Summing up the crypto market this week was exciting but no small feat.
We wonder how market events relied on Bitcoin and its miners. In either way, get a glance below at what happened in this week of crypto and which opportunities seem best.
1. Crypto Stock Rally After Bitcoin
Though Bitcoin was the center of attention, companies listed on the Nasdaq and S&P 500 were influenced by what Bitcoin is doing. Among those leading stocks, which do play a role in the cryptocurrency market, are CleanSpark (CLSK), Hut 8 (HUT), Marathon Digital (MARA), Chiper Mining (CIFR) and Riot Platforms (RIOT).
Leading stock indexes, as a response to Bitcoin halving, rose about 1.1% while Bitcoin, itself, made a spurt of 4.5% during its halving. Alongside these developments, Coinbase, being the largest crypto exchange stock, gained roughly 7.8% while the software firm, MicroStrategy (MSTR) saw over 12 percent gains in a single stretch.
Coinbase
- Regulated exchange
- An easy-to-use platform
- Free crypto training offered
Coinbase
2. Earnings Data and the Fed’s Rate Cuts
Earnings data have led the Fed to consider future rate cuts. Based on the historical data, Bitcoin is likely to see support in the market if the Fed reduces overnight rates. Such rates encourage people to invest in savings when rates are high. When those rates drop, the money in your savings is less, so investors are likely to seek out Bitcoin.
To date, crypto has, outperformed the public markets, being a hedge for inflation. This means that keeping money in crypto can protect your money from the cost of a lower USD.
3. U.S. Attorneys Caught In Crypto Fraud
Lawyers, employed by the Securities and Exchange Commission, have resigned, which, according to reports, was done before they got fired. Michael Welsh and Joseph Watkins resigned not only from the case they were assigned to but from the SEC.
What was the case? The SEC’s investigation into Debt Box had called for some evidence and a few testimonials. Mr. Welsh and Mr. Watkins lied about the evidence they obtained to get a restraining order that would freeze Debt Box’s assets.
4. Tom Brady and Wife Involved In FTX
Having endorsed the FTX exchange, Larry David and Tom Brady are being targeted in the Sam Bankman-Fried scandal. The allegations, coming from those who were scammed of money, suggest that a handful of celebs deserve blame for $11 billion lost. Tom Brady and his wife was in a commercial on behalf of FTX.
Among other personas named in the suit are:
- Larry David
- Stephen Curry
- Shaquille O’Neal
- Naomi Osaka
In the Crypto Market …
If you’re avoiding the drama and steering toward responsible investing, then consider AvaTrade for market insights that you can rely on. You’ll find all you need in this AvaTrade review.
Take your time, and get a feel for the potential of crypto.
