Cryptocurrencies have seen a relatively slow period of trading over the past week, with Bitcoin (BTC) failing to reach its 2023 high of $31,431 and Ethereum (ETH) still struggling to regain the $1,900 mark. While investors remain neutral towards cryptocurrencies, here is an overview of the current market scenarios and some of the biggest events that have taken place, as well as those upcoming.
At the start of this week, the overall crypto market cap stood at $1.21 trillion, with BTC at around $30,730 and ETH at around $1,915. As of today, the overall market cap has dipped to $1.17 trillion. DeFi’s total volume stands at $1.81 billion, while stablecoins’ total volume stands at $19.92 billion. The overall market fear and greed index is currently at Neutral, at 57 points. Lastly, BTC dominance stands at 49.95 percent.
Over the past seven days, Bitcoin achieved a high of $31,383.37 (July 6) and a low of $29,820.36 (July 7). Ethereum, on the other hand, saw a high of $1,973.45 (July 4) and a low of $1,837.63 (July 7).
In other news, Binance founder Changpeng ‘CZ’ Zhao has announced that Binance is actively recruiting new talent, despite recent departures of the chief strategy officer, general counsel, and a compliance official. The Russian finance ministry has also suggested a ban on the use of cryptocurrencies in the country, though potential exceptions may be made for stablecoin issuers and crypto miners. Meanwhile, crypto exchange Bitfinex has revealed that it has collaborated with law enforcement agencies to retrieve $315,000 in cash and cryptocurrencies that were stolen during a platform breach in 2016.
Mudrex co-founder and CEO Edul Patel believes that if Bitcoin manages to sustain its position above the $30,000 level, an upward trend towards the $31,500 resistance level is possible. WazirX Vice President Rajagopal Menon, on the other hand, believes that BlackRock’s Bitcoin ETF resubmission has provided optimism for institutional adoption and increased exposure among institutional investors.
Crypto products and Non-Fungible Tokens (NFTs) are unregulated and can be highly risky, with no regulatory recourse for any potential losses. Therefore, investors are advised to do their own research before taking any decisions.
Disclaimer: Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before investing. Cryptocurrency market predictions are speculative.
