The FASB's recent accounting rule revisions are poised to provide a more favorable outlook for companies holding digital assets, helping them mitigate the unfavorable optics generated by impairment losses, as stated in the report.
In response to a sharp drop in trading volumes that have hit a four-year low, crypto exchanges have launched promotions to bolster their revenue streams.
A death cross signals a possible enduring shift towards a bearish momentum, while a golden cross implies the contrary.
As for bitcoin, it had been flatlining in the mid-$16,000 area since early December, but has managed to claw its way to $17,300 at press time, up about 5% for 2023.
The price of Bitcoin has traded flat over the past 24 hours at $17,250. The largest crypto traded as high as near $17,400 on Monday after surging above the $16,500 to $17,000 trading range that has dominated for much of the past month.
The chart, sourced from Paris-based Kaiko Research, shows bitcoin's 2% market depth across major exchanges, including Bitfinex, crashed from around 11,000 BTC to about 6,000 BTC after Sam Bankman Fried's FTX exchange, formerly the world's third-largest, and its sister concern Alameda Research went bust in early November.
That is, as arguably the ultimate risk asset, Bitcoin has historically tracked U.S. money supply growth. When U.S. money supply growth is rising, there’s more money in the economy to be invested in cryptos, and crypto prices soar. The converse is true, too. See the chart below. M2 supply growth leads Bitcoin almost perfectly.
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