We are waiting for a signal to start a bull market in cryptocurrencies

The ex-head of BitMEX called a sign of the beginning of a cryptocurrency bull market, and Kraken exchange analysts are waiting for a tenfold increase in bitcoin – these and other important news of the cryptocurrency market in our review.

The former head of BitMEX, Arthur Hayes, believes that Hong Kong’s intention, as an intermediary between China and the rest of the world, to legalize cryptocurrencies could be the beginning of a new bull market. In his new essay, he reviewed the history of the development of the digital asset market and the current situation in the Chinese financial market and concluded that Hong Kong can become a world center for cryptocurrencies.

Analysts at the American cryptocurrency exchange Kraken expect that the price of bitcoin will rise during the next bull cycle, and possibly even up to $356,841, writes Bits.media. Analysts make their assumption based on technical analysis and the history of the bitcoin rate during previous growth cycles. After the start of growth and the intersection of the 200-day moving average, the average rate of the first cryptocurrency rose 10-15 times from the minimum values. Accordingly, during the next cycle of growth, the BTC rate can reach from $237,894 to $356,841.

Crypto traders lost more than $1.1 million per day as a result of the forced closing of positions, according to the Coinglass service. In just 24 hours, trades of 156,800 traders were liquidated. The largest closed position was $3.05 million in ETH/USDT on the OKX exchange. The largest number of losses occurred in transactions with bitcoin — $550 million. Positions for $476 million were liquidated in pairs with Ethereum. In trading pairs Cardano (ADA), which is in third place in terms of the number of liquidations per day, losses amounted to $17.1 million.

The number of cryptocurrency ATMs has increased in Moscow, Kommersant reports. The devices allow the client to buy cryptocurrency with crediting it to a crypto wallet. Also, in some devices, you can exchange digital currency for fiat currency with its subsequent transfer to a bank account. It is impossible to withdraw cash from Russian cryptomats.