- US-China Trade Tensions: Confirmation and Refusal Fuel Uncertainty
- The outcome of the SEC lawsuit against Ripple is upsetting for Gary Gensler, who is pushing for a regulatory crackdown
- Opepen’s Intriguing Digital Art Experiment Takes Twitter by Storm
After the correction, the total market cap seems to be consolidating. With the regulatory and macroeconomic events unfolding, we anticipate that the cryptocurrency market will exhibit bearish sentiment over the coming week.
US-China Trade Tensions
The continued escalation of trade tensions between the US and China may introduce uncertainty in global financial markets, potentially leading investors to seek safe-haven assets like Bitcoin.
Bloomberg’s report indicating China’s refusal to address the concerns that led to the tariffs suggests that the situation is likely to continue simmering. The prolonged trade dispute may have indirect effects on the cryptocurrency market, impacting investor sentiment and global economic dynamics.
Ripple’s Legal Victory and SEC’s Regulatory Actions
Despite its legal defeat against Ripple, the SEC remains committed to enforcing crypto compliance. Chairman Gary Gensler’s announcement to continue pushing for ‘crypto compliance’ indicates that the regulator will persist in issuing enforcement actions in the foreseeable future.
This led NASDAQ to revise its plans to offer crypto custody services. The SEC now has a 45 day timeline to approve the spot Bitcoin ETF applications.
Opepen – Digital Art and NFT Market
The growing popularity of Opepen’s digital art experiment indicates the increasing interest in the non-fungible token (NFT) market.
Prominent personalities and platforms like OpenSea, Rarible, ThreadGuy, Beeple, Adam Cochran, and Andrew Wang have either created or displayed Opepen-inspired artworks or profile pictures (PFPs).
The project comprises 16,000 individual pieces (NFTs) organized into 200 unique sets of 80 Opepens each, with nine sets released so far, each following a distinct theme. The emergence of NFT art trends could attract new participants to the crypto space and encourage further innovations in the blockchain and art sectors.
Top gainer of the week: XinFin Network (XDC) up by 75% ⬆️
XinFin Network (XDC) functions as a hybrid blockchain platform that adopts the positives of both public and private blockchains. XDC, equipped with state-of-the-art infrastructure, aims to bring forth the transparency found in public blockchains alongside the swiftness and security offered by private networks.
This ascent has been attributed to XDC partnering with the Japanese cryptocurrency trading firm SBI VC Trade to sponsor WebX 2023.
Fundamental analysis: In recent times, XDC has spiked up massively. It is expected that unless the token can be adopted for the utility it aims to provide, it may witness a correction and lose its momentum.
Based on the trading activity, we can see that bulls have been driving XDC up. However, the current sentiment suggests that traders are cautious about actively buying XDC.
Oscillator indicators: 0 bearish, 8 neutral, 3 bullish
Moving average indicators: 1 bearish, 1 neutral, 13 bullish
Biggest loser of the week: Solana (SOL) down by 10% ⬇️
Ahead of Fed’s monetary policy decision, SOL seems to be dragging low along with all major cryptocurrencies.
Fundamental analysis: The market around SOL seems to be correcting itself after the leg up from the Liquid Staking narrative.
The recent trading activity suggests that traders are staying out of the market as the overall sentiment remains bearish.
Oscillator indicators: 2 bearish, 8 neutral, 1 bullish
Moving Average indicators: 6 bearish, 1 neutral, 8 bullish
The crypto market is expected to be dominated by bears indicating a potential downturn in prices. This comes after the recent price rally. Investor confidence appears to be waning as fear and uncertainty grip the market. As the bears assert their dominance, market participants are closely monitoring the situation, hoping for signs of a potential reversal or stabilization. Caution remains essential as the crypto market navigates through these volatile times.