Mooners and Shakers: Bitcoin and Crypto Market Get a Sunday Bounce; G20 Proposes Global Framework for Crypto Governance
Welcome to another week of obsessive price monitoring, Coinheads. And right now, Bitcoin and friends seem to be making a last ditch effort to reach what is supposedly an important “weekly close” level.
The end of the week may be done and dusted Down Under, but we’re not pretty there yet on the crypto time frame, because apparently things only matter when they happen in the US.
Bitcoin and stocks took a hit at the end of last week and into the first half of the weekend, as the latest PCE (personal consumption expenditures) data came in a little warmer than expected, raising concerns that the Fed may look to go harder on their inflation fight for longer than some/many market players have hoped.
G20 and regulatory fun
And add the fact that a largely crypto-negative India is running the show at the G20 meeting of finance ministers and central bank governors (FMCBG) in Bengaluru, plus all the negative regulatory pressure from Gary Gensler’s SEC in the US, and it might seem time for a couple of squeaks bottoms across the macro-viewing Cryptoverse.
Nevertheless, the price of BTC is holding up well today. For now.
Now it’s not the G20 horrors necessarily a bad thing – not much can be gleaned from it yet, other than a call by India’s finance minister, Nirmala Sitharaman to create a unified regulatory front when it comes to crypto, which has been met with nods of approval from serious financial representatives of various global governing bodies .
Of course, some hard-liners in the crowd over there, like International Monetary Fund (IMF) Managing Director Kristalina Georgieva, just had to chime in with this kind of threatening rhetoric: “We shouldn’t be off the table to ban these assets,” if regulation fails or is too slow to implement.
At the very least, US Treasury Secretary Janet “From the Rooftops” Yellen noted that America, while in favor of a “strong regulatory framework” is not pushing for an outright ban on crypto activities.
And how do some sections view the little Yellen treat? As this:
“So you’re telling us there’s a chance… Yeeaaaahhh.”
Meanwhile, Gary “Rio Bravo” Gensler waves his sheriff’s badge at anyone who will notice. Which, I guess, is most of the Cryptoverse, unfortunately. He again calls for “EVERYTHING but Bitcoin” to be labeled as a security.
Guess that includes the hard wallet full of speculative Chinese/AI/DeFi/gaming altcoins and NFTs in the back of the sock drawer. Probably the socks and drawer too.
Top 10 overview
With the total crypto market cap at $1.13 trillion, up approx. 2% since this time yesterday, here is the current status among the top 10 tokens – according to CoinGecko.
Hmm, Dogecoin has bounced back into the top 10. In fact, it was there on Friday as well. What has been pushed out? BUSD stablecoin only. Nothing to see there, really, although that thing has fallen ever since Gensler and the SEC decided to have a chat with stablecoins former issuer Paxos.
Other than that, things are mostly green on the daily time frame here, thanks to a late weekend surge. Let’s not get ahead of ourselves though – it’s hard to trust weekend trading activity in a market that remains so highly correlated with US stocks, despite some says we’re starting to see a shift there.
As for the weekly close goal. People like serial chart watchers like Rekt Capital seem to believe that the $23,400 level is important for both the weekly close (in a few hours at the time of writing) and the monthly close, for Bitcoin not to see a technically driven decline on any potential significance.
At the moment, things are on target for a positive movement. But both bulls and bears are right in the game here. As usual.
Overdraft and downdraft: 11–100
With a market cap of around $10.9 billion to around $472 million in the rest of the top 100, let’s find some of the biggest 24-hour winners and losers at press time. (Statistics accurate at time of publication, based on CoinGecko.com data.)
DAILY PUMPS
• Defigram (DFG), (market value: USD 501 million) +1175%
• Klaytn (KLAY), (mc: USD 955 million) +12%
• Maker (MKR), (mc: USD 699 million) +10%
• NEO (NEO), (mc: USD 887 million) +10%
• Optimism (OP), (mc: USD 648 million) +10%
Ok… so let’s talk briefly about Defigram (DFG), which we are reluctant to do, because we are on guard. It’s an absolutely insane pump out of total flatline territory. And frankly, there’s not a lot of news to back it up, which makes us nervous about potential behind-the-scenes pump-and-dump action going on there.
What even is that? According to his Twitter accountit is: “a new social platform that integrates decentralized wallet and Telegram communication, dedicated to building a most effective and valuable social network.”
Steering. Clear. Until we learn more.
DAILY SLUMPERS
• IOTA (MIOTA), (market cap: USD 699 million) -3%
• OKC (OCT), (mc: USD 569 million) -2%
• Frax (FRAX), (mc: USD 1 billion) -1%
• Quant (QNT), (mc: USD 1.9 billion) -1%
Around the blocks
Some relevance and randomness that stuck with us this morning is moving through the Crypto Twitterverse.
