The crypto market capitalization has seen a 2% increase over the past week, with a significant 13% upsurge from the lows of early May. The market witnessed a slight bottom formation followed by a modest rebound, and eventually, more robust buying after the release of the monthly US jobs report. However, this growth faced resistance near the $2.31 trillion mark, halting further upward movement.
Bitcoin, the leading cryptocurrency, experienced an upward surge to $64.4K at the beginning of active trading in Europe on Monday. This surge allowed the weekly candle to close higher, indicating a willingness from buyers to recover significant losses. Additionally, Bitcoin managed to break above a descending resistance line on daily timeframes, signaling a potential bullish reversal. However, to confirm this reversal, the price must consolidate above $65K.
Notable figures in the crypto industry have made predictions about the market’s future. Former BitMEX CEO Arthur Hayes believes that Bitcoin will consolidate above $70K by the end of August, attributing this growth to increased dollar liquidity. Moreover, payment company Block, owned by Jack Dorsey, has committed to allocating 10% of its monthly profits to Bitcoin. On the regulatory front, Michael Saylor, MicroStrategy’s founder, has raised concerns about Ethereum, suggesting that the US SEC may never approve a spot Ethereum-ETF due to security considerations.
Recent security incidents have plagued some crypto platforms, such as the alleged data breach at Bitfinex in April. While hackers claimed to have obtained sensitive information, Bitfinex CTO Paolo Ardoino denied any leaks of user data. On a positive note, USDT issuer Tether and security firm Chainalysis have partnered to enhance tracking of USDT transactions in the secondary market, aiming to improve overall security measures in the industry.
Protocol Developments and Achievements
In the realm of protocol developments, the total value locked (TVL) in Solana-based staking platform Jito Network (JTO) has reached a significant $1.42 billion, solidifying its position as the largest protocol on the network. The team behind Jito Network has reported locking over 10 million SOL coins in the protocol, highlighting the platform’s success and growing community support.
The crypto market continues to exhibit signs of growth and resilience, with key players making bold predictions and advancements in security and protocol developments. While challenges persist, the overall outlook remains positive, indicating a bright future for cryptocurrencies and blockchain technology.