Following the suspension of support on Friday, cryptocurrency markets are currently trading sideways with little to no movement from Bitcoin, Ethereum, BNB and other major crypto assets. Due to Bitcoin’s connection to the stock market and the fact that all international markets are closed today, we see no price movement today. For now, BTC is just waiting for the next move.
- As BTC falls below $20,000 and ETH rises above $1,300, cryptocurrency markets are losing their bullish momentum.
- The biggest stories this week for the cryptocurrency markets include the Binance Bridge Hack and Kim K. being fined by the SEC.
- Merging Ethereum has some disadvantages and increases block control.
- Before a reversal next week, the price will probably drop a little this weekend.
Bitcoin Market News Update
Modest bearish momentum over the weekend is to be expected, despite the price of Bitcoin falling around 1% and dropping below $20,000.
Notable bearish news from this week in the cryptocurrency market include SEC penalizes Kim Kardashian for more than $1.2 million to advocate the security of cryptocurrencies and the $120M Binance Smart Chain Bridge Attack causing BSC to shut down its chain and freeze stolen assets to ensure recovery attempts.
With so many hacks, legal proceedings, and advancements in blockchain technology, a week in the world of bitcoin is never boring. We’ve had our fair share of bad news this week, but the cryptocurrency market has held steady despite the bad news.
We can only pray that some good news will reach us next week so that cryptocurrency markets can have a chance to gain momentum for a bull run.
Ethereum Market News Update
Since Bitcoin appears to be beating ETH this weekend, there are no advances from Ethereum either. Even though the Ethereum network merger made the network much better, there were some downsides.
In particular, the SEC currently claims that ETH is a security because the chain uses proof-of-stake and more than half of the validators are located in the United States. Additionally, the merger exacerbated the problem of block censorship in ETH, giving validators and nodes additional ability to actually censor transactions.
It’s debatable whether that’s a good thing or not, but crypto maximalists will tell you that blockchain is built on decentralization, which in their eyes is a sacred notion that shouldn’t be in a zone. grey.
Additionally, it appears that cryptocurrency is largely ineffective as an inflation hedge against the dollar, as the majority of cryptoassets have suffered significant losses in value this year.
Several factors, including a stronger dollar, the high volatility of the cryptocurrency, and the fact that most investors still view cryptocurrencies as digital gold, which only serves to maintain the peg of the crypto to conventional stocks and assets, are cited in a Forbes report as reasons why cryptocurrencies do not serve as an effective hedge against inflation.
ETH is still trading above $1,300, but due to rapidly declining trading volume, it could drop as low as $1,200 by Sunday before rising again the following week.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in projects.
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