The next turbulent week is behind the crypto sector. The start of the new week has now also succeeded. In the last 24 hours, for example, the Bitcoin price is up around 1.7% – the global crypto market capitalization is increasing by about the same amount. Nevertheless, we want to venture a crypto news review at this point. What news has been moving the digital currency market over the past seven days and could continue to impact crypto prices?
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BlackRock & Co. resubmit Bitcoin ETF application
The US Securities and Exchange Commission (SEC) has rejected the first applications for a Bitcoin Spot ETF because it considered the “ETF Fillings” of the asset managers to be insufficient. This probably came as a surprise to the world’s largest wealth managers. Nevertheless, one reacted immediately, the applicants have improved their documents in a short time.
Many wealth managers have chosen Coinbase as their custody partner. The prospect of a Bitcoin Spot ETF stimulates the imagination – the $100,000 price target is being called out again and again.
Bitcoin still constructive: $30,800 as the magic limit
The Bitcoin price is currently up 1.7% and is valued at around $30,700. The price has declined slightly over the past seven days. The market capitalization is around $600 billion. The Bitcoin price is consolidating in the current market phase, with $30,800 being the crucial price region.
Should the Bitcoin overcome the price level and confirm the breakout by retest, the price rally could quickly pick up speed. Because recently the breakout attempts were only fakeouts, the retests did not succeed and BTC returned to the sideways range.
Solana pumps double digits: Turnaround?
With a price increase of over 10%, Solana is the strongest top 10 coin in the last seven days. SOL also leads the ranking when looking at the top 100. With the price currently remaining above $21.50, SOL remains in an attractive price zone. The price at around $20.50 would be particularly suitable for a long setup. The RSI is currently still indicating a slightly overbought condition. However, the roughly 40% price increase in the past month reveals a pronounced relative strength that could be the beginning of a longer turnaround movement.
The growing interest in Solana is likely due to its successful Liquid Staking and Super Stake concept. This brings back imagination for the high-speed blockchain DeFi ecosystem. The booming NFT market also contributes to the positive momentum. Although the SOL token has been named a security multiple times recently by the SEC, the coin has seen a whopping 40% rally over the past month.
US labor market under pressure: will interest rates keep rising?
A robust labor market has direct implications for monetary policy, particularly with regard to the fight against inflation. A healthy labor market with low unemployment and rising wages increases the pressure on inflation. Here it is not in the interest of the central bank if there is an imbalance. In such cases, there is scope for tighter monetary policy, which means higher interest rates. This tends to have a negative impact on risky asset classes. Ergo, cryptocurrencies reacted bearishly last week after the next US jobs report was comparatively hot.
Ultimately, the numbers were mixed. However, continued high job growth is currently not to the liking of investors, who almost certainly expect the Fed’s tightening cycle to continue in July.
Thug Life gaining momentum: full focus on final presale week
At the start of the week, the presale of the new, viral meme coin Thug Life a new dynamic. Because in the last 24 hours well over $100,000 flowed into THUG – the milestone of $1 million should be reached tomorrow. Nevertheless, there was moving news last week. Because the team provided the presale with a countdown, so that investors only have a little over six days until the IDO. Then the advance sale ends. Investors need to hurry up the analysis if they want to accumulate THUG before the public trade at $0.0007. After that, the course could be significantly higher due to the price determination from supply and demand.
Thug Life relies on a fair presale, in which the community can purchase 70% of all tokens in advance. This results in a fully diluted market cap of less than $3 million with plenty of room to the upside. At the same time, Thug Life is becoming more and more popular – the meme project is spreading virally on social networks. Liquidity will be blocked on decentralized exchanges immediately after the start of trading, THUG would like to become the new PEPE afterwards.
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