What happened in the cryptocurrency market during the week of June 26-July 2
Date: 2023-07-03 Author: Karina Ziganova Categories: BLOCKCHAIN
The SEC has called applications for bitcoin ETFs "inadequate." 
Bitcoin (BTC)
The outgoing week turned out to be inexpressive for bitcoin (BTC). The world's main cryptocurrency ends this week almost flat, remaining above the important psychological mark of $30,000. At the time of writing on Sunday, the BTC was trading, according to the analytical resource CoinMarketCap, around $30,567, with a symbolic intra-week increase of 0.12%.
Ahead of the weekend, the U.S. Securities and Exchange Commission (SEC) said that the mass filing of applications for the opening of a spot bitcoin ETF looks "inadequate" and stressed that the applications were not "clear and comprehensive." After the SEC's comments, the price of BTC fell by more than 5%. At the moment, the price fell below $30,000 to around $29,900.
However, you should not lose hope for continued growth. This week it became known that the number of "hodlers" of bitcoin (BTC) broke a new record. At the same time, the number of bitcoin whales has shrunk to a three-year low. Theoretically, this could be a positive signal, as it supports decentralization and reduces the risk of market manipulation.
Ethereum (ETH)
Meanwhile, the rate of the native coin of the Ethereum (ETH) blockchain showed more noticeable results compared to BTC. At the time of writing, ETH was trading with an intra-week increase of 1.5% around $1918, 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.
Meanwhile, the readings of key on-chain metrics and the general market sentiment suggest that investors are losing interest in ETH, and this prevents the token from overcoming the critical milestone of $2000
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 multidirectional, but mostly inexpressive dynamics.
A notable exception to the general rule was Litecon (LTC). Its price jumped by 30% in just 3 days as the halving approached. At the time of writing, the token was trading, according to Coinmarketcap, around $112 with an intra-week increase of 26.7%.
