Bitcoin’s momentum continued over the last seven days, with the asset currently trading at around $34,200, a gain of more than 10% in a week.Bitcoin’s price hasn’t been this strong since May 2022, when it was on its way down from its all time high. The upwards trajectory was based on further excitement ahead of ETF-related news which continued to buoy the market, with a peak on Thursday which saw prices nearly reach $35k.Ether also saw gains over the last week – although on a much smaller scale compared to bitcoin, and it is currently trading at around $1,790 on eToro. Week aheadWednesday brings the latest US interest rate decision, with markets hotly anticipating the Fed’s next move.While a pause seems the most likely scenario, with cuts seemingly still a while away, crypto watchers will no doubt be seeing this as another pivotal milestone as the crypto winter continues to thaw. While interest rate decisions theoretically affect decentralised finance markets less, we have seen an inversely correlated trend, with cryptoassets reacting in a similar vein to the S&P following Fed hikes.While crypto’s price has been suppressed over the last 18-24 months, we’ve seen significant price movement over the past week, with bitcoin breaking through the pivotal $32k landmark. Therefore, its reaction (or lack of reaction) to the latest announcement could bring more good news to an industry trying to shake off a long, hard winter. Eye-catching stories Taiwan breaks ground with first reading of Digital Asset Bill – Taiwan took its first steps towards the regulation of digital assets this week. The Virtual Asset Management Ordinance Draft Bill will not only define what virtual assets are, but also ensure customer protections, uphold operational standards and mandate regulatory permissions. Crypto Fear and Greed Index hits highest levels since November 2021 – the crypto resurgence may start cooling down shortly, according to the Crypto Fear and Greed Index, which jumped to over 70 last week. Metrics over 50 imply greed, with anything over 75 signalling extreme greed, with higher scores equalling greater confidence. However, some traders prefer to buy when confidence (and price points) are lower, so the index’s rise could imply a small slowdown in activity as the market continues to heat. South Koreans buck the trend and shun the crypto market leaders – new data from DeSpread Research has found that six million – or circa 10% – of South Korea’s population now invest in crypto, but show a strong preference for alt coins and local tokens over cryptoassets with the largest market capitalisations.More By This Author:Bitcoin Surges On The Back Of Expected ETF Approval Bitcoin Surges After Grayscale Ruling Bitcoin drags lower as activity flattens
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