As the trading week in Asia commences, Bitcoin and Ether face minor setbacks, with Bitcoin down 0.5% at $26,366 and Ether down 0.2% at $1,724. Despite these fluctuations, the past week has seen relatively stable performance for the two leading digital assets, with Bitcoin recording a 1.6% increase while Ether faced a slight decline of 1.7%.
Joe DiPasquale, CEO of BitBull Capital, a crypto fund manager, believes that the recent decision by the Federal Reserve to leave interest rates unchanged is supportive of a potential crypto asset rally. However, he notes that the market struggled after the Fed indicated that rate cuts were not expected in the near future.
DiPasquale suggests that Bitcoin and other major cryptocurrencies have held up relatively well, presenting a favorable opportunity for mid-to-long-term accumulation. He emphasizes that the focus will remain on Bitcoin, especially as its dominance has increased due to selling pressure on alternative coins. As long as Bitcoin remains within the range of $20k – $22k, bullish sentiment should prevail.
Recent data from Glassnode, a blockchain analytics firm, reveals that the amount of Bitcoin held on cryptocurrency exchanges has reached its lowest point in three months. The Bitcoin balance on exchanges dropped to 2,281,978.198 BTC, just below the previous low of 2,282,204.204 BTC recorded on June 17.
This significant decrease in on-exchange reserves could indicate mounting uncertainty among investors following regulatory actions targeting prominent players in the crypto industry.
Regulatory challenges have affected major cryptocurrency exchanges such as Binance and Coinbase, both of which have faced lawsuits from the U.S. Securities and Exchange Commission (SEC). The intensified regulatory scrutiny in the loosely regulated crypto market has instilled anxiety among investors, leading to a shift in Bitcoin holdings away from exchanges, potentially towards private wallets for enhanced security.
Further corroborating this trend, the daily on-chain exchange flow data indicate a net outflow of Bitcoin amounting to $56.3 million. This reinforces the notion that investors are becoming more cautious in light of regulatory pressures. A net outflow suggests that more Bitcoin is being withdrawn from exchanges than deposited into them, indicating a preference for self-custody solutions amid the ongoing regulatory turmoil.
Both Dogecoin and Shiba Inu are making headlines this week with significant whale activity and…
With Ethereum’s steady performance signaling renewed interest in the blockchain sector, attention is turning toward…
Ayni Gold is revolutionizing gold investment by tokenizing real mining capacity in Peru. Each $AYNI…
XRP is making headlines once again as July turned out to be one of its…
The ETH price rallied toward the $4,000 mark at the start of the week, a…
Trump Media and Technology Group Corp, the company behind Truth Social, Truth+, and Truth. Fi,…
