Although there was a brief pause in the cryptocurrency market on Thursday, the rise in stocks continued unabated. Bitcoin traded at $80,945 in Asian trading. While it decreased by 0.7% in the last 24 hours, it increased by 6.9% on a weekly basis. According to CryptoAppsy data, Bitcoin’s weekly performance attracted attention. Ethereum, on the other hand, fell 2% to $ 2,326 and became the major coin that lost the most.
The latest situation in important cryptocurrencies
The second weakest performance of the week was observed in Ethereum. Although the Ethereum price remains under pressure in the short term, it has delivered double-digit returns over the past 30 days. XRP traded at $1.41, there was no significant change in its price. Binance Coin increased by 1.3% to $643.
Solana stood out as one of the coins that recorded the highest rise on a weekly basis. Solana price jumped 6.1% on the week to $88.06.
What happened in global markets?
While the correction in cryptocurrencies took place, record after record was broken in global stock markets. While hopes for a ceasefire between the USA and Iran are increasing, it has been announced that the two countries are discussing a proposal to end the crisis that has been going on for about ten weeks. Following these developments, the MSCI All Country World Index rose 0.3%; There was a 1.9% jump in the MSCI Asia index. Nikkei 225 index in Japan reached its intraday record. South Korea’s stock market, on the other hand, surpassed Canada in terms of value and ranked seventh in the world. In Korea, Softbank shares rose 18%, while TSMC increased 3.3%.
The rise also continued on Wall Street. Approximately 80% of the companies in the S&P 500 index announced financial results that exceeded expectations, and the indicators achieved an all-time high closing.
Analyst comments and important developments
While technical levels are being closely monitored in the crypto market, FxPro’s chief market analyst Alex Kuptsikevich emphasized that the important resistance in front of Bitcoin is the 200-day moving average at $ 83,300. Kuptsikevich underlined that moving averages smooth out price volatility and reveal the general direction in the market.
“A clear squeeze above this level would be a strong signal for the continuation of the uptrend going forward.”
He stated: According to the analyst, there may be profit realizations in the short term for Bitcoin, which held above the 50-day average a month ago.
Tether’s market value increased by $5.9 billion in the last 60 days, revealing that new money entered the market during this period. Analyst Darkfost pointed out that this growth in Tether reversed the $2 billion outflow trend observed every month since the beginning of the year. Tether is the largest stablecoin providing liquidity to the markets.
On the other hand, Morgan Stanley bank signaled that they may keep Bitcoin on their balance sheets in the future, despite crypto purchases being restricted by current regulations in the US. The company already operates Bitcoin-based securities transactions and plans to launch spot cryptocurrency trading on its wealth management platform later this year. Morgan Stanley operates as one of the major investment banks known for its financial services worldwide.
Additionally, Western Union launched its own stablecoin called USDPT on Solana. This step aims to overcome the delays of classical transfers between banks. Western Union is known as one of the leading companies in global money transfer and has recently focused on blockchain-based solutions.
On the other hand, BitMine added more than 100,000 Ethereum to its portfolio for the third week in a row, increasing its holding of ETH to 5.18 million. This figure is approximately $13 billion and corresponds to 4.29% of the total Ethereum supply.
