Crypto market back to test multi-month high

By Alex Kuptsikevich

Market picture

The crypto market added 2.4% in 24 hours to $1.43 trillion and went back to test highs since May 2022. Bitcoin added 3% during this time, Ethereum 2.75%, and Solana was the top performer among the major coins, adding 8.4%. Toncoin was on a back foot with its 0.4% gain.

Bitcoin has been floundering inside the upward range for more than five weeks now. On Monday, the price reversed to the upside from the lower boundary at $36.7K. On Tuesday evening, Bitcoin's price briefly exceeded $38.4K but pulled back down after failing to find solid ground to accelerate gains.

The positive sentiment extends well beyond the first cryptocurrency, as altcoins reversed to growth in a broad front on Tuesday. This could be investors' reaction to a weakening dollar on expectations of an imminent Fed interest rate cut.

News background

The next bullish trend will come in 2025 when Bitcoin surpasses $100K. And that's "a pretty conservative estimate," said 10T Holdings CEO Dan Tapiero.

According to The Wall Street Journal, the SEC is searching hard for evidence that Binance executives may have or may still have a loophole to control assets stored on the Binance.US platform. Zhao has resigned from the Binance.US board of directors, the platform said.

Cardano founder Charles Hoskinson criticised the US SEC for the agency not treating Bitcoin as a security, thereby giving BTC "complete discretion" unlike other cryptocurrencies.

The collapse of cryptocurrency companies does not pose threats to the real economy, according to the Financial Stability Board at the G20.

US presidential candidate Robert Kennedy Jr. spoke out against central bank digital currencies, calling CBDC a threat to citizens' financial freedom. He said bitcoin is "an elegant solution against CB digital currencies."

Private cryptocurrencies have already failed fundamental tests for financial services and should eventually disappear, the Monetary Authority of Singapore said.

About the author

Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.