter. But if the price gets above $ 32,000, it could trigger a possible turnaround. However, given the current market sentiment, the bulls would do well to dampen their expectations a bit.

Bitcoin’s total market value was around $ 598 billion and its share of the crypto market was 47.6%.

Bitcoin price chart

Altcoins remain stable

Other cryptocurrencies have been broadly stable over the last 24 hours. Ethereum only (ETH, 2.5%), Cardano (ADA, 4.5%), Solana (SOL, 5.8%), Avalanche (AVAX, 4.5%) and Polygon (MATIC, 3.7%) gave a certain profit.

Cardano price chart

In other news …..

Monthly NFT revenue 65% down

Monthly NFT sales on major NFT platforms have taken a dive, even though it had resisted previous bearish movements from the larger digital currency sector. Analysis from the cryptanalysis firm revealed that NFT sales fell by 65.34%.

In total, as much as $ 4.65 billion was recorded in sales in April, while May brought in only $ 1.59 billion. This shows that the NFT market is also slowing down significantly.

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