Bitcoin has failed to make significant gains over the past week, and the same goes for the entire cryptocurrency market. It seems that the recent regulatory crackdown in China and discussions of laws in other countries continue to take their toll.
At the time of this writing, BTC is trading at around $ 33,500, which is more or less exactly what it was last Friday. It started pushing forward last weekend, but the surge stopped at around $ 36,000 on Monday when bears intervened again, pushing the price down.
Most altcoins are more or less in the same boat as BTC, with ETH posting insignificant gains of around 2%, ADA – 2%, DOT – 2%, etc. There are a few exceptions, however. On the negative side, DOGE is down about 11%, but on the other hand, BNB is up over 9% while UNI is up almost 20%.
In general, the mood remains rather negative. According to the Fear and Greed Index, the market is currently plagued by extreme fear – a situation in which investors are particularly fearful of entering the market.
This is happening in the midst of a serious crackdown on behalf of authorities around the world. Yesterday, Democratic Senator Elizabeth Warren called the market “very opaque and volatile” and asked the US Securities and Exchange Commission to regulate it. Meanwhile, the People’s Bank of China warned that stablecoins pose risks to the international monetary system.
But the week was not without positive developments either. Bank of America was the youngest US banking giant to come up with plans to enter the industry. This certainly underscores the fact that the demand is there, but investors remain cautious.
In any case, it’s also worth noting that scaling down shows us that BTC has still increased tremendously over the past 12 months. However, we are almost at the level of the beginning of the year, so it is important to see how the market will develop in the future.
Market Capitalization: $ 1,452 billion | 24H Vol .: $ 95 billion | BTC dominance: 43.4%
Bitcoin: $ 33,628 (-0.1%) | ETH: $ 2,175 (+ 2.5%) | XRP: $ 0.637 (-4%)
This week’s crypto headlines that are better not to be missed
Change of heart? Bank of America has reportedly set up a crypto research team. Bank of America – one of the largest financial institutions in the United States, is the last to reportedly join the cryptocurrency train. According to reports, the bank plans to get into the industry.
The Israeli parliament is the first to give the president-elect the declaration as an NFT. Non-fungible tokens (NFTs) have hit politics. The Israeli parliament first lends the president-elect the declaration in the form of an NFT.
The stablecoin issuer circle goes public with a value of 4.5 billion US dollars. The company behind one of the most popular stablecoins (USDC) – Circle, outlined plans to go public through a merger with a special purpose vehicle (SPAC). The value is estimated at around $ 4.5 billion.
Another step: China’s central bank closes a company that offers crypto transaction services. To continue its general crackdown on Bitcoin and the market, the Chinese central bank has shut down a company that provides cryptocurrency transaction services. This is happening amid broader regulatory efforts on the industry.
Goldman Sachs: Ethereum could outperform Bitcoin as a store of value, but not gold. Analysts at the giant Wall Street investment bank Goldman Sachs have reiterated their optimistic stance on Ether. In a notice to investors this week, they outlined that at some point Ethereum will become a better store of value than Bitcoin.
Jack Dorsey’s Square confirms: We are building a Bitcoin hardware wallet. Square – The company, led by Twitter CEO Jack Dorsey, confirmed plans to build a hardware bitcoin wallet. This aims to further popularize the cryptocurrency and improve its mass adoption.
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Cardano and Solana – click here for full price analysis.
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