Cryptocurrencies Wait for a Signal

The cryptocurrency market sways as Bitcoin gains traction

The market value of cryptocurrencies declined by 2% during the course of the week to $1.12 trillion, mostly ranging between $1.11 trillion and $1.14 trillion. The market, which returned the cap to its preferred range without haste and turned its attention to the US debt limit and the Fed's next action, is not in a rush to establish a pattern.

This new week, Bitcoin has fallen back below $27,000 and has been supported by buyers on dips below the 200-week moving average. This is a major sign that the market continues to expect Bitcoin to resume its long-term gain. Additionally, it is a positive indicator for the bitcoin industry.On the other side, if Bitcoin doesn't break out from its support soon, the bears will use that as an excuse to apply further pressure.

All past week, Ethereum maintained a price of around $1810 while obviously awaiting a signal from outside. Other top 10 cryptocurrencies had a range of characteristics, from a 4.6% decline in Solana to an 8.5% increase in XRP.

Bitcoin News

According to Lookonchain, crypto whales may start selling Bitcoin shortly. The transfer of 1,750 BTC to the Binance exchange has drawn attention from experts. If more holders follow suit, the pressure will increase.

Bitcoin was described as "an exercise in democracy" by Robert Kennedy Jr., a US presidential contender who has repeatedly backed digital assets. If the candidate is chosen to be the next US president, he has promised to defend the rights of Bitcoin owners and miners.

Max Keiser, the founder of Heisenberg Capital, concurred with Gary Gensler, the head of the SEC, that all cryptocurrencies other than bitcoin should be regarded as securities. He used El Salvador as an example, where the use of BTC has been legalized. This adoption model may eventually become the norm.

According to Michael Saylor, the creator of MicroStrategy, the business plans to create apps using the Ordinals protocol. He thinks the digital asset market may become more innovative thanks to Bitcoin NFT technology.

According to Fred Thiel, CEO of Marathon Digital, a proposed 30% tax on cryptocurrency mining by US President Joe Biden would drive the business overseas.