Bitcoin was able to halt its downward trend with a flat trade during the course of the weekend. A performance that could be summed up by the statement “it could have been worse.”
The performance of Bitcoin is exemplified by the expression “it might have been worse,” which accurately describes the current situation.
To recap, the BTC/USDT trading pair dropped 5% on Thursday due to another governmental crackdown on staking. In other words, the regulatory crackdown was a direct response to yet another regulatory crackdown.
Although the latest Securities and Exchange Commission (SEC) target may not have any direct bearing on bitcoin, market sentiment has still deteriorated.
The lackluster performance of the equity markets has not in the least bit helped to better this circumstance. Gary Gensler, the Chairman of the Securities and Exchange Commission, gave an interview with CNBC.
In this interview, he accused the cryptocurrency business Kraken of violating securities regulations. The fine of US$30 million that Kraken received for breaching the law is probably not the last one.
Around the time that this article was being written, the BTC/USDT exchange rate was hovering somewhere in the neighborhood of US$21,800.
Fortunately for those who held long positions in bitcoin, buyers’ support started to appear at that price point. In the order book of Binance, there is a marginal amount of resistance located at the price of 21,820 United States Dollars.
Specifically, Ethereum’s Status as a Proof-Of-Stake Blockchain
Which the bulls will need to overcome in order to break above the important price goal of US$23,000. The price of Ethereum had a significant amount of volatility throughout the course of the weekend.
Prices on the ETH/USDT pair ranged between $1,490 and $1,550 before opening the trading day on Monday at $1,510. This adjustment to the pricing was made in the days leading up to the start of the weekend.
The order book on Binance reveals that bulls for Ethereum have established a foothold at a price of US$1,495. It suggests that there is support that is relatively constant at present levels in the short run.
Tracking the price movement of the ETH/BTC pair has become very intriguing because of its heightened volatility.
Nevertheless, this indicates that it has a great deal more at stake than bitcoin does. As a result, the pair’s poor performance since Gensler’s staking warning on Thursday makes perfect sense.
Alternative Currency Markets
Since last Thursday, the CoinDesk Market Index (CMI) has undergone a decline of more than 5.5%. As investors assess the new regulatory battle lines, it appears that sellers are exerting pressure throughout the whole alternative cryptocurrency market.
Shiba Inu (SHIB), Polkadot (DOT), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have all dropped 10% in the previous week. The big caps have seen roughly the same amount of loss.
On the contrary, Tron (TRX) has managed to outperform the entire market as it has successfully maintained a positive value over the entirety of the time.
TRX has been supported by a number of noteworthy announcements, including a decrease in trading charges on Binance.
A $100 million artificial intelligence development fund (no doubt profiting from the groundswell of interest surrounding multiple generative text protocols, including ChatGPT).
Recent overnight riders include Layer-1 protocols Stacks (STX), Render Token (RNDR), and Zilliqa (ZIL). At the moment, the overall market capitalization for cryptocurrencies all over the world is at $1.00 trillion US dollars.
Bitcoin’s current share of the market, which stands at 43.63%, has maintained a very constant percentage over this entire period.
The total value locked (TVL) in the decentralized finance (DeF) sector declined by 0.5 percent overnight to $47.1 billion in US dollars.
Procedure for staking liquid assets Lido (LDO) remains the most popular decentralized file system protocol utilized by TVL. At the moment, it is responsible for around 17% of the market share of all decentralized file systems.
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