The last seven days have been quite painful in the cryptocurrency market as most of it is trading well in the red. This resulted in a loss of $40 billion from the total capitalization, which is slowly approaching $900 billion. The most obvious outlier here is Ripple’s XRP, which is up 50%. Let’s unpack.
Bitcoin’s price is currently just under $19,000, down 5.7% over the past week. It was trading around $19,500 seven days ago and even managed to push above $20,000 on Sunday, but the bears quickly caught on and pushed BTC back towards $18,500.
From there, the cryptocurrency made another attempt at recovery, but the Fed’s decision to raise interest rates again sent the market south, and BTC was again found around the same level at $18,500. Since then, the cryptocurrency has not recovered.
Most altcoins are also seeing sizeable losses, with ETH leading the way with over 12% weekly. It seems that the merger hasn’t positively impacted the price, at least for now. However, the most obvious outlier remains XRP, which has surged a whopping 50% over the past seven days.
This was mainly because the process with the US Securities and Exchange Commission is nearing a decision and it appears that the market is pricing in a positive settlement. Earlier in the week, both Ripple Labs and the SEC filed requests for an immediate decision, and a decision could come as soon as the next few months.
Elsewhere, another significant event was the fact that Nasdaq launched cryptocurrency services focused on institutional investors. The Nasdaq remains one of the largest exchanges, and its involvement in crypto is being interpreted as a sign that big money is still interested in the asset class.
However, given the macro headwinds and the general jitters and uncertainty in the broader markets, it will be very interesting to see how the coming months play out.
Market Cap: $940 billion | 24-hour band: $81 billion | BTC dominance: 37.4%
Bitcoin: $18,701 (-5.7%) | ETH: $1,289 (-12.4%) | ADA: $0.45 (-3%)
Nasdaq launches cryptocurrency service focused on institutional investors One of the world’s leading exchanges will officially enter the cryptocurrency market. The services giant recently announced that it will launch a new entity dedicated to the growing cryptocurrency industry.
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Michael Saylor sees Bitcoin trading at $69,000 in the next four years. Michael Saylor, one of Bitcoin’s most vocal supporters and CEO of intelligence firm MicroStrategy, said he sees BTC trading at $69,000 in the next four years. It’s also worth noting that his company recently bought another $6 million worth of cryptocurrencies.
JPMorgan CEO Slams Crypto Again, Calling Bitcoin “Decentralized Ponzi Scheme” Jamie Dimon, the CEO of multinational investment bank JP Morgan, reiterated his negative stance on the broader cryptocurrency industry, saying that he is a major critic and that Bitcoin is a decentralized Ponzi scheme.
Kraken CEO Jesse Powell is stepping down after more than a decade Jessee Powell, the co-founder of major cryptocurrency exchange Kraken, will step down as CEO after leading the company for more than a decade. However, Powell is also the largest shareholder and remains the company’s CEO.
Bitcoin falls to $19,000 as Federal Reserve announces 75bps rate hike The primary cryptocurrency, as measured by total market cap, fell to $19,000 as the US Federal Reserve announced another rate hike – this time by 75 basis points. The entire market went through a lot of volatility.
This week we have chart analysis of Ethereum, Ripple, Cardano, Solana and Binance Coin – click here for full price analysis.
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