Bitcoin (BTC-USD) is expected to achieve a marginal weekly increase of approximately 0.2% last Friday, with the market value of the world's largest cryptocurrency stabilizing after last week's sharp decline
Bitcoin (BTC-USD) is expected to achieve a marginal weekly increase of approximately 0.2% last Friday, with the market value of the world's largest cryptocurrency stabilizing after last week's sharp decline.
Since there is no specific good news to promote market sentiment, the weekly rise of tokens seems to be mainly a correction after the decline of more than 9% last week.
Another catalyst that may support Bitcoin (Bitcoin USD) is a new investment strategy by stable currency issuer Tether, which has stated that it will use up to 15% of net realized operating profit to purchase cryptocurrency.
The tension surrounding the banking system, the imminent economic recession, higher BTC network congestion, and liquidity issues caused by low participation of institutional market makers and regulatory reviews are some of the reasons for Bitcoin. (BTC USD) Last week's loss.
A month ago, Bitcoin (BTC USD) soared, breaking the $30000 mark for the first time since the summer of 2022. Concerns about the regional banking industry and increased bets from the Federal Reserve on rate cuts have provided significant support for cryptocurrencies. The bullish catalyst has now disappeared, and about 30% of this year's rise has also disappeared, "said Edward Moya, senior market analyst at OANDA.
According to CoinMarketCap data, the total market value of cryptocurrencies is currently $1.12 trillion, an increase of 0.16% from Thursday.
Regulatory updates
Coinbase Global (COIN), the cryptocurrency exchange, once again became the focus this week. The United States Securities and Exchange Commission (SEC) requested on Tuesday that the appellate court dismiss COIN's petition for rulemaking in the cryptocurrency industry, as there was no deadline for regulatory action.
In addition, it is reported that Gary Gensler, Chairman of the US Securities and Exchange Commission, delivered a keynote speech at a meeting on Monday, responding to COIN's petition, believing that the cryptocurrency market already has existing rules.
Earlier this week, Bitcoin did not receive any support from SECGensler, just a standard review of the rules in place. Regulatory issues remain the key to the crypto world, and traders must remain patient, "said OANDA's Moya.
On the other side of the Atlantic, a broad set of cryptocurrency rules from the European Union (EU) received final approval from member states on Tuesday. These rules aim to combat money laundering activities and improve transparency in the password field.
At the same time, legislators from the UK Treasury Committee urge the regulation of transactions in unsecured cryptocurrencies such as Bitcoin (BTC USD) and Etalum (ETH USD) as gambling.
Bitcoin, Ethereum Prices
Bitcoin (BTC-USD) rose 0.31% to $28.85 million to $2245, while ETH-USD rose 0.57% to $1.811 million.
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