Major cryptocurrencies experienced a mixed trading session on Sunday evening, following the market turmoil witnessed on Friday. Unfortunately, the optimistic expectations of market participants were not fulfilled as a pivotal court decision regarding the legal dispute between Grayscale and U.S. regulators, which had the potential to positively impact the price of BTC, did not come to fruition.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin BTC/USD | +0.24% | $26,121 |
| Ethereum ETH/USD | +0.92% | $1681 |
| Dogecoin DOGE/USD | -0.18% | $0.063 |
What Happened: Bitcoin’s price took a plunge of approximately 11% last week, marking its worst weekly return since the market crash in November when it plummeted to $15,000 due to the failure of Sam Bankman-Fried’s FTX.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Stellar | +3.96% | $0.128 |
| Litecoin | +3.65% | $66.49 |
| Kava | +3.61% | $0.7295 |
Currently, the global crypto market capitalization stands at $1.06 trillion, a 0.47% increase in the last day.
The U.S. S&P 500 futures showed minimal movement on Sunday night following a week of losses for the major averages. Futures linked to the broader S&P 500 index edged up by 0.03%, while Nasdaq 100 futures saw a slight increase of 0.18%.
See More: Best Crypto Day Trading Strategies
Analyst Notes: "Bitcoin ETF rulings will start to happen and some traders are nervous that might not go so well. Grayscale might get a ruling next week, but expectations are for more rulings to happen in September," said OANDA Senior Market Analyst Edward Moya.
He added, "The bullish case for Bitcoin is that positive developments with a US Bitcoin ETF breakthrough could help prices make a run back towards the $30,000 region."
Crypto analyst Michael Van De Poppe highlights the prevailing irrationality in markets, where they often behave contrary to mass expectations. "The mass expects Bitcoin to go to $15K, as we’ve done the same in 2019. However, 2015/2016 we had a crash and continued the climb."
Pseudonymous analyst DonAlt has expressed his views on the latest Bitcoin correction that drove BTC below $26,000.
DonAlt believes that this correction indicates a shift in market control towards the bears. "From a trading perspective, when I look at this weekly candle, we retraced the entirety of the ETF BlackRock narrative. There's a reason why I was bullish at $16,000, and the reason is FTX blew up, the price nuked, and then we got more and more bad news and nothing happened. Price just slowly walked up. "
The analyst added, "Now what we have is we got stupidly good news over the last few weeks to months and the price went up and fully retraced that. And that's a sign of weakness to me from a trading perspective. It doesn't really make much sense to position myself bullishly given where we're trading right now. We're trading all the way back at the levels that we, in my opinion, shouldn't have touched again."
Photo Courtesy: Shutterstock.com
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
