Cryptocurrency market review

This week, the cryptocurrency market is trying to make attempts to decrease: BTC is trading at 26000.00 (–1.0%), ETH – at 1650.00 (–2.2%), USDT – at 1.0001 (–0.1%), BNB — at 215.0 (–0.8%). The XRP token returned to the fifth line by capitalization, trading at 0.5100 (–5.9%). The total market capitalization decreased to 1.047B dollars, and the share of BTC on it fell to 48.05%.

The digital sector has slightly stabilized but quotes remain under pressure from previous long-term negative factors – monetary and regulatory. Investors have now taken a wait-and-see approach ahead of US Federal Reserve Chairman Jerome Powell’s speech at an economic symposium in Jackson Hole today, fearing that the official may hint at a new increase in interest rates due to high core inflation in the country, which will put new pressure on alternative assets to the dollar. However, most experts believe that Powell will maintain a cautious position, according to which the correction of monetary policy will depend on incoming economic statistics. In turn, Ripple’s management came under pressure again: the company recently won an important legal victory over the US Securities and Exchange Commission (SEC), which could contribute to the development of the entire cryptocurrency industry since the XRP token was not recognized as security at the stage of initial sales to private investors but the regulator received leave to appeal the case. The possibility of overturning an industry-friendly court decision does not help increase the popularity of digital assets. Experts note that the tightening of the monetary policy of the US Federal Reserve and the desire of the authorities to limit the activities of companies in the digital sector will negatively affect the prices of cryptocurrencies. Observers attribute the possible start of an upward rally in the market to the regulator’s approval of spot ETFs on BTC, which has not yet been obtained, or to the upcoming halving of the world’s first cryptocurrency, which should take place in the spring of 2024.

In the meantime, the largest crypto exchange, Coinbase, announced the termination of trading in BarnBridge (BOND), Jupiter (JUP), DerivaDAO (DDX), Voyager (VGH), Multichain (MULTI), and Ooki (OOKI) tokens, since they had various regulatory issues with US authorities. The Bitstamp exchange has announced that it will stop providing ETH staking services to US users due to fears of claims from the SEC. Binance, the world’s largest trading platform, is suspending support for cryptocurrency plastic cards in Latin America and the Middle East. Officially, the reasons for this decision of the company are still unknown but they are probably also related to legal problems.

The situation in the digital sector remains difficult, and next week the quotes may continue their attempts to consolidate or resume their decline.