Market picture
The crypto market added 2.4% in 24 hours to $1.43 trillion and went back to test highs since May 2022. Bitcoin added 3% during this time, Ethereum 2.75%, and Solana was the top performer among the major coins, adding 8.4%. Toncoin was on a back foot with its 0.4% gain.
Bitcoin has been floundering inside the upward range for more than five weeks now. On Monday, the price reversed to the upside from the lower boundary at $36.7K. On Tuesday evening, Bitcoin's price briefly exceeded $38.4K but pulled back down after failing to find solid ground to accelerate gains.
The positive sentiment extends well beyond the first cryptocurrency, as altcoins reversed to growth in a broad front on Tuesday. This could be investors' reaction to a weakening dollar on expectations of an imminent Fed interest rate cut.
News background
The next bullish trend will come in 2025 when Bitcoin surpasses $100K. And that's "a pretty conservative estimate," said 10T Holdings CEO Dan Tapiero.
According to The Wall Street Journal, the SEC is searching hard for evidence that Binance executives may have or may still have a loophole to control assets stored on the Binance.US platform. Zhao has resigned from the Binance.US board of directors, the platform said.
Cardano founder Charles Hoskinson criticised the US SEC for the agency not treating Bitcoin as a security, thereby giving BTC "complete discretion" unlike other cryptocurrencies.
The collapse of cryptocurrency companies does not pose threats to the real economy, according to the Financial Stability Board at the G20.
US presidential candidate Robert Kennedy Jr. spoke out against central bank digital currencies, calling CBDC a threat to citizens' financial freedom. He said bitcoin is "an elegant solution against CB digital currencies."
Private cryptocurrencies have already failed fundamental tests for financial services and should eventually disappear, the Monetary Authority of Singapore said.
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Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
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ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
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Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
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Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
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Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.