Crypto Week Ahead: Bitcoin, Ethereum Continue To See Lacklustre Trading

Over the past seven days, Bitcoin (BTC) price achieved a high of $29,910.60.

Bitcoin price remained below $30,000 over the past seven days.

Source : Mohamed Hassan/Pixabay

Bitcoin (BTC), the oldest and still the most relevant cryptocurrency in the world, failed to cross the $30,000 threshold over the past week, lending a gloomy outlook to the overall crypto market. The global market cap remained at $1.16 trillion, failing to show any signs of a bull streak. While the overall market sentiment remains neutral, it can be expected that the market might continue trading sideways, unless a major pro-crypto development occurs. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (July 31), the overall crypto market cap stood at $1.16 trillion. BTC price stood at around $27,659.61, ETH price stood at around $1,897.46. 

A week later, the overall market cap failed to see a notable jump and stood at $1.16 trillion.

DeFi's total volume stands at $2.40 billion, at 10.50 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $21.05 billion, at 92 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at Neutral, at 50 points (out of 100).

BTC dominance, at the time of writing, stood at 48.64 percent.

Over the past seven days, Bitcoin achieved a high of $29,910.60 (on August 2) and a low of $28,757.54 (August 1), seeing a notable dip.

Ethereum, on the other hand, saw a high of $1,842.52 (August 7) and a low of $1,824.36 (August 7).

Crypto Events To Note

Coinbase Global has recently filed a motion in federal court in Manhattan, seeking the termination of the US Securities and Exchange Commission's (SEC) legal action against them. The lawsuit alleges that the world's largest publicly traded cryptocurrency exchange violated federal securities laws.

According to Coinbase, the SEC lacks the proper authority to pursue this case, as the assets and services under scrutiny do not fall under the classification of securities. Coinbase also contends that the SEC has exceeded its jurisdiction in this matter.

Meanwhile, on a positive note, Coinbase also announced that its second-quarter revenue exceeded expectations, largely attributed to increased interest income. Additionally, the executives of the cryptocurrency exchange expressed confidence in their ability to prevail in the ongoing legal dispute with the SEC.

Coinbase, along with its competitor Binance, faced a lawsuit from the SEC in June. The lawsuit accused Coinbase of trading at least 13 crypto assets as securities without obtaining proper registration with the regulatory body.

In yet another positive development for the overall crypto sector, according to a senior manager representing the company behind Sam Altman’s Worldcoin project, there are plans to extend the operations in order to onboard a larger user base worldwide. 

Additionally, it aims to offer other organisations the opportunity to utilise their iris-scanning and identity-verification technology.

Worldcoin, which was co-founded by Altman, the CEO of OpenAI, made its debut recently. As part of its vision to establish an "identity and financial network," Worldcoin requires users to provide iris scans to obtain a digital ID and, in certain regions, receive complimentary cryptocurrency.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin traded below the $29,500 level over the past few days. Friday saw the US non-farm payroll report for July, however, this number had little impact on bitcoin’s price. This week, the Chinese CPI report for July and the US CPI report for the same month are expected. These may have an impact on the market’s direction. Ethereum continues to trade between the range of $1,800 and $1,900, and it remains to be seen if it will breach the $1,900 resistance anytime soon.”

WazirX Vice President Rajagopal Menon offered his take, “Bitcoin faced a turbulent week, witnessing a price plunge, which impacted overall market sentiment. Altcoins showed mixed performance, with some gaining traction while others faced losses. As the week concluded, traders and investors closely monitored market developments and regulatory news, evaluating potential opportunities and risks. The crypto market remains dynamic, with participants eagerly anticipating the market's next moves.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.