Experts told Business Standard that this was primarily due to the US Federal Reserve’s statements on rate hikes and the ongoing regulatory uncertainty over the charges filed by the US Securities and Exchange Commission (US SEC) against Binance and Coinbase.
“It was a sea of red across crypto markets post the regulatory headwinds in the US, as the SEC’s lawsuits against the largest crypto exchanges in the world Binance and Coinbase, continued to affect sentiment. It was a highly volatile week in trading, as markets gyrated on specific news and developments, ending the week in red with a market capitalisation of just under $1.1 trillion,” said Parth Chaturvedi, investments lead at CoinSwitch Ventures.
On Friday, however, the crypto market recovered a bit after the world’s largest fund manager, BlackRock , announced that it has applied in the US SEC to launch a spot Bitcoin exchange-traded fund.
“The filing of a crypto-backed exchange-traded fund application by BlackRock might have played a role in this recovery, driving Bitcoin’s gain of over one per cent and putting an end to its three-day losing streak,” said Edul Patel, co-founder and chief executive officer (CEO) at crypto platform Mudrex.
The market continues to be volatile. According to Patel, Bitcoin has a support level of $25,200 and a resistance level of $25,700.
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