The crypto market pretends to be a safe haven

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The crypto market is holding its total capitalisation above $1.27 trillion despite a frightening sell-off in equities overnight. Bitcoin and other major altcoins are once again attempting to play the role of safe haven.

On Wednesday, Bitcoin failed to break above $35K again. Still, we note a series of higher lows that brought the price closer to the upper bound of the consolidation range since Tuesday. We believe that BTCUSD remains in low-density territory, with key resistance levels of $38K or even $48K. However, reaching the upper boundary in the coming weeks won’t be easy.The former head of BitMEX, Arthur Hayes, saw prospects for Bitcoin in “wartime”.

Galaxy Digital estimates that within a year of the launch of spot bitcoin ETFs, total inflows into such funds will reach $14.4 billion. This should lead to a 74% increase in the BTC exchange rate to $59K.

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