After yesterday’s excellent crypto market bull run, Bitcoin’s price continues to trade sideways at the $23.5k level. The global cryptocurrency market cap remains healthy above the $1 trillion level, signaling a good potential for an additional bullish move this weekend. Ethereum price remains above the $1.6k level as the crypto asset continues to trade sideways.
Key Points:
El Salvador is in the news today, as the country’s finance minister, Alejandro Zelaya, says Bitcoin’s adoption could significantly impact its unbanked population. According to a report from Bloomberg:
“El Salvador’s finance minister defended the country’s strategy to adopt Bitcoin as legal tender even as critics urge the nation to ditch the experiment as the cryptocurrency world suffers through a bear market.”
Despite the crypto bear market, Bitcoin’s technology remains a revolutionary concept that opens up the opportunity for providing access to individuals who otherwise wouldn’t have access to essential financial services.
While El Salvador’s purchase of Bitcoin is worth 50% less than what the country paid for them, Zelaya still believes in the future of the digital asset and the utility it can provide to the underprivileged in the country.
The global crypto market is at a standstill as traders are waiting on the sidelines for the next move. There’s little change in Bitcoin’s 24-hour trading volume, currently at $40 billion, increasing by 5.88% in the past 24 hours.
With the market calming down, Bitcoin is looking for its range to trade within, briefly peaking at $24.3k before dipping to the $23.5k levels.
Bitcoin’s price saw significant bullish action this week, rising from $20k to $24k in two days, primarily as a result of the stock market’s excellent performance this week as the Fed announced that it might slow down its monetary policy to provide the economy some “slack” to recover.
After raising interest rates by another 75 basis points, in a July 27th press conference meeting, Chair of the Federal Reserve, Jerome Powell said:
“As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases while we assess how our cumulative policy adjustments are affecting the economy and inflation.”
Since the stock market was prepared for the rate hike, it didn’t seem to create much bearish pressure on the markets. Instead, stocks performed exceptionally well as traders focused on the possibility that the Fed’s rate hikes might slow down.
Crypto markets will likely continue trading sideways this Friday before attempting another move this weekend. With the global cryptocurrency market cap safely above the $1 trillion level, the market is in good shape for another bullish price action this weekend.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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