Market
picture
Cryptocurrency
market capitalisation fell 0.7% over the past 24 hours to $1.21 trillion,
remaining near its peak since late April. The Cryptocurrency Fear and Greed
Index retreated from 64 to 61 by early Wednesday afternoon, staying in “greed” territory.
Bitcoin has
pulled back from the top of its recent trading range above $31.3K and is
trading back near $30.8K. An upside breakout has not been confirmed, and the
logical development is a pullback to the lower end of the range at $29.8K. Only
a sustained exit outside the $29.8-31.3K corridor will signal the end of the
consolidation and further movement towards the breakout.
Ethereum is
also undergoing a local correction, but its stronger momentum is bullish for Bitcoin.
ETHUSD broke through local resistance on Monday and completed a corrective
pullback. The local retreat brought the price back to the former resistance in
place since late April.
News
background
Shares of
the world’s largest cryptocurrency operator Bitcoin Depot rose nearly 12% on
its first day of trading on the NASDAQ. Cryptocurrency companies also saw
significant gains. Shares in Coinbase jumped 12%, while MicroStrategy gained
10%.
According
to Kaiko, cryptocurrency spot trading volumes fell sharply in the second
quarter of 2023, hitting lows seen in late 2020. Binance saw the most
significant decline, with trading volumes falling nearly 70%.
The
alliance of South Korean cryptocurrency exchanges introduced a system to track
market volatility. The alert system was designed to protect users by
eliminating asymmetries and inconsistencies in incoming exchange information.
The Luminex
team behind the Ordinaries platform unveiled the BRC-69 standard, making
issuing NFT collections of recursive inscriptions in the Bitcoin blockchain
easier and cheaper. According to the developers, BRC-69 reduces the cost of giving
collections by more than 90%.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.