Crypto Week Ahead: All Eyes On Bitcoin’s Latest Price Rally

Over the past seven days, Bitcoin (BTC) price achieved a high of $31,268.91.

BTC dominance, at the time of writing, stood at 49.89 percent.

Source : geralt/Pixabay

Cashing in on the increased investors’ confidence following major institutions filing for Bitcoin ETF and related offerings, crypto price managed to see a much-needed boost, driving Bitcoin (BTC) price up to $31,000. The world’s oldest crypto, BTC saw a growth of nearly 14 percent over the past week and it is largely expected that if it can continue to hold on to the $30,000 mark, upward momentum could continue to dominate price charts in the coming days. Of course, given the impact BTC prices have on other crypto prices, it can be expected that other coins will follow suit alongside. 

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 (June 19), the overall crypto market cap stood at $1.07 trillion. BTC price stood at around $26,000, ETH price stood at around $1,720. 

A week later, the overall market cap saw notable gains and rose to $1.18 trillion.

DeFi's total volume stands at $3.37 billion, at 10.54 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $28.7 billion, at 89.81 percent of the total 24-hour market volume.

BTC dominance, at the time of writing, stood at 49.89 percent.

Over the past seven days, Bitcoin achieved a high of $31,268.91 (on June 23) and a low of $26,377.33 (June 19), showing signs of a quick rally.

Ethereum, on the other hand, saw a high of $1,926.38 (June 22) and a low of $1,713.72 (June 20).

Crypto Events To Note

According to a court document, the US Securities and Exchange Commission (SEC) has agreed to postpone the enforcement of a $30 million fine against BlockFi, a crypto lending platform facing insolvency. This delay is contingent upon the reimbursement of investors. 

Initially, BlockFi was required to pay a $50 million penalty to the SEC for allegations related to the absence of registration of its crypto lending product with the regulatory authority. BlockFi consented to this settlement in February 2022. However, in November, the company filed for bankruptcy following the collapse of the cryptocurrency exchange FTX. 

As part of BlockFi's ongoing Chapter 11 bankruptcy proceedings, the SEC argued that its unpaid dues should be treated as "general unsecured claims."

Furthermore,different regions around the world are taking cautious steps when it comes to digital assets, each adopting their own approaches to regulation. In Europe, the focus is on establishing regulatory frameworks to govern digital assets. In contrast, China has opted for a more stringent approach by implementing a complete crackdown on cryptocurrencies. Interestingly, the International Monetary Fund (IMF) recently published a paper suggesting that a total ban on crypto assets may not be a sustainable and effective solution for mitigating associated risks.

The paper emphasised the viewpoint that, while some countries have chosen to ban crypto assets entirely due to their risks, this approach may not yield long-term effectiveness.

Instead, the IMF recommends that nations address the underlying factors driving the demand for cryptocurrencies, tackling the root causes as a more constructive approach.

Additionally, Various US presidential candidates across different political parties are expressing their support for Bitcoin and associated technologies as they aim to promote financial freedom and encourage innovation. During an interview with The New York Post, Democratic candidate Robert F. Kennedy Jr. affirmed his dedication to implementing policies that foster the growth of Bitcoin. He highlighted the significance of individual autonomy in handling Bitcoin wallets, nodes, and passwords.

Kennedy emphasised, "I will ensure that our policies are conducive to supporting Bitcoin, enabling freedom in transactions, and allowing individuals to have control over their own Bitcoin wallets, nodes, and passwords." However, Kennedy also recognized the importance of some regulation, albeit limited, to address concerns related to money laundering.

Lastly, in a crypto-positive development, Crypto.com, a prominent player in the cryptocurrency industry, has achieved notable progress in expanding its presence in Europe. It has obtained a coveted registration as a Virtual Asset Service Provider (VASP) from the Bank of Spain. This approval allows the platform to offer its wide range of products and services to customers in Spain, signifying a significant advancement in its global expansion strategy. 

Kris Marszalek, the CEO of Crypto.com, expressed his excitement about this new opportunity to cater to the growing cryptocurrency market in Spain. He stated, "We are eager to collaborate with the Bank of Spain as we introduce our products and services in the market, providing users with a comprehensive, secure, and trustworthy cryptocurrency experience."

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Following the filing of licences by major financial institutions to offer Bitcoin ETF and other crypto services, investor confidence in Bitcoin has been on the rise. Bitcoin's momentum continued as it surged to a one-year high above the $31,000 level on Friday. Currently, Bitcoin is consolidating around the $30,000 mark, entering a phase of stability in the past 24 hours. Over the course of the previous seven days, BTC has seen a significant increase of over 14 percent, fostering a positive sentiment among investors. Maintaining its position above the crucial $30,000 level this week may potentially drive Bitcoin to strive for further breakthroughs.”

WazirX Vice President Rajagopal Menon offered his take, “World’s largest exchange Binance’s regulatory issues expand to the UK, Belgium, and Brazil amidst ongoing lawsuits in the US. The BNB token has been down 2.38 percent in the last seven days on WazirX.” 

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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.