Bitcoin at 10-Day High After Powell and Despite China FUD: The Weekly Recap

It’s been a very productive week in the cryptocurrency market, but it’s safe to say that most of it was due to the volatile price action during just one of the days – Friday, October 1st.

Going back, last Friday, the BTC price was hovering around $43,500, and, in fact, it stayed there for quite some time. This wasn’t so bad, given the overall regulatory scrutiny towards the market and yet another wave of FUD coming from China.

The country said that it’s banning the trading of cryptocurrencies (again), though some reports claimed that this time it’s different, and perhaps it’s true. As an argument in favor of it, Huobi – one o the world’s leading cryptocurrency exchanges with a large portion of its trader’s base coming from China – stopped accepting new users from the region.

In any case, after the initial negative impact on Bitcoin’s price, the cryptocurrency was consolidating for most of the week. Today, however, BTC surged and poked $48K. Today, however, BTC surged and poked $48K. This happened as the SEC Chair, Jerome Powell, said yesterday that they have no intentions of banning Bitcoin and other cryptocurrencies.

The result was immediate – Bitcoin surged, pushing the entire market with it, adding $170 billion to the total capitalization. Ethereum is up around 1.5% in the past seven days, keeping in mind that today alone, the price surged by over 7%. BNB is up 7% on the week, Uniswap is up 15.6%, and so forth.

Some of the cryptocurrencies that were performing particularly well in the past few weeks are slowing down. Solana is only up about 0.3% in the past seven days, while Avalnche’s AVAX is down 13%. Polkadot is also down 8.5%.

It remains very interesting to see how the market will shape up in the next days stepping into October and the last quarter of 2021.

Market Data

Market Capitalization: $2.127T | 24Volume: $137B | BTC Dominance: 43.2%

BTC: $47,013 (+8.6%) | ETH: $3,197 (+7.1%) | ADA: $2.19 (5.1%)

This Week’s Crypto Headlines You Can’t Miss

The US Has No Intentions to Ban Bitcoin, Said Fed Chair Powell. The Chairman of the United States Federal Reserve, Jerome Powell said that the country has no intentions of banning cryptocurrencies, including Bitcoin. This comes amid times of regulatory uncertainty and global legislative scrutiny towards the field in general.

China’s Long History of Bitcoin FUD: Timeline. In this piece, we track the long history of Bitcoin FUD stemming from China. It’s in response to the most recent reiteration of a cryptocurrency trading clampdown coming from the country.

Visa Announces Layer 2 Payments Channel for CBDCs and Stablecoins. The leading payment processing company, Visa, announced that its research and product teams are working on a new blockchain initiative called Universal Payment Channel. It will connect various DLT networks, intending to facilitate transfers of digital assets.

SEC Chair Reiterates Support for Bitcoin Futures ETFs, But Concerned About Investors’ Protection. The Chairman of the United States Securities and Exchange Commission, Gary Gensler, once again reiterated his support for the approval of a Bitcoin Futures Exchange Trade Fund (ETF). He revealed his thoughts in a recent interview.

Chamath Palihapitiya: Bitcoin Has Effectively Replaced Gold. The popular investor, Chamath Palihapitiya, said that Bitcoin has already effectively replaced gold. This comes amid a growing debate on whether the cryptocurrency is a suitable alternative to the traditional store of value that is the yellow precious metal.

Elon Musk Urged The US Government to Do Nothing with Crypto Regulations. Elon Musk urged the Government of the United States to do nothing when it comes to cryptocurrency regulations. The innovator seems to believe that this passive approach is the best one when it comes to the relatively nascent industry.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Uniswap – click here for the full price analysis and overview.