The past seven days have mostly been centered around Bitcoin and the aftermath of the ruling in the case between Ripple and the United States Securities and Exchange Commission. That said, the total market capitalization declined by some $11 billion throughout the same period, as investors are wary of future uncertainty.
Bitcoin’s price has largely remained around the $30K area – a pivotal level that’s consisted of significant technical but also psychological resistance. BTC attempted a push above $31K halfway through the week but to no avail. The bears were quick to intercept and ruined the upward momentum, pushing the price to a weekly low at around $29,700. All in all, Bitcoin remained largely rangebound.
However, according to a well-known and prominent analyst – Willy Woo – the cryptocurrency has been consolidating for too long. Based on a number of indicators, a lot of which are bullish, Woo observed that the rangebound trading might soon come to an end. Historically, he says, this ends up in a major move. Will BTC finally escape the $30K level? We’ve yet to see.
Elsewhere, the Securities and Exchange Commission of the United States remains silent on the case against Ripple. But Chairman Gary Gensler did have something to say.
He outlined that they are disappointed at Judge Torres’ ruling but also said they’re assessing the situation. In other words – there’s no certainty of whether an appeal will come to light. Recall that last week, a US court ruled partially in favor of Ripple, determining that secondary sales of XRP did not constitute an investment contract.
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All in all, the week has been relatively quiet without a lot of developments in terms of price. If history has taught us one thing, though, it’s that the cryptocurrency market doesn’t do quiet very well. So keep an eye turned to the charts because this might as well be the calm before the storm.
Market Data
Market Cap: $1,248B | 24H Vol: $34B | BTC Dominance: 46.5%
BTC: $29,890 (-4.3%) | ETH: $1,896 (-4.8%) | BNB: $244 (-4.3%)
This Week’s Crypto Headlines You Can’t Miss
Bitcoin Records 661% Increase in Hash Rate in 2 Years: Data. The choppy market conditions have caused serious headwinds for Bitcoin miners as the hash rate reached a new record earlier this week. This comes less than a year before the next halving.
US Government Sells Another 8,200 Bitcoin, On-Chain Data Confirms. The government of the US sold another 8200 Bitcoins that are connected to the Silk Road marketplace. This was confirmed by on-chain data according to an analyst from a popular on-chain analytics firm CryptoQuant.
Has Ripple (XRP) Won or Will the SEC Appeal: What’s Next? Ripple has achieved a huge victory against the US Securities and Exchange Commission, but the war is far from over. All eyes are now turned to the Commission to see if they will appeal the latest ruling.
For a Whole Year: Tesla Didn’t Sell Any Bitcoin (BTC). The world’s most popular manufacturer of electric vehicles – Tesla – has shared its quarterly report for Q2 of 2023. The document revealed that the company didn’t sell any of its BTC.
Presidential Candidate Robert F. Kennedy to Back the US Dollar With Bitcoin if Elected. One of the presidential candidates in the US – Robert F. Kennedy – said that he will back 1% 1 of the issued T-bills with Bitcoin or precious metals if he is elected.
Coinbase CEO to Meet US House Democrats on Crypto Legislation: Report. Brian Armstrong, CEO of the leading US-based cryptocurrency exchange, Coinbase, will meet with US House Democrats. The point of the meeting is to discuss crypto regulations.
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Polygon – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.