BTC Price Settles at $63K as Network Difficulty Declines, Binance’s Regulatory Issues Continue: This Week’s Crypto Recap

Bitcoin’s price saw a lot of volatility last week, especially before and after the US Fed’s most recent FOMC meeting, but managed to recover some ground during the current one. Let’s unpack.

The primary cryptocurrency had dropped to a multi-month low of $56,500 last Wednesday, went on a volatile rollercoaster as the US central bank said it would not raise the interest rates, and began its recovery on Friday.

At the time, BTC soared from under $59,000 to $62,000 in minutes and kept climbing during the weekend. As such, it touched $64,000 on a couple of occasions but failed to overcome that level by Sunday. However, it did so on Monday and soared to $65,500 to tap a 12-day high.

Nevertheless, the bears were still lurking around and didn’t allow any further gains. Just the opposite, bitcoin started losing value rapidly, which culminated in a price drop to under $61,000 on Thursday. Since then, though, BTC has managed to recover more than two grand and now trades around $63,000. This came despite the substantial decline in the network’s difficulty yesterday.

In terms of weekly gains, Toncoin stands in a league of its own with a massive 30% surge. NEAR, FET, and RNDR are the other notable price gainers from the mid-cap alts.

Outside of price movements, Binance has been in the news again with regulatory hurdles. Its tussle with the Nigerian government continues, while the Canadian authorities fined the exchange for its lack of anti money-laundering policies.

Market Data

Market Cap: $2.451T | 24H Vol: $74B | BTC Dominance: 50.6%

BTC: $62,717 (+1.6%) | ETH: $3,011 (-1.75%) | BNB: $594 (+3%)

This Week’s Crypto Headlines You Can’t Miss

Best Polkadot (DOT) Wallets in 2024: Full Comparison. Polkadot is one of the industry’s oldest and most veteran networks, boasting a vibrant and active ecosystem. Here’s a comprehensive Polkadot wallet guide on the most popular wallets to safely store your DOT in 2024 and beyond.

Top Solana Decentralized Exchanges (DEXs) to Watch in 2024. Solana has absolutely exploded in popularity in the past year and a half, becoming the most active network with thousands of projects. On-chain trading has also skyrocketed. This is why we decided to take a look at the top Solana decentralized exchanges to watch in 2024.

Donald Trump Takes New Approach Toward Crypto, Bashes Biden’s Hostile Administration. Donald Trump – who had previously bashed Bitcoin – now has a new approach toward the cryptocurrency industry. He said that he will make sure people will be able to donate to his campaign using crypto.

Bitcoin Hits New Milestone, Processes One Billion Transactions. While the BTC price has been rather depressing lately, Bitcoin’s network hit yet another massive milestone. The blockchain has now officially processed over a whopping one billion transactions.

Bitcoin Sees Longest Miner Consolidation Period Since Trading Near $16K. Bitcoin is in a period of prolonged consolidation within a relatively narrow range. In fact, miners have been consolidating their holdings for the longest time since Bitcoin was trading around $16K.

Biden Admin To Kill Republican Bill Letting U.S. Banks Custody Crypto. An important regulatory bill is being considered in the United States. If passed, it would allow local banks to custody cryptocurrencies. However, the Biden administration seems to be opposed.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot – click here for the complete price analysis.