Conversely, Ethereum, the second-largest cryptocurrency, previously trading comfortably above the $1,900 level, also witnessed a drop below that critical threshold. XRP, having achieved an impressive 70% gain in the past week, secured the fourth position with a higher market cap than BNB; however, it too, experienced sell-offs on Friday
Bitcoin s price remains near the $31,000 level, as bullish investors wait for further upward movement. Bitcoin s positive investor sentiment has been boosted by notable financial institutions filing for Bitcoin ETFs, although the US SEC cited a lack of clarity and the need for additional information before reconsidering approval. Ethereum is trading close to the $2,000 level and has gained momentum above $1,920, while a reform bill in the UK has acknowledged crypto trading as a regulated financial activity. The best-performing cryptos include Compound, up by 80%, and the worst-performing include Conflux, down by 8%.
The cryptocurrency market witnessed volatility throughout the week due to the release of Consumer Price Index (CPI) data for May and discussions around Monetary Policy. Bitcoin s trading range fluctuated between US$24,900 and US$26,250, with its lowest point since March. The Fed s decision to maintain unchanged interest rates and projected two more interest rate hikes in the current cycle influenced the drop in Bitcoin s value. However, BTC rebounded by over 1% in the last 24 hours due to BlackRock s submission of a crypto-backed ETF application. Louis Vuitton is also preparing for a collection of NFTs called Via Treasure Trunks.
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