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Bank of America: the crypto market will grow 15 times
Bitcoin fell 1% on Wednesday, ending the day near $42,400
Mar 24, 2022
1 min read
Anna BakkerNews analyzer

Meanwhile, Bank of America predicts the growth of the crypto market capitalization to $30 trillion.

Ethereum lost 0.5% on Wednesday, other leading altcoins from the top ten showed mixed dynamics: from a drop of 1.1% (XRP) to a rise of 9.3% (Cardano).

Cardano rose on the second day after ADA founder Charles Hoskinson promised that by the end of 2022, the Cardano blockchain will have the same high performance as Solana.

The total capitalization of the crypto market, according to CoinGecko, increased by 0.3% over the day, to $2.01 trillion. The Bitcoin Dominance Index fell 0.2% to 40%.

Bitcoin's fear and greed index is up 5 points on the day to 31 and remains in a "fear" state.

Bitcoin has been correcting down after meeting strong resistance around $43,000 the day before. According to WhaleMap, earlier crypto kits were purchased in the area, holding between 1,000 and 10,000 BTC. They could cut back on some of their purchases, which caused prices to fall. However, BTC has shown strength and managed to hold above $42,000 despite falling US stock indices.

Bank of America predicts that regulation of the cryptocurrency market will increase confidence and increase market capitalization by 15 times, to $30 trillion.

The former head of one of the divisions of Bank of America, David Wu, believes that bitcoin will face economic and geopolitical pressures after the launch of the state digital currency (CBDC) of the United States. China has already acted in a similar way, which has come closest to the introduction of a digital yuan.

Thailand will ban the use of cryptocurrencies as a means of payment from April 1, as such payments adversely affect the financial system and reduce the effectiveness of the state's monetary policy.

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