The crypto market added 2.4% in 24 hours to $1.43 trillion and went back to test highs since May 2022. Bitcoin added 3% during this time, Ethereum 2.75%, and Solana was the top performer among the major coins, adding 8.4%. Toncoin was on a back foot with its 0.4% gain.
Bitcoin has been floundering inside the upward range for more than five weeks now. On Monday, the price reversed to the upside from the lower boundary at $36.7K. On Tuesday evening, Bitcoin’s price briefly exceeded $38.4K but pulled back down after failing to find solid ground to accelerate gains.
The positive sentiment extends well beyond the first cryptocurrency, as altcoins reversed to growth in a broad front on Tuesday. This could be investors’ reaction to a weakening dollar on expectations of an imminent Fed interest rate cut.
The next bullish trend will come in 2025 when Bitcoin surpasses $100K. And that’s “a pretty conservative estimate,” said 10T Holdings CEO Dan Tapiero.
According to The Wall Street Journal, the SEC is searching hard for evidence that Binance executives may have or may still have a loophole to control assets stored on the Binance.US platform. Zhao has resigned from the Binance.US board of directors, the platform said.
Cardano founder Charles Hoskinson criticised the US SEC for the agency not treating Bitcoin as a security, thereby giving BTC “complete discretion” unlike other cryptocurrencies.
The collapse of cryptocurrency companies does not pose threats to the real economy, according to the Financial Stability Board at the G20.
US presidential candidate Robert Kennedy Jr. spoke out against central bank digital currencies, calling CBDC a threat to citizens’ financial freedom. He said bitcoin is “an elegant solution against CB digital currencies.”
Private cryptocurrencies have already failed fundamental tests for financial services and should eventually disappear, the Monetary Authority of Singapore said.
The FxPro Analyst Team
- Apple reversed from key resistance level 237.00 - Likely to fall to support level 227.00…
- Aig reversed from support level 76.60 - Likely to rise to resistance level 79.65 Aig recently…
Market Picture The cryptocurrency market remains steady at around $2.31 trillion in market capitalisation, mirroring…
- GBPCAD reversed from resistance zone - Likely to fall to support level 1.7750 GBPCAD…
- USDCHF broke resistance zone - Likely to rise to resistance level 0.8730 USDCHF currency…
The British pound fell below the 1.30 level against the dollar after weak inflation data…
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