Market picture
The crypto market has gained around 7.2% in the last seven days to $1.268 trillion. The crypto market is recovering, like climbing the stairs, and is now consolidating at the same level it consolidated in May-June last year. To get to the next floor, with a market cap of $1.7 trillion, would require a jump of 34% – quite a climb, requiring a shift in market sentiment.
Bitcoin is trading 6% higher than a week ago, stuck at $30K. Ethereum has jumped 13% to $2100. Other leading altcoins in the top 10 are up 2.3% (XRP) to 26% (Solana).
Traders should be prepared that the $30K mark for the first cryptocurrency could act as solid resistance after it was rigid support in 2021. That said, technically, bitcoin has already proven the end of the bear market by securing above key moving averages and steadily retreating from the bottom.
With Ethereum rising above $2100, the stack’s pending withdrawals exceeded 1 million ETH. Excluding rewards, 17.39 million ETH or 15.4% of the total asset issuance, is blocked in the deposit contract.
News background
SkyBridge Capital CEO Anthony Scaramucci said he doesn’t want to call himself a bitcoin maximalist, but he is now “more bullish on BTC than ever been in the entire life”. In his view, bitcoin is a commodity and should have no contact with the SEC, which regulates stocks.
The US House of Representatives Financial Services Committee released a draft bill that regulates stable coin issuers. The bill proposes that the Fed will oversee the activities of issuers and issue licences for related activities.
According to PitchBook, cryptocurrency-related venture capital funding fell to its lowest level in ten quarters ($2.4 billion) in the first quarter.
Bloomberg Intelligence senior strategist Mike McGlone expressed concern about the risks of investing in meme-based cryptocurrencies DOGE and SHIB. He said, “We need to get rid of these dogged tokens as soon as possible”.
The SEC has subpoenaed Tron Foundation founder Justin Sun following allegations of an unregistered offering of securities in the form of Tron (TRX) and BitTorrent (BTT) tokens last month.
