Crypto Week Ahead: BTC, ETH Show Weak Stance As Binance Exits Canada. New Twitter CEO Linda Yaccarino Could Be A Crypto Ally

Over the past seven days, Bitcoin (BTC) price achieved a high of $28,299.16.

Bitcoin (BTC) and Ethereum (ETH), two of the most popular cryptocurrencies, managed to become stable within the $27,000 and $1,800 range, respectlvely, after weeks of slump. They still have some ways to go and need to pick up steam in order to achieve the positive marks of over $28,000 and $1,900, respectively. Binance, the world’s biggest crypto exchange in terms of trading, has taken a stance against Canada’s new crypto regulations and has decided to exit the country entirely, which could lead to a blow to crypto prices in the coming day. However, the soon-to-be Twitter CEO Linda Yaccarino could prove to be a crypto ally. Read on to find out more. 

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 (May 8), the overall crypto market cap stood at $1.16 trillion. BTC price stood at around $28,210, ETH price stood at around $1,865. 

A week later, the overall market cap dipped down to $1.14 trillion, as per CoinMarketCap data. 

DeFi's total volume stands at $1.65 billion, at 6.31 percent of the total market 24-hour volume. In case of stablecoins, the overall volume stands at $23.09 billion, at 88.42 percent of the total 24-hour market volume.

BTC dominance, at the time of writing, stood at 46.45 percent.

Over the past seven days, Bitcoin achieved a high of $28,299.16 (on May 10) and a low of $25,964.88 (May 13), showing signs of a relatively weak run.

Ethereum, on the other hand, saw a high of $1,879.84 (May 10) and a low of $1,746.31 (May 12).

Crypto Events To Note

Pepe (PEPE), the memecoin that got listed on Binance earlier this month, continues to see a decline in prices, remaining the top loser of the day as per CoinMarketCap (as on May 15). 

In a major development, Binance has announced that it will stop operations in Canada. This was an outcome of the country’s regulatory guidelines on investor limits and stablecoins. The exchange are clearly not happy with the new rules, indicating that they have made the Canadian market unsustainable. 

Binance CEO Changpeng Zhao, on the other hand, is looking to offload a part of his stake in the company and is actively looking at strategies to do so, as per reports.

In a bit of good news amid the overall gloomy weather, Twitter’s soon-to-be new CEO Linda Yaccarino was spotted following the Shiba Inu (SHIB) account on the microblogging platform. Could this signal adoption of crypto on the platform later on? We’ll have to wait and find out. 

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin has seen a slight recovery, gaining over 1 percent in the last 24 hours, following a few days of a downward trend. Despite being down 60 percent since its all-time high, the cryptocurrency has made significant gains, nearly 98 percent, since its lowest cycle in January. To initiate a decent increase in the near term, Bitcoin needs to surpass the $27,400 resistance level. However, if it fails to do so, it might experience another decline towards the $27,000 level.”

WazirX Vice President Rajagopal Menon offered his take, “Despite midweek growth on lower-than-expected inflation readings, Bitcoin and Ethereum faced moderate losses over the last seven days. However, BTC pulled back amid competition from a rising dollar, hitting a two-month low.” 

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.