Welcome to Weekly Crypto Roundup 🚀
Last week, the crypto market traded mostly sideways due to a combination of factors. The primary reason was the holiday season, resulting in stagnant price action for Bitcoin (BTC) and most altcoins. However, there were some key activities beneath the surface:
- Crypto exchanges saw their largest BTC outflows in over a year. This suggests that traders are preparing to hold BTC, anticipating the spot ETF approval.
- Less BTC on exchanges can lead to increased price volatility, affecting other cryptocurrencies as well.
- The squeeze on Bollinger Bands indicates an imminent move for BTC, potentially to the upside.
The Spot Bitcoin ETF Approval 🚀
A potential catalyst for the market could be the approval of the spot Bitcoin ETF by the SEC. Reports suggest that the decision window starts this week, and if approved, it could lead to a significant rally in BTC and the overall market, as seen in previous instances of ETF approval news.
Technical Analysis and Price Predictions 📊
- BTC continues to consolidate, with a potential bull flag pattern on the weekly chart that could take its price to around $50k.
- Ethereum (ETH) is also showing signs of strength relative to BTC, with a possible double bottom on the weekly chart.
- Potential catalysts for ETH outperforming BTC include the spot Bitcoin ETF approval or delay and the upcoming Ethereum Denon upgrade.
Tether FUD and Market Impact 🌐
Recent news of China calling for a crackdown on USDT due to concerns about its impact on capital controls has raised speculations in the market. The continuous issuance of USDT has led to renewed debates about its influence on the crypto market.
Market Melt-Up 📈
Major stock market indices have hit new all-time highs, indicating a potential surge in the crypto market as well. Factors such as interest rate expectations and the upcoming FED decisions could continue to fuel both markets.
Top Performing Cryptos Last Week 📈
Some of the top-performing cryptocurrencies last week were Bitcoin SV, Saylorinal, Teller, and Internet Computer, with each seeing significant price movements:
- Bitcoin SV (BSV) surged due to speculative trading on South Korean exchanges.
- Saylorinal (SEI) saw a pump in nft volume trading on the Solana network.
- Teller (TRB) spiked on the news of launching a BC20 compatible oracle chain.
- Internet Computer (ICP) rose following the launch of an EU-compliant subnet.
Hot Take: What’s Next in Crypto? 🚀
As we look ahead in the crypto space, keep an eye on potential market catalysts like the spot Bitcoin ETF approval, Ethereum upgrades, and regulatory developments. Stay informed, stay engaged, and stay ready for the exciting times ahead in the crypto world!
Source: Youtube
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.