Crypto market sees green heading into the weekend as Bitcoin hovers around $23,000

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(Kitco News) – This week’s theme in the crypto market was regulation, as several major developments including a proposed new Senate bill and the revelation of widespread investigations into US-based crypto exchanges , indicate that the government crackdown on crypto has begun.

Data from TradingView shows that Bitcoin (BTC) price action has trended slightly lower over the past 5 days after hitting $24,670 on July 31, ending the week down 6.87% and trading at a price of $22,900 at the close of the traditional Friday markets.

BTC/USD 1-day chart. Source: Trading View

Despite the week’s negative performance, the uptrend seen over the past month remains intact, as noted in the daily update from Kitco contributor Jim Wyckoff, who said: “Bulls maintain a downtrend. six-week price rise on the daily bar chart and have the overall short-term technical advantage.

According to Wyckoff, this “suggests that the path of least resistance for price will remain sideways higher in the near term.

Top altcoin Ethereum (ETH) has performed slightly better than Bitcoin over the past few days following the introduction of the Digital Products Consumer Protection Act 2022 (DCCPA) which seeks to classify BTC and ETH as commodities .

While Bitcoin has long been considered a commodity by regulators, there has been far less consensus on whether Ethereum should be classified as a security or a commodity.

ETH/USD 1-day chart. Source: Trading View

The potential for regulatory clarity surrounding Ether helped provide a boost that took its price to $1,680, marking a 5% gain on the day.

Altcoins tend to rise

A large majority of the top 100 altcoins managed to end the week on a high note as more investors begin to reallocate to the market after bottoming out in June and July.

Daily performance of the cryptocurrency market. Source: Coin360

The best performer on the 24-hour chart was Decred (DCR) with a gain of 57.5%, followed by a 16.18% rise for the NEAR (NEAR) protocol and a pair of gains of 14% price for Holo (HOT) and Theta Network (THETA).

The overall cryptocurrency market capitalization now stands at $1.083 trillion, and Bitcoin’s dominance rate is 40.4%.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

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