Last week was 'action-packed' with all macroeconomic announcements, one of them is U.S. GDP which shows the U.S. economy grew at a 2% annualized pace in the first quarter, according to a final release on Thursday (29/06). The result was significantly higher than the previous estimate of 1.3% and the 1.4% Dow Jones consensus projection.
The crypto market remains steady over the past week, but Bitcoin price temporarily fell below $30,000 on Friday (30/06) when the SEC announced they decided to restrict spot Bitcoin ETFs again. The petitions, submitted by exchanges on behalf of organizations such as BlackRock, WisdomTree, and Fidelity Investments, were deemed insufficiently thorough.
Bitcoin Cash (BCH) has been riding the wave of its recent inclusion on EDX, a Citadel Securities-backed crypto exchange, with BCH being one of the four coins available for trading on the exchange. Last week, on its busiest trading day of the year, BCH went through the highest volume of transactions in a year, reaching $750 million, with a price increase of up to 51% for the last seven days. This level of trading activity indicates renewed interest in and confidence in Bitcoin Cash.
Currently, Bitcoin (BTC) is experiencing a period of consolidation, with its price hovering around the $30,500 mark. The market is also clearing liquidity below the $29,800 level. However, there is also possibility that Bitcoin might make another attempt to break the resistance level at $31,000 in the near future.
This resistance level has proven to be challenging for BTC in the past, but if it manages to surpass it, it could indicate a potential bullish trend.
Ethereum (ETH) is displaying signs of outperforming BTC as it gains momentum. In recent trading sessions, ETH has managed to surpass the consolidation area, indicating a potential uptrend. This development suggests that Ethereum is attracting more interest and demand compared to Bitcoin.
Moreover, the market capitalization of ETH is now stabilizing against BTC. These recent developments indicate Ethereum's emergence as a formidable contender to Bitcoin as it continues to gain traction and showcase its versatility in the evolving digital economy.
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