Proactive Investors - Bitcoin (BTC) cancelled its three-day losing streak on Monday by adding half a percentage point to the BTC/USDT pair, hitting the midnight bell at US$29,178.
Intraday trades went as low as US$28,650, but a bright start on the Nasdaq Composite lent a bit of support to risk assets.
At the time of writing, bitcoin was swapping for slightly less than US$29,200, thus flipping the world’s largest cryptocurrency back into the green on a week-on-week basis.
Bitcoin back in the week-on-week green – Source: currency.com
Though the bullish salivation over the prospect of bitcoin spot ETFs being approved by US regulators has died down, ARK Invest’s Cathie Wood has reminded us that the discussions are still ongoing.
Speaking with Bloomberg, Wood suggested that the US Securities and Exchange Commission (SEC) could approve multiple spot bitcoin ETFs at once, though when this may happen is another story.
Speculation over SEC approval was the primary catalyst behind bitcoin’s mid-June rally, but since then, the benchmark cryptocurrency has entered a historically low bout of volatility and trading volumes without significant catalysts to excite the bulls.
BTC/USDT’s support line has shrunk back to a flat US$28,000, while resistance remains firmly planted at US$30,000.
The world’s second-largest cryptocurrency Ethereum (ETH) is currently swapping for US$1,830, essentially flat from this time last week.
In the altcoin space, meme coin Shiba Inu (SHIB) remains the only top-20 constituent to show any positive price action, having added 8% week on week.
SHIB’s market capitalisation is slightly over US$5.3 billion, placing it below multichain protocol Polkadot (DOT)’s US$6 billion market cap.
Blue-chip altcoins Cardano (ADA), Polygon (MATIC), Solana (SOL) or Tron (TRX) have not managed to pull ahead of the market, though they have managed to keep week-on-week losses in the low single digits.
The same cannot be said for Ripple (XRP), which has fallen back more than 10%.
At the time of writing, global cryptocurrency market cap stood at US$1.16 trillion, with bitcoin dominance at 50.45%.
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