Crypto may be ready for another leg down

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Market picture

The crypto market capitalization increased by 1.5% last week to reach $1.066 billion at the start of the new week. But it hasn’t been easy, as Bitcoin gained 2% last week to end the week down 4% at around $26,500. Ethereum lost 1% to $1730. The other major altcoins in the top 10 fell between 0.4% (TRON) and 6.4% (XRP). The exception was BNB (+2.6%).

Thanks in large part to positive stock market traction, bitcoin found support on the downside below $25,000 and officially closed above its 200-week average. The market was near the upper end of the lower range on the shorter time frames. Given the overbought stock market, more downside risks could drive BTCUSD lower, leaving it in the downtrend. Only a rally above $27.2000 – the area of ​​previous local highs and the 50-day moving average – can effectively break this trend.

According to Bloomberg, Bitcoin’s share of the total market value of all cryptocurrencies has reached its highest level since mid-autumn 2021. Traders are more likely to keep their money away from altcoins.

News Background

Digital asset platform Bakkt has announced that it is removing Solana, Polygon and Cardano cryptocurrencies from its available assets until the regulatory uncertainty is resolved.

US financial giants BlackRock, Bank of America and Fidelity are increasing their investment in MicroStrategy shares, with more than $200 million invested. MicroStrategy holds over 140,000 BTC.

The Securities and Exchange Commission (SEC) has agreed with the Binance exchange to prevent employees of the parent platform from accessing the assets of Binance.US customers.

French authorities have opened an investigation into the Binance exchange, Le Monde reported, citing the Paris prosecutor’s office. Authorities suspect the exchange of money laundering, failure to follow KYC procedures, and other violations of French law.

Tesla CEO Elon Musk denies insider trading in the Dogecoin cryptocurrency. He says he does not own the cryptocurrency wallets allegedly used for DOGE transactions.

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