Crypto Week Ahead: Bitcoin Loses Attraction; Sideways Trading Is Anticipated To Go On
The price of Bitcoin (BTC) reached a high of $43,286.28 during the last seven days. The world's most popular cryptocurrency, Bitcoin (BTC), seems to be losing the unusual momentum that propelled it to $43,000 in value and a global market capitalization of over $1.61 trillion just last week. Still, BTC hasn't fallen below its ~$20,000 lows and, as of this writing, is holding steady over $41,000. However, BTC is anticipated to trade sideways over the next several days as investors' spending and greed seem to be tapering off. Readers should be aware that coin prices and the cryptocurrency market as a whole are very erratic before continuing. It is impossible to predict with certainty how cryptocurrencies will perform in the future. The purpose of this article is to assist investors in staying abreast of the most significant events that have already occurred, as well as some noteworthy forthcoming events and current market circumstances. Before taking any calls, investors are recommended to conduct their own research. Crypto Prices Over The Past Week On Monday, December 11th, the total market capitalization of cryptocurrencies was $1.58 trillion. The price of ETH was around $2,250, and the price of BTC was approximately $42,500. The total market capitalization fell to $1.46 trillion a week later. Check Out Top Crypto Prices Today With a total volume of $6.98 billion, DeFi accounts for 13.30 percent of the market's 24-hour volume. With regard to stablecoins, the total volume is $47.06 billion, or 89.65% of the 24-hour market capacity. The total market fear and greed index, according to CoinMarketCap, was at 70 points (out of 100) for "Greed," down from almost 80 points (Extreme Greed) just one week ago. The dominance of BTC was 51.87 percent at the time of writing. Bitcoin reached a high of $43,286.28 on December 14 and a low of $40,556.38 on December 12 over the last seven days. Conversely, Ethereum reached a low of $2,154.87 on December 13 and a high of $2,329.59 on December 15. Crypto Events To Note Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), underlined last week how important it is to regulate cryptocurrencies since they could jeopardise the stability of the financial system. Speaking at a digital currency conference in Seoul, Georgieva emphasised the difficulties involved in the general acceptance of cryptocurrency assets. Because of the inherent volatility that affects tax collection, she voiced concern that a boom in the adoption of crypto assets might imperil macro-financial stability, undermining the effectiveness of monetary policy transmission, capital flow management strategies, and the sustainability of fiscal policies. The president of the IMF emphasised the significance of regulatory actions to manage these possible dangers and preserve a stable financial system in light of cryptocurrencies' expanding influence. Additionally, Coinbase Global's request for the introduction of new laws in the digital asset industry was turned down by the US Securities and Exchange Commission (SEC) in a recent development. Following the denial on Friday, the biggest cryptocurrency exchange in the nation filed a lawsuit to overturn the ruling. The five-member SEC commission decided 3-2 against recommending additional rules. Contrary to Coinbase's claim, the majority claimed that they do not view the current regulatory environment for the cryptocurrency industry as "unworkable." Coinbase declared after the judgement that it had filed a petition to have the SEC's decision reviewed by a court of law. This development represents the most recent chapter in the conflict that has been raging between the leading U.S. financial regulatory body and the bitcoin industry. The SEC has continuously upheld the belief that a sizable percentage of cryptocurrency tokens are securities and are therefore subject to its regulation. This position has prompted legal action against several cryptocurrency companies, including Coinbase, for purportedly listing and trading tokens that the SEC believes ought to be registered as securities. Finally, in response to rumours regarding the company's pursuit of a $50 million investment round, OpenAI CEO Sam Altman reaffirmed his support for the cryptocurrency project Worldcoin. Building a global financial network and identity is Worldcoin's main goal. More than 2.6 million people have expressed interest in having their iris scans performed using Worldcoin's "orb" devices, demonstrating the high level of interest in the effort. Participants get a digital identity and free cryptocurrency in exchange. Investment bank with a fintech concentration FT Partners hosted a virtual Q&A session where Altman discussed these issues. This meeting was held one week after The Block, a cryptocurrency news outlet, published an article detailing the attempts of Worldcoin's parent organisation, Tools For Humanity, to raise $50 million from possible investors.
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