Cryptocurrency Market Review of the Previous Week and Indications for the Current Week
During the last week, the bitcoin market's dynamics have been equivocal; the initial collapse was replaced by a rise and the regaining of lost positions. The price of BTC is currently 20900.00 (-0.3%), ETH is 1210.00 (+2.8%), USDT is 0.9995 (-0.01%), USDC is 1.0005 (-0.02%), and BNB is somewhere around 237.00 (-2.5%). The market share of BTC increased to 42.5 percent, with the entire market capitalization reaching 0.933 trillion dollars.
The macroeconomic figures continue to pressure the cryptocurrency sector despite reaching relative stabilization. The US Federal Reserve will likely continue to raise rates sharply this month, perhaps by 100 percentage points all at once, which will cause the US currency to strengthen even more and generate money to leave alternative assets, according to investors who were persuaded by this week's release of US inflation data for June, which reached its highest level since 1981 of 9.1 percent. For businesses specializing in relevant industries, the decline in digital currency prices raises new issues.
Experts worry that the recent collapse of Singapore-based cryptocurrency hedge fund Three Arrows Capital, which controlled $10 billion in assets and had a long list of counterparties who backed its operations until the bitter end, could kick off a chain reaction. Voyager Digital, a cryptocurrency broker with roughly 100K clients, and Celsius, a company with about 100K creditors, filed for bankruptcy last week. Community leaders try to reassure one another in public talks by claiming that the current crypto winter will have a good effect on the market by clearing it of dubious ventures. Investors anticipate that the market will continue to deteriorate: a Bloomberg survey revealed that significant US players expect a decrease in the BTC rate to the 10k area.
A study of traders from the large Chinese social network Weibo revealed comparable results. They contend that it is preferable to purchase the initial coin when it reaches the predetermined level.
It is essential to note from the cryptocurrency market's news that Circle, the company that created the USDC stablecoin, has released the first report on the assets that support it, which are made up of US dollars (13.58B) and US Treasury bonds (42.12B). These figures will be released monthly as part of the transparent ecosystem approach to boost investor confidence in USDC. Ripple made significant progress this week in its legal spat with the US Securities and Exchange Commission (SEC).
The court denied the department's request to have William Hinman, the previous head of these regulatory marks, declared void. The representative stated that the SEC does not view BTC and ETH as securities, and Ripple lawyers insist that this was the regulator's official position. As a result, XRP cannot be considered a security because it is not significantly different from the assets above. Ripple will likely prevail in the legal battle with the American regulator if this can be demonstrated in court.
Most cryptocurrency quotes may consolidate this week or start falling again.