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Bitcoin (BTC-USD) and ether (ETH-USD) are on track to end the week lower by more than 9% amid low participation from institutional market makers as well as liquidity concerns stemming from ongoing regulatory investigations.
The top cryptocurrency crossed $28K after the release of the latest CPI report, which indicated that inflation was cooling down Y/Y, prompting the Federal Reserve to hold off on its rate hike at its June meeting. However, bitcoin (BTC-USD) later gave up its post-CPI gains to trade lower, seeing less participation from institutional market makers amid increasing regulatory scrutiny.
“Bitcoin (BTC-USD) is weakening as the dollar gains ground and Wall Street gets jittery over a handful of macro risks,” said Edward Moya, senior market analyst at OANDA. “BTC still under downward pressure until we get some regulatory clarity in the US”
Bitcoin (BTC-USD) fell to a two-month low near $25.88K on Friday and traded in a $25.9K-$29.8K range during the week.
Total crypto market cap was $1.12T, up 0.5% on Thursday, according to coinmarket cap, The BRC-20 craze seems to be fizzling out, with the total BRC-20 market cap falling from $916M earlier this week to ~$460M. ordspace,
Earlier this week, Binance temporarily suspended bitcoin (BTC-USD) withdrawals due to increased network congestion. This prompted exchanges to increase transaction fees, which put pressure on BTC prices.
Binance also said it is pulling out of Canada in light of the country’s new guidance on stablecoins provided to crypto trading platforms and investor limits.
income restatement
- Bakkt (BKKT) slumped after missing Street estimates for its Q1 results. It expects the results for the rest of FY23 to be about cash flow breakdown.
- CleanSpark (CLSK) reported better-than-expected earnings in the second quarter as a rally in BTC prices boosted gross profit margin.
- Marathon Digital’s (MARA) Q1 results improved from Q4, thanks to a rally in BTC and lower mining costs. It also formed a joint venture with Abu Dhabi-based blockchain firm Zero Two to set up the Middle East’s first large-scale immersion BTC mining operation.
notable news
- A former Coinbase (COIN) product manager was sentenced to two years in prison for insider trading of certain cryptos before the exchange announced their availability.
- Disgraced co-founder of FTX (FTT-USD) Sam Bankman-Fried has asked a US judge to drop most of the criminal charges against him.
- Du Kwon of Terraform Labs pleaded not guilty to falsified travel documents at a hearing in Montenegro.
- The Bank of Canada is exploring a digital version of its national currency and is seeking comments from the public on features that should be included.
bitcoin ether prices
- Bitcoin (BTC-USD) fell 0.9% to $26.78K at 6:32 p.m. Ether (ETH-USD) was up 0.5% to $1.81K.
- SA contributor Muhammad Umair said that BTC’s rally to $28K has been met with resistance, indicating further downside. “A key factor to confirm a bearish outlook is another weekly close below $27K. Investors are advised to sell their positions to take advantage of any upward rebound.”
more on crypto
Bitcoin: Sell Market (Technical Analysis)
Ethereum: The Frog Meme Moment
Bitcoin Could Return Above $32K
Cipher Mining: Don’t Look Up
source: seekingalpha.com