Cryptocurrency market stalls after pump | Cryptocurrency
Cryptocurrency market stalls after pump | Cryptocurrency
Market picture Bitcoin added 11.5% last week to close at $24.5k. The price stabilized near this level at the beginning of the new week. The market capitalization of the cryptocurrency rose 9.3% last week to $1.12 trillion. Almost all of the growth came in the first half of the week, with little gain in the last few days.
On Sunday, there was another attempt to push BTCUSD above $25,000. However, the bulls failed to form a good weekly candle to close above a significant level, as a result of which the price remained below the average for 200 weeks and touched the 50-week mark. Buyers may be more cautious in the coming days as a death cross formed on the weekly timeframes last week, although this should not be taken as a sell signal.
Ethereum is up 9.5% to $1,680. The rest of the top 10 altcoins gained from 1.2% (XRP) to 16.7% (Polygon). The exception was BNB (-2.3%).
news background The American authorities continue their “cryptocurrency crusade”. The US Securities and Exchange Commission (SEC) accused Terraform Labs (TFL) and its CEO Do Kwon of running a multi-billion dollar securities fraud scheme. The SEC has loaded TerraUSD (UST) and the LUNA token as an algorithmic stablecoin.
US Senate Banking Committee Chairman Sherrod Brown has called for a comprehensive regulatory framework for cryptocurrencies to protect investors from losing money. The congressman recalled that in 2022, the digital asset market lost $1.46 trillion in capitalization, and cryptocurrencies cut more than 1,600 jobs.
The Wall Street Journal writes that banks are ending partnerships with cryptocurrency companies for fear of retribution from regulators threatening to separate digital assets from the traditional financial system.
Platypus, a decentralized finance protocol based on the Avalanche blockchain, was attacked in which a hacker stole about $8.5 million worth of cryptocurrency assets. However, Chainalysis estimates that in 2022, the total amount of money raised by cryptocurrency scammers increased from $10.9 billion to $5.9 billion.
In this video you will find 3 best cryptocurrencies to buy and hold in 2023:
