Weekly Crypto Recap: Fixing Housing Affordability!📈

Weekly Crypto News: A Recap of the Latest Developments

Hey everybody, thank you for coming back! It’s been a crazy week in the world of cryptocurrencies, and we’re here to recap all the important events and market updates. From the global crypto market cap to the latest news on Bitcoin and Ethereum, we’ve got you covered. So let’s dive in!

Market Overview: Crypto Market Cap and Dominance

The global crypto market cap currently stands at 1.04 trillion dollars, maintaining its steady growth. Bitcoin’s dominance in the market is at 48.3%, while Ethereum’s dominance remains around 19%. The total trading volume is relatively low at 15.3 billion dollars. Despite the stability, there are some interesting developments to watch out for.

State of Bitcoin: Short-Term Holder Realized Price and More

One important indicator to monitor is the short-term holder realized price (S-T-H-R-P). This metric shows the collective cost basis of Bitcoin recently transacted within the past 155 days. Breaking below this support level could indicate a bearish sign and potential selling pressure from short-term traders. Currently, the S-T-H-R-P lies around 28,000 dollars, and it’s crucial to keep an eye on this level for future price dynamics.

Bitcoin Fixes This: The Alternative to Real Estate

Bitcoin’s value proposition as an alternative to traditional assets like real estate is gaining traction. With the recent revision by the Financial Accounting Standards Board (FASB), US-based businesses can now mark Bitcoin on their balance sheets as fair value or mark to market. This change allows businesses to reflect the current market value of Bitcoin, encouraging more institutions and companies to adopt a strategy similar to MicroStrategy.

Ethereum ETF and Perfect Equilibrium

In other news, ARK Invest filed for an Ethereum ETF, becoming the first to do so. This move could pave the way for more ETFs focused on Ethereum in the future. Additionally, a recent analysis by IntoTheBlock Crypto shows a perfect equilibrium in Ethereum’s price action. A large concentration of ETH positions is transacting within a narrow range, creating a demand balance around 1625 dollars.

Layer Ones and Layer Twos: A Summary Dashboard

Keeping an eye on the growth and performance of different layer one and layer two solutions is crucial. Artemis provides a summary dashboard that allows us to scan all the layer ones and layer twos, identifying which ones are growing, which ones are shrinking, and which ones are doing more volume. This information helps us stay informed and make informed investment decisions.

Stock Market and Banking Crisis

The stock market sentiment is currently in No Man’s Land, with momentum indicators settling at a neutral level. As for the banking crisis, it’s far from over. Four major US banks, including Bank of America, JPMorgan, Citigroup, and Wells Fargo, are facing unrealized losses totaling a quarter of a trillion dollars. The Bank Term Funding Program continues to bail out these banks, but the situation remains challenging.

Oil, Inflation, and OPEC

Oil prices have been on the rise, and this has significant implications for inflation. OPEC and OPEC+ are tightening crude oil supply, threatening more supply cuts. As oil prices drive inflation, it’s important to keep an eye on these developments and their impact on the overall economy.

Bricks and the Dollar

The relationship between the BRICS countries (Brazil, Russia, India, China, and South Africa) and the US dollar is undergoing significant changes. Some believe that the recent events have the potential to change the world, with a growing divide between the West and the BRICS nations. This shift could have implications for the global financial system and may lead to increased interest in cryptocurrencies like Bitcoin.

Frequently Asked Questions

Q: What is the current global crypto market cap?

The global crypto market cap currently stands at 1.04 trillion dollars.

Q: What is the dominance of Bitcoin in the market?

Bitcoin’s dominance in the market is at 48.3%.

Q: What is the short-term holder realized price (S-T-H-R-P) for Bitcoin?

The S-T-H-R-P for Bitcoin is currently around 28,000 dollars.

Q: How does the recent FASB rule change impact businesses?

The recent FASB rule change allows US-based businesses to mark Bitcoin on their balance sheets as fair value or mark to market. This change enables businesses to reflect the current market value of Bitcoin, encouraging more institutions and companies to adopt Bitcoin as an asset.

Q: What is the perfect equilibrium in Ethereum’s price action?

According to IntoTheBlock Crypto’s analysis, a large concentration of ETH positions is transacting within a narrow range, creating a demand balance around 1625 dollars.

Q: How are banks and the stock market faring?

Four major US banks are facing unrealized losses totaling a quarter of a trillion dollars. The Bank Term Funding Program continues to bail out these banks. As for the stock market, sentiment is currently in No Man’s Land, with momentum indicators settling at a neutral level.

Q: What is the current situation with oil and its impact on inflation?

Oil prices have been rising, and this has implications for inflation. OPEC and OPEC+ are tightening crude oil supply, threatening more supply cuts. As oil prices drive inflation, it’s important to monitor these developments and their impact on the overall economy.

Q: How are the BRICS countries and the US dollar related?

There is a growing divide between the West and the BRICS nations, with potential implications for the global financial system. Some believe that this shift could lead to increased interest in cryptocurrencies like Bitcoin as an alternative to traditional currencies.

In conclusion, the crypto market has seen significant developments this week, from market cap updates to regulatory changes and market trends. It’s important to stay informed and keep an eye on these developments as they shape the future of cryptocurrencies and the global financial landscape.