This week’s sideways trading trend continues this Friday as Bitcoin and Ethereum prices remain largely unchanged. Surprisingly, this Friday’s trading volume is up significantly for Bitcoin and Ethereum, suggesting a healthy market. Let’s look at relevant news affecting prices this week.
Yesterday’s big news revolves around Grayscale CEO suing the SEC for denying its conversion from a Grayscale Bitcoin Trust to a Spot ETF. We saw industry leaders band together and file an amicus brief supporting Grayscale to sway the court’s opinion in the company’s favor.
In other news, a report from CNBC highlights that Bitcoin’s volatility dropped below NASDAQ and S&P 500 for the first time since 2020.
Who would’ve thought that Bitcoin could technically trade in a narrower range than traditional stocks, given the fact that crypto markets remain the wild west of global finance.
In other news, Elon Musk took to Twitter to share his thoughts on the global economy. Elon replied to a Tweet from Tesla Owners Silicon Valley asking, “How long you think the recession will last?” He replied: “Just guessing, but probably until spring of ’24.”
The guess is quite drastic in the sense that we should expect all of 2023 to be another down year. However, even though most don’t want to believe that the bearish market sentiment will last at least another year, that may be the harsh reality that awaits us.
Regarding Ethereum news, some of the biggest news this week was regarding the shifting tokenomics of the crypto asset. After the network merge, more Ether is being burned than minted, which has turned ETH into a deflationary project.
This means we should start seeing additional support for ETH prices in the coming months as the shifting economy and declining supply push the price higher.
Today’s crypto fear and greed index is at 23 points, essentially unchanged over the past month. The market remains in extreme fear, but things might start to level out over the coming months if Bitcoin and Ethereum hold their support levels.
Today’s global crypto market cap is at $916 billion, down 0.53% in the past 24 hours. Bitcoin is trading at $19.132, while Ethereum is at $1,297. The good news is the trading volume for BTCUSD and ETHUSD is up over 30%, signaling high activity in the market, and that support is likely to hold over the 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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Image Source: Bastian Riccardi on Unsplash // Image Effects by Colorcinch
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