crypto news: Crypto Week at Glance: Bitcoin Surpasses $23,000, Highest Levels Since June 2022

Bitcoin (BTC) price hit a seven-day high above $24,000 this week. This is the highest price level for BTC since mid-June. However, BTC struggled to break higher, with subsequent cooling pushing it to lows of $22,600 on Friday night. Financial analysts said market sentiment is improving as the negativity heightened by the recent turmoil dissipates.

A similar trend was seen in the price of Ethereum (ETH). It is currently consolidating above the $1,500 level. ETH price faced resistance near the $1,600 level. The next possible resistance is near $1,700.

The June 2022 cryptocurrency market crash was spurred by a momentary decline in Wall Street risk as several investors now feel very pessimistic about the economy due to rising inflation, a vulnerable stock market and rising interest rates. Over the past few months, the cryptocurrency market has increasingly followed the stock market. This makes it more closely linked to global economic factors.

Martin Hiesboeck, head of blockchain and crypto research at Uphold, says investors are scared of the long-term viability of the crypto industry after various major cryptocurrency players halted withdrawals, cut jobs and also tried to limit losses. However, cryptocurrency prices are more vulnerable to factors that contribute to the difficult economic situation than to the pullback of the crypto ecosystem.

Price volatility is one of the main reasons why financial experts have said that crypto investors should be extremely careful when allocating part of their portfolio to cryptocurrency. A steady increase is evident in the price of Bitcoin over the years compared to any other cryptocurrency in the market. It’s only reasonable for Bitcoin investors to be curious about how far it can ultimately go.

UK to Regulate Stablecoins as Treasury Introduces New Finance Bill

Britain’s Chancellor of the Exchequer, Nadhim Zahawi, has introduced a new bill in Parliament called the Financial Services and Markets Bill. The bill will bring some changes to the current state of cryptocurrency operations in the country.

Many suggestions have been put forward in the new finance bill. Of the many suggestions, the few that stood out were the UK Treasury’s focus on stablecoins as well as how the country’s regulators work.

The bill focuses on regulating a set of stablecoins [Tether (USDT), USD Coin (USDC), etc.] which are used for payment. The bill will also give the Bank of England the power to limit the Financial Conduct Authority (FCA) in its approach to the regulation of payment systems through the use of digital settlement assets if one of the regulatory measures influences the activity in the country or if its leads to financial instability.

Tesla sold 75% of its bitcoin holdings as profits plummet

Electric car maker Tesla has sold 75% of its Bitcoin (BTC) holdings. The clean energy company best known for selling electric cars, battery products and vehicle powertrain components has now revealed in its new financial results report that it has sold nearly $936 million. dollars of bitcoin in the second quarter of 2022.

According to Tesla’s new financial statements, the company’s bitcoin holdings have remained stable for three consecutive quarters. However, after the sale, the organization only has $218 million of digital asset exposure left. This was down sharply from the March 2022 figure of $1.261 billion. Early last year in 2021, Tesla disclosed in a filing with the United States Securities and Exchange Commission (SEC) that the organization had used some of the available cash to invest $1.5. billions of Bitcoin.

In April 2021, Tesla made a massive profit selling 10% of its stake in Bitcoin, earning $128 million from those sales. At the time, CEO Elon Musk explained that the sale proved Bitcoin’s liquidity as an alternative to holding cash on the organization’s balance sheet.

Top crypto gainers and losers this week

Top Gainers of the Week (from 6:00 p.m., July 24, 2022)

Ethereum Classic (ETC): 36.82% up

ApeCoin (APE): 32.06% up

Ghost (FTM): 27.72% more

Top Losers of the Week (from 6:00 p.m., July 24, 2022)

TerraClassicUSD (USTC): 14.36% down

Arweave (AR): 10.81% decline

Elrond (EGLD): 6.68% decline

(Source: Only the top 100 tokens are considered for the study)

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