Market picture
Cryptocurrency
market capitalisation fell 2% over the week to $1.12 trillion, mostly
fluctuating between $1.11 trillion and $1.14 trillion. The market is in no
hurry to pick a trend, bringing the cap back into its chosen range and moving
on to news of the US debt ceiling and the Fed’s next move.
Bitcoin is
back below $27K this new week, finding support from buyers on dips to the
200-week moving average, which is a notable indication the market still believes
in the return of a long-term uptrend in Bitcoin. It is also a bullish signal
for the cryptocurrency sector.
On the other
hand, if Bitcoin fails to push back from this support soon, it will be an
excuse for the bears to increase the pressure.
Ethereum has
been treading water for around $1810 all last week, clearly waiting for an
outside signal. Other top ten altcoins showed mixed dynamics, ranging from a
4.6% drop (Solana) to an 8.5% rise (XRP).
News background
Crypto
whales could soon start selling Bitcoin, according to Lookonchain. Experts have
highlighted the transfer of 1,750 BTC to the Binance exchange. The pressure
will mount if other holders follow suit.
Robert
Kennedy Jr, US presidential candidate who has consistently supported digital
assets, called Bitcoin “an exercise in democracy”. The politician has
pledged to protect the rights of Bitcoin owners and miners if he is elected the
next US president.
Heisenberg
Capital founder Max Keiser agreed with SEC chief Gary Gensler that all crypto
assets other than bitcoin should be considered securities. He cited the example
of El Salvador, where BTC has been legalised, and this adoption model could
become the standard.
MicroStrategy
founder Michael Saylor said the company wants to use the Ordinals protocol to
build applications. He believes that Bitcoin NFT technology has the potential
to drive innovation in the digital asset market.
A 30% tax on
cryptocurrency mining proposed by US President Joe Biden would force the
industry offshore, said Marathon Digital CEO Fred Thiel.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.