Although the week started on a good note for the crypto space, with BTC trading above $60,000, a drop in crypto market prices has raised concerns.
This week has been mainly about mixed trends in the crypto sector. The crypto space continued witnessing interesting new developments on aspects of adoption and innovation. However, crypto market prices faced bearish pressures, and this could be a concerning factor for the upcoming week. During the weekend, bulls would likely push towards holding the $50,000 support for Bitcoin.
The beginning of the week started on a rather better note. BTC started the month with an uptrend, with several other tokens on the green. Meanwhile, even the current state of crypto market prices is not indicative of a big crash. The market still trades with good returns on a year-to-date basis. The overall crypto outlook could be described as cautiously optimistic.
Anyway, Bitcoin’s price has historically experienced significant fluctuations. While the recent dip is noteworthy, it doesn’t necessarily signal a reversal of the long-term bullish trend. Several technical indicators still suggest the potential for renewed growth in Bitcoin’s price.
The core technology behind Bitcoin, blockchain, continues to show significant promise for real-world applications. This ongoing innovation provides a strong foundation for future growth. This trend was also responsible for several innovative developments during this week.
Project Guardian, an asset tokenization project in Singapore, was in the focus this week. Analytics firm S&P Global joined the project. Meanwhile, awareness of blockchain technology was furthered by stablecoin firm Tether, which has extensively worked in this subject.
Other encouraging events include a surge in the number of crypto ATMs worldwide, an indicator of crypto adoption. On the other hand, the Basel Committee has specified a set of crypto exposure rules for banks that will be published later this month.
The other focus for determining the overall crypto outlook is the ether ETFs. The fate of the ETFs lie at the hands of US regulators at present. But popular crypto whales like Galaxy have stated how approvals for the ETFs might be around the corner.
Galaxy said, “We’ve been doing this for months now, we did it with the Bitcoin ETF, the products are substantially similar — we know the plumbing, we know the process.” Representatives from the firm said the ETFs could receive approvals in weeks.
This week, the following tokens surged the most among its peers:
These tokens suffered the biggest losses, though:
The quantum of returns has been relatively low this week. But these sentiments haven’t cemented a permanent position. As far as historical trends are concerned, the crypto market has always staged a comeback.
Another significant development this week was the growing openness among traditional financial institutions towards crypto. Several major banks announced plans to offer crypto-related services like custody or investment products. This trend will, in all probability, continue.
Head to Millionero’s blog to know more about the latest updates in the crypto sector!