Synopsis
Bitcoin has seen steady growth, recovering from $54,000 to $58,000. Key events included the FBI’s report on crypto scams, the U.S. losing $4.8 billion, and the release of CPI data indicating better-than-expected inflation numbers. The crypto community now awaits the upcoming FOMC meeting for potential interest rate cuts.
Bitcoin experienced steady growth over the past week recovering from a low of $54,000 to currently trading at $58,000.The week began with the Federal Bureau of Investigation (FBI) releasing a comprehensive report on global crypto scams in 2023, revealing staggering losses. The U.S. topped the list, with over $4.8 billion lost to crypto scams, followed by Canada and the UK. India ranked fifth, with reported losses exceeding $44 million. To avoid falling for such scams, one must Research thoroughly before investing, avoid too-good-to-be-true offers and only use trusted platforms for investing.
The presidential debate between Donald Trump and Kamala Harris was the most anticipated, where the crypto community expected a focus on crypto regulation. However, the debate largely centered on other pressing issues such as economic uncertainty, inflation, and abortion rights, with no mention of crypto. This omission left many in the crypto community disappointed, leading to brief selling pressure on Bitcoin. Despite this dip, Bitcoin quickly recovered within a few hours. The same day saw the release of the Consumer Price Index (CPI) data, which showed better-than-expected inflation numbers. This data provided certainty to the crypto community that there will surely be a rate cut in the upcoming FOMC meeting strengthening the market sentiment.
Additionally, the Global Crypto Adoption Numbers by Chainanalysis was also out this week. India retained its top position for the 2nd consecutive year followed by Nigeria and Indonesia. This data shows the country’s resilient and forward-thinking investor base. This continued engagement highlights not just a strong belief in the transformative power of digital assets, but also a readiness to adapt and innovate despite challenges.
Crypto Tracker
TOP COIN SETSAI Tracker19.96% BuyDeFi Tracker11.73% BuyNFT & Metaverse Tracker10.00% BuyCrypto Blue Chip – 59.73% BuyBTC 50 :: ETH 508.89% BuyTOP COINS (₹) Bitcoin5,045,772 (3.83%)BuySolana11,654 (3.16%)BuyEthereum203,274 (3.06%)BuyBNB46,432 (2.25%)BuyTether84 (-0.04%)BuyAnother crucial report released this week was the Jobless Claims Data, which came in within expected ranges and served as a positive catalyst for Bitcoin. The job market figures that were in line with expectations helped Bitcoin recover from its earlier declines, boosting market sentiment. This optimism allowed the bulls to regain control, pushing Bitcoin toward its key resistance level of $58,000. At present, Bitcoin faces strong resistance at $59,000, and if this level is broken, the price could surge past the $60,000 mark in the near future. On the downside, the key support level currently stands at $57,500, providing a safety net for further corrections.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »After every economic data coming out, all eyes are now focused on the FOMC meeting happening in the coming week. The crypto community is expecting an interest rate cut between 0.25% to 0.50% which impacts the price moments of not just the crypto market but also the stock markets across the globe.
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Ethereum on the other hand has been trading flat at the $2,300 level despite the increased crypto activity over the week. Ethereum has been struggling to break the $2,400 barrier for quite some time now. A strong catalyst such as the interest rate cut would help Ethereum gain some momentum to break its resistance leading to recovery. The support levels for ETH lie at $2,280 if breached, could test the one-month low of $2,100 mark.
Below are some of the best-performing and worst-performing cryptos in the past week (Prices as of Friday).
Top 5 crypto gainers during the week:
- Fantom is up 25%
- Artificial Superintelligence Alliance is up by 24%
- Sui is up 22%
- Bittensor is up 22%
- Internet Computer is up 17%
Top 3 crypto losers this week:
- Helium is down by 6%
- Arweave is down by 6%
- Litecoin is down by 3%
(The author is Edul Patel, CEO & Co-founder of Mudrex. Views are own)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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