What happened in the cryptocurrency market during the week of June 19-25
Date: 2023-06-26 Author: Karina Ziganova Categories: IN WORLD
The BTC rate is again trading above the $30,000 mark. The heavyweights of the financial industry have staged a race to launch a bitcoin ETF. The FATF decided not to include Russia in its "black" list. Read about these and other events in the cryptocurrency market in the weekly review of BeInCrypto
Bitcoin (BTC)
The outgoing week turned out to be successful for bitcoin (BTC). The world's main cryptocurrency was able to find the ground under its feet and ends this week above the important psychological mark of $30,000. At the time of writing on Sunday, BTC was trading, according to the analytical resource CoinMarketCap, around $30,566, with an intra-week increase of 15.1%.
This week, bitcoin ETFs have become the hottest topic in the cryptocurrency market. The high interest of institutional investors in regulated options for participation in crypto assets has become the main driver of the current bitcoin rally. This allowed the BTC rate to rise above the $30,000 mark for the first time in two months.
Further, the news that the SEC approved the first leveraged bitcoin futures ETF provoked a jump in BTC towards $31,000.
As a result, in just 24 hours, the total amount of liquidations in the crypto market exceeded $140 million.
Also this week it became known that the level of dominance of bitcoin exceeded the 50% mark. The last time BTC showed similar performance was at the end of April 2021.
Ethereum (ETH)
Meanwhile, the rate of the native coin of the Ethereum (ETH) blockchain showed less impressive results compared to BTC. At the time of writing, ETH was trading with an intra-week increase of 8.5% around $1890, according to Coinmarketcap data. At the same time, BeInCrypto technical analysts believe that ETH could rise to the next long-term resistance around $2500, unless the bulls allow a bearish breakout from the current short-term pattern.
This week, Ethereum deployed Ethscriptions, an analogue of the Bitcoin Ordinals protocol. With its launch, Ethereum users have another way to create non-fungible tokens (NFTs) and other digital assets.
Also this week, it became known that the Ethereum network development community is exploring the issue of increasing the limit for validators by 64 times, from the current 32 ETH to 2048 ETH.
What else happened this week
In general, according to the results of the outgoing week, the coins included in the top 10 largest cryptocurrencies by market capitalization showed a predominantly positive trend. The only exception was BNB, Binance's native token, which earlier this month had already become the main outsider of the week amid the exchange's ongoing problems with regulators. It lost about 3.57% in 7 days, dropping to $238.4 at the time of writing.
