Bitcoin price is testing support at the $23k level after yesterday’s bull run to $24.5k. Ethereum manages to stay in the high $1,800s after rising to $1,900 earlier in the week. The global cryptocurrency market cap is down 2.53% but well above the $1 trillion level. Crypto assets are expected to slow down this Friday, as the trading volume and market momentum usually slow down over the weekend.
Key Points:
After an incredible bull run this week from a low of $23k to a high of $24.8k, Bitcoin is looking to test support at the $23k level and narrow its sideways trading range. We can expect BTCUSD to lose momentum this weekend, and we’re already seeing signs of that with a declining 24-hour trading volume, which is down 17% in the past 24 hours.
Bitcoin did break past its monthly high of $24.3k and peaked at $24.8k on August 11th. We’ll likely see Bitcoin test the $23k support over the weekend and possibly dip to $22k before attempting another bull run on Monday.
Regarding relevant Bitcoin news, BlackRock launched a private Bitcoin trust to provide clients exposure to BTC. As one of the largest asset management platforms globally, the newly-launched trust will open up the floodgates to billions in assets for crypto markets.
The asset management platform is looking to take a deeper dive into crypto, and according to BlackRock’s press release:
“BlackRock has been conducting work in four areas of digital assets and their associated ecosystems where we see potential to benefit our clients and capital markets more broadly, including: permissioned blockchains, stablecoins, cryptoassets, and tokenization.”
After BlackRock’s partnership announcement with Coinbase, it’s refreshing to see the company continue expanding its endeavors into crypto markets. We’re likely to continue to see bullish momentum for Bitcoin and Ethereum due to BlackRock’s involvement with the digital assets and Web3 space.
In other not-so-positive news, Bitfinex is again facing legal trouble and possibly criminal investigation in the US. According to a report from Coindesk, “the exchange’s sister company has been hit with several investigations over who uses its platform and the state of its reserves.”
This isn’t the first time Bitfinex has had a run-in with the US government. In February 2021, the Office of the Attorney General (OAG) found that iFinex – the operator of Bitfinex – made false claims regarding its Tether reserves. In addition, the company moved millions between its sister companies to cover substantial losses for the stablecoin. Overall, not a pretty situation for Bitfinex and its partners.
Despite the investigation news, Tether remains pegged at $1, with a market cap of $66.9 billion and a 24-hour trading volume of $54.9 billion.
Bitcoin will likely slow down its momentum over the weekend and remain in the $23-24k range. We’ll probably see a slow decline in trading volume until Monday, when the market will attempt its next move.
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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