The Weekly Recap: Bitcoin Fights for $30K, Seeks First Green Candle in 9 Weeks

By | June 3, 2022


The past seven days saw some action on the cryptocurrency market to the upside, and bulls were able to reclaim some $30 billion from the total capitalization. Unfortunately, the bears once again reclaimed their grounds and seemingly took control over the past couple of days.

Starting with Bitcoin, the cryptocurrency is struggling to maintain the $30K level and is currently trading slightly below it. Earlier during the week, BTC was able to climb to as high as $32,000, but the celebrations were short-lived as the sellers stepped in and pushed the price back to where it’s currently at over the past couple of days.

At the time of this writing, the weekly candle for bitcoin’s price is green, albeit hanging by a thread. It’s very interesting to see whether the cryptocurrency will finally be able to close a green candle, following a devastating streak of closing nine consecutive weeks at a loss. For this to happen, BTC needs to end Sunday’s trading session above $29,468 (on Binance).

The overall market is also quite shaky, with some altcoins charting declines while others trying to pull ahead. Cardano, for example, is the clear outlier over the past week with an increase of around 13% in its price. Solana – on the other hand, is the large-cap that lost the most, down 12.5% in seven days. This probably has to do with the fact that the network suffered yet another outage.

Meanwhile, Ethereum is down 2.5%, BNB – 3.3%, whereas Dogecoin managed to increase by 2.4%. Regardless, the total cryptocurrency market cap gained about $30 billion.

Bitcoin’s dominance – the metric that gauges its share relative to that of the entire market – has increased by 0.5%, meaning that the primary cryptocurrency performed slightly better than altcoins.

In any case, the weekly close will definitely be an event to keep a close eye on and yet another proof that there are no boring days in crypto.

Market Data

Market Cap: $1,312B | 24H Vol: $68B | BTC Dominance: 46.5%

BTC: $29,510 (+1.5%) | ETH: $1,751 (-2.5%) | ADA: $0.54 (+13%)

This Week’s Crypto Headlines You Can’t Miss

Soros Fund Management CEO Is More Bullish on Ethereum Than Bitcoin. Dawn Fitzpatrick – the CEO and CIO at Soros Fund Management – reiterated her pro-crypto position, once again predicting that the industry is here to stay. She also thinks that Ethereum is better positioned than Bitcoin in the current climate.

El Salvador: It’s Still Not The Time For The Bitcoin Bonds. The government of El Salvador keeps delaying the launch of its Bitcoin bonds because of the current market situation. A few days back, the country’s Finance Minister said that it wasn’t yet time to issue the Volacona Bonds because of the “troubled” price.

Tether Co-Founder Believes TerraUSD’s Collapse Could Be the End of Algorithmic Stablecoins. Tether’s co-founder, Reeve Collins – thinks that the collapse of the Terra ecosystem could be the end of algorithmic stablecoins. He also said that what happened wasn’t really surprising.

Former OpenSea Employee Charged for NFT Insider Trading. A former employee of OpenSea – one of the leading NFT marketplaces – was charged for insider trading by the US Justice Department. He had allegedly used confidential information to flip NFTs for profit.

Solana Goes Down for Over 6 Hours: Validators Prepare for Restart. Solana’s blockchain went offline once again. This time, the downtime was about 6 hours long. The team revealed that the problem was a “bug in the durable nonce transactions feature,” and validators prepared for a restart.

Morgan Stanley: Crypto Venture Capital Funding Could Drop by 50% This Year. The international banking giant Morgan Stanley holds that cryptocurrency venture capital funding could drop by as much as 50% this year. This comes amid a time of considerable turmoil in the markets and overall financial climate.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Tron, and Shiba Inu – click here for the full price analysis.

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Cryptocurrency charts by TradingView.



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