Crypto Week Ahead: Bitcoin Appears To Slow Down, Ethereum Struggling To Regain $1,900 Mark

Over the past seven days, Bitcoin (BTC) price achieved a high of $31,383.37.

BTC dominance, at the time of writing, stood at 49.95 percent.

Source : WorldSpectrum/Pixabay

Bitcoin (BTC), the oldest and still the most relevant cryptocurrency in the world, managed to inch closer to its 2023 high of $31,431 (seen last month) in the past week, but failed to cross the mark. Ethereum (ETH), on the other hand, is still struggling to regain the $1,900 mark. This shows signs of a relatively slow period of trading for crypto assets. As investors remain neutral towards cryptocurrencies at the beginning of this week, it remains to be seen if a sudden development leads to a much-needed price rally. At the time of writing, there are no such scheduled events on the horizon. 

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 3), the overall crypto market cap stood at $1.21 trillion. BTC price stood at around $30,730, ETH price stood at around $1,915. 

A week later, the overall market cap saw a notable loss, dipping down to $1.17 trillion.

DeFi's total volume stands at $1.81 billion, at 8.22 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $19.92 billion, at 90.39 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at Neutral, at 57 points (out of 100).

BTC dominance, at the time of writing, stood at 49.95 percent.

Over the past seven days, Bitcoin achieved a high of $31,383.37 (on July 6) and a low of $29,820.36 (July 7), showing signs of a sudden dip.

Ethereum, on the other hand, saw a high of $1,973.45 (July 4) and a low of $1,837.63 (July 7).

Crypto Events To Note

Changpeng 'CZ' Zhao, the founder of Binance, has his hands full. He took to Twitter late last week to assert that Binance remains focused on growth and is actively recruiting new talent. The departure of the chief strategy officer, general counsel, and a compliance official has raised concerns about the exchange's future prospects, considering ongoing investigations by regulatory authorities in the US, Europe, and Asia Pacific regions.

Furthermore, according to reports, the Russian finance ministry has suggested a ban on the use of cryptocurrencies in the country, but with potential exceptions for stablecoin issuers and crypto miners. Sources familiar with the matter informed Interfax news agency that these proposals might be combined with the long-awaited bill on the legalisation of crypto mining, which has faced significant delays. The ministry aims to enact legislation that permits industrial miners to operate within Russia. The country's crypto mining industry is already well-developed, largely due to its abundant energy resources and cold climate during the winter.

Lastly, on a positive note, crypto exchange Bitfinex announced that it collaborated with law enforcement agencies to retrieve approximately $315,000 in cash and cryptocurrencies that were stolen during a platform breach in 2016. In a statement released on Thursday, Bitfinex, which is based in the British Virgin Islands, disclosed that the US Department of Homeland Security successfully recovered the funds as part of an ongoing investigation into individuals associated with the hacking incident. The attack resulted in the theft of approximately 120,000 Bitcoins, valued at around $72 million at the time. Considering the current market price, the recovered assets are now estimated to be worth approximately $3.7 billion.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin began the new week by maintaining its position above the $30,100 level after a period of volatility. As market participants digest the US non-farm payroll report, resulting in a lack of significant movements in the cryptocurrency market. Bitcoin displayed a sideways trading pattern with decreased volatility compared to the previous week, indicating a consolidation phase as it prepares for its next decisive move. If Bitcoin manages to sustain its position above the $30,000 level, we may witness an upward trend towards the $31,500 resistance level. However, if it fails to hold above that level, the next support to monitor would be around $29,500. This week, it will be interesting to observe the trend of Bitcoin following an eventful economic week in the United States.”

WazirX Vice President Rajagopal Menon offered his take, “Bitcoin remained range-bound over the past two weeks, unable to break resistance levels after reaching a year-high of $31,431 on June 23. BlackRock's Bitcoin ETF resubmission fueled optimism for institutional adoption and increased exposure among institutional investors.”

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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.