The Weekly Recap: Bitcoin Rejected at $50K, Cardano and Solana Break All-time Highs

It was a compelling week in the cryptocurrency markets. It took bitcoin more than three months, but it finally did it this week – reaching the $50,000 price line for the first time since May. However, it also took less than 24 hours for the bears to get back in action and push it beneath that level.

The primary cryptocurrency spent the next few days sliding south and bottomed yesterday at just over $46k, but it found support amid the 200-day moving average line. Despite recovering some ground and reclaiming $47k and $48k hours later, the short-term technical aspects have turned slightly negative, with bearish divergence forming on the daily chart (as of now).

With possible regulations coming from the US and on the other hand – El Salvador’s historic BTC law going into effect in less than two weeks, bitcoin’s price might enter another volatile period in the next short term future.

The alternative coins (altcoins) also went through a roller-coaster in the past week. Cardano (ADA) stole the show at one point as it charted new consecutive all-time highs. It even surpassed BTC in terms of Twitter mentions as its price neared $3. Then, though, came the market retracement, and ADA declined slightly. Nevertheless, it’s still about 13% up since last Friday.

Binance Coin’s (BNB) price against the dollar has increased by 12% in a week as the leading crypto exchange behind the token seems to have settled some of its regulatory issues with the UK Financial Conduct Authority.

The other impressive gainer from the top ten is Solana. SOL went to a new all-time high earlier today at above $83 as community sentiment continues to grow. On the other hand, Ripple (XRP) and Dogecoin (DOGE) are both around 10 – 13% down over the past week.

Market Data

Market Capitalization: $2.160T | 24Volume: $127B | BTC Dominance: 42.2%

BTC: $48,150 (-0.8%) | ETH: $3,230 (-2%) | ADA: $2.8 (13%)

The Crypto News You Better Not Have Missed This Week

Morgan Stanley Increases its Crypto Exposure With Large Investments in the Grayscale Bitcoin Trust. One of the largest US financial institutions, Morgan Stanley, has continued to show its support for the cryptocurrency industry. As revealed this week, the Wall Street behemoth’s Insight Fund owns more than 900,000 shares of the Grayscale Bitcoin Trust.

Citi Awaits Regulatory Approval to Start Trading Bitcoin Futures on CME: Report. Speaking of Wall Street adoption, another banking giant – Citigroup – is reportedly considering trading BTC futures on the Chicago Mercantile Exchange (CME). The development comes after a rapidly increasing demand from institutional investors.

MicroStrategy Acquires Nearly 4,000 Bitcoin for $177 Million. The NASDAQ-listed business intelligent company spearheaded by Michael Saylor continues to employ its BTC strategy. Earlier this week, it announced another substantial purchase worth nearly $200 million.

Bloomberg Strategists Predict: The SEC Could Approve a Bitcoin Futures ETF in October 2021. VanEck and ProShares withdrew their recent Ethereum futures ETF applications. This could signal that the SEC is ready to approve a BTC futures ETF in the next few months, argued two analysts from Bloomberg.

UK Billionaire Simon Nixon’s Family Office to Enter the Cryptocurrency Space: Report. Adam Proctor, a managing director at Seek Capital – the family office of the UK billionaire Simon Nixon – said the institution aims to increase its exposure to the cryptocurrency market and hire a designated analyst.

Cuba’s Government Looking to Recognize Bitcoin and Crypto for Payments: Report. Cuba’s Central Bank is reportedly seeking to recognize and regulate cryptocurrencies to be used for payments. This comes just a few months after President – Miguel Díaz Canel – said the authorities contemplated how they can adopt digital assets.