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Bitcoin quotes on Monday continued to develop a six-day growing trend, gaining a foothold above $ 22,000. At the same time, the total value of digital currencies slightly decreased due to the fall of Ethereum, which led to the sale of some of the largest PoS altcoins.
Judging by the growth of BTC’s share in the total market capitalization by almost 1% over the past week, investors are confident that the main cryptocurrency will retain dominance, despite the prospect of Ethereum to solve the problems of scaling the blockchain.
The transition to PoS will make the largest altcoin centralized. The deposit contract for ETH2 validators, launched almost two years ago, has steaked 11% of ETH emissions, 65% of which is distributed among five companies.
Lido Finance controls 31% of the bets, the remaining 30% are in the hands of three exchanges: Coinbase, Binance and Kraken, the remainder of almost 4% of the bets belongs to the startup Staked. If we add to these statistics the fact of the location of 65 percent of Ethereum nodes in three cloud services, you can get enough “points of failure” of the network, with unexpected pressure from regulators.
Bitcoin does not have the above problems, but the main cryptocurrency “lagged behind” from the growing dynamics of the ETH rebound, originating in mid-June. This opens up the possibility of arbitrage with the sale of an altcoin and the purchase of BTC.
The forecast of the nearest growth of Bitcoin is associated with a favorable fundamental background. Demand for risky assets causes expectations of positive statistics on US inflation. The key news of the week is published tonight. The decline in the growth dynamics of US prices gives investors hope for the curtailment of the Fed’s policy of increasing rates next year.
The fall in inflation will not affect the next meeting. More than 90% of speculators predict a 0.75% increase in the Fed rate on September 21.
The head of SkyBridge Capital, Anthony Scaramucci, and a number of other analysts believe that the crypto winter will last until the end of the cycle of tightening US monetary policy. This means that the full-fledged growing trend of Bitcoin can be seen only with the beginning of the New Year.
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