Cryptocurrency price fixation continues, coneheads. Bitcoin and friends appear to be making a last-ditch push to hit a key weekly closing milestone.
The end of the week may be done and dusted Down Under, but we’re not quite there yet on the crypto timeframe, because apparently things only matter when they happen in the United States of America.
Bitcoin Stats
Bitcoin and stocks took a hit late last week and into the first half of the weekend, as the latest PCE (personal consumption expenditures) data came in a little hotter than expected, giving cause for concern that the Fed may look to go harder on its inflation combatting for longer than some/many market participants have been hoping.
Add to that the fact that a largely anti-crypto India is in charge at the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Bengaluru and all the unfavorable regulatory pressure coming from Gary Gensler’s SEC in the United States, and it may be time for a few squeaky bottoms across the macro-watching Cryptoverse.
Nevertheless, the price of BTC is holding up okay today. For now.
Now, the G20 ruminations aren’t necessarily a bad thing not much can be gathered from that just yet, other than a call from India’s Finance Minister, Nirmala Sitharaman to create a united regulatory front when it comes to crypto, which has been met with approving nods.
Of course, some hard-liners among the throng over there, such as the International Monetary Fund (IMF) MD Kristalina Georgieva just had to chime in with this sort of threatening rhetoric: We should not take off the table banning those assets if regulation fails or is too slow to implement.
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Banned Cryptocurrency Activities
At least, US Treasury Secretary Janet From the Rooftops Yellen stated that the United States, although in favor of a strong regulatory framework, does not advocate a complete ban on crypto activity.
Perhaps this covers the hard wallet stuffed with speculative Chinese/AI/DeFi/gaming altcoins and non-fungible tokens in the back of your sock drawer. Possibly also the socks and the dresser.
Dogecoin is back among the top ten cryptocurrencies. Also, this was present on Friday. What has been removed? By itself, the BUSD stablecoin. When Gensler and the SEC decided to speak with Paxos, the former issuer of the stablecoin, the asset’s value had been falling.
Due to a late-weekend boost, however, the daily timeframe here is predominantly favorable. Let’s not get ahead of ourselves, but it’s tough to rely on weekend trading activity in a market that’s still so heavily related to US stock performance, despite the fact that some analysts suggest a change is beginning to occur.
Regarding the weekly closing target, Serial chart watchers, such as Rekt Capital, appear to believe that the US$23,450 mark is crucial for both the next weekly close in a few hours and the monthly close, lest Bitcoin experience a potentially significant technical decline.
Currently, circumstances are favorable for progress. Yet, both bulls and bears are active at present. As usual.
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