Crypto Market Sees Green Heading into Weekend as Bitcoin Rounds $23,000

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(Kitco News) – This week’s topic in the crypto market was regulation, as several major developments, including a proposed new bill in the Senate and the revelation of widespread investigations into US-based cryptocurrency exchanges ., indicate that the government crackdown on cryptocurrencies has begun.

Data from TradingView shows that Bitcoin (BTC) price action has trended slightly lower over the past 5 days after reaching a high of $24,670 on July 31, ending the week down 6, 87% and trading at a price of $22,900 at the close of traditional markets on Friday.

BTC/USD 1-day chart. Source: TradingView

Despite the week’s negative performance, the uptrend seen over the past month remains intact, as noted in the daily update from Kitco contributor Jim Wyckoff, who stated: “Bulls are in a six-week uptrend in price. on the daily bar chart and have the short-term technical advantage.”

According to Wyckoff, this “suggests that the path of least resistance for prices will remain sideways in the near term.

Major altcoin Ethereum (ETH) has performed slightly better than Bitcoin in recent days following the introduction of the Digital Commodities Consumer Protection Act of 2022 (DCCPA) which seeks to classify BTC and ETH as commodities.

While Bitcoin has long been considered a commodity by regulators, there has been much less consensus on whether Ethereum should be classified as a security or a commodity.

ETH/USD 1-day chart. Source: TradingView

The potential for regulatory clarity surrounding Ether helped provide a boost that lifted its price to $1,680, marking a 5% gain on the day.

Altcoins trending higher

The vast majority of altcoins in the top 100 managed to close the week on a positive note as more investors begin to redeploy to the market after bottoming out in June and July.

Cryptocurrency market daily performance. Source: Coin360

The best performer on the 24-hour chart was Decred (DCR) with a 57.5% gain, followed by a 16.18% rise for NEAR Protocol (NEAR) and a couple of 14% price gains. for Holo (HOT) and Theta Network (TETA).

The total cryptocurrency market capitalization is now $1.083 trillion, and Bitcoin’s dominance rate is 40.4%.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has gone to great lengths to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage arising from the use of this publication.

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