Ether, the second largest crypto by market cap, was recently changing hands just above $1,800, up slightly over the same period and well within the range it’s held over the last two two weeks under $2,000.
And in a sliver of possible good news for crypto, shares of investor savant Cathie Wood’s ARK Innovation ETF, which includes crypto exchange Coinbase, have risen over 15% since the second week in May.
“We are expecting some directional action in the coming week or so, as Bitcoin either breaks out of the current range or breaks down to look for a lower low,” he wrote.
The protocols that peg a digital asset to a fiat currency, commodity or a mathematical formula based on some group of assets have been on the defensive since the collapse of the TerraUSD stablecoin token in early May.
The legislation, which goes into effect in a year, clarifies the definition of stablecoins as digital money that must be linked to the yen or another legal tender and guarantees holders the right to redeem them at face value.
The law followed less than two weeks after a report in the Korea Times that South Korean financial authorities would introduce measures to hold crypto exchanges to greater scrutiny following the implosion of UST and the LUNA token behind it.
“We need to make exchanges play their proper role, and toward that end it is crucial for watchdogs to supervise them thoroughly,” Rep.
The cryptocurrency has been anchored to the $30,000 price level over the past two weeks, absorbing a majority of trading volume.
On the daily chart, bitcoin’s relative strength index is stuck below the 50 neutral mark, which indicates slowing momentum behind the recent upswing in price.
The weekly RSI is the most oversold since March 2020, which preceded an uptrend in price.
Still, over the short term, BTC could stabilize above the $20,000-$25,000 support zone.
BTC is on watch for a countertrend bullish signal, per the DeMark indicators, which could appear over the next two weeks.
Ali Pourdad of Quantfury joined “First Mover” to discuss the latest crypto market moves as bitcoin traded below $30,000 and the market downturn leads to crypto industry layoffs.
“The data signaled that the Federal Reserve’s initial moves to dial back its monetary support for the economy were – at least so far – not constraining business activity so much that hiring was feeling a pinch.
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