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Bitcoin Breaks $21,000 in Weekend Trading; India’s crypto industry is facing difficulties

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In Science and Space: After Friday’s sharp price drop, cryptos breathed over the weekend as investors digested the new inflation statistics and continued macroeconomic uncertainties.
Bitcoin was last trading at $21,500, up more than 1% in the previous 24 hours. Following an unexpectedly dismal inflation estimate from Germany, Europe’s largest economy by GDP, and fresh fears about the speed of interest rate rises in the United States, the largest cryptocurrency by market capitalization fell by more than 9% at one point Friday. Drops in the property market in the United States have added to the anxiety of already concerned investors.
“Bitcoin’s inability to exceed $25,000 has stopped its advance, and it looks that macroeconomic concerns are still affecting markets,” said Joe DiPasquale, CEO of crypto asset management BitBull Capital, in an email to CoinDesk. However, DiPasquale was upbeat, saying, “that robust consolidation moving into September will be a favourable indicator for the bulls, especially if Bitcoin does not record a new bottom below $18,000.”
Markets will be watching Jerome Powell’s statements on Friday at the Federal Reserve Bank of Kansas City’s Economic Policy Symposium in Jackson Hole, Wyoming, with bated breath. Powell may forecast the Federal Reserve’s monetary policy at the Federal Open Market Committee (FOMC) meeting in September.St. Louis Federal Reserve President James Bullard has previously stated his preference for a third straight 75 basis point rate rise rather than a less aggressive 50 basis point boost. Ether, the second largest cryptocurrency by market capitalization, was recently trading just above $1,600, a more than 2% rise over the previous 24 hours, but still far from the $2,000 barrier it held a week ago. Investors’ anticipation for next month’s Merge, the Ethereum blockchain’s transition from proof-of-work to quicker, more energy-efficient proof-of-stake, has waned – at least momentarily. Other big cryptocurrencies had a good day on Sunday, with RVN and BNB up over 9% and 6%, respectively. The popular meme coin’s recent roller coaster ride continues, with SHIB gaining over 5% at one time. Equities Cryptos had a largely positive, but occasionally negative, connection with equities on Friday, as key indexes fell, with the tech-focused Nasdaq and S&P 500 down 2% and 1.2%, respectively. Stocks had climbed for four weeks in a row before succumbing to investors’ renewed concern about the durability of inflation and the next moves in monetary policy. According to CoinDesk’s Helene Braun, Powell may try to spin the inflation story in a favourable light.
SEC Chairman Gary Gensler reiterated his plea for crypto businesses to “comply with securities law” in a weekend op-ed in The Wall Street Journal. Gensler cited the suspension of accounts on crypto lending sites as well as recent bankruptcies that have left investors vulnerable to legal action. “There’s no reason to treat the cryptocurrency market differently than the rest of the financial markets just because it employs a different technology,” he wrote. According to various sources, the Australian government announced intentions on Monday to “token map” the country’s digital asset market as a first step toward developing new crypto regulations. As part of a larger effort to protect investors, Australia would become the first government to catalogue the quantity, kind, and underlying code of accessible cryptos.
According to BitBull’s DiPasquale, bitcoin could fall even further depending on “Fed hints” on interest rates. Investors’ sentiments may be influenced by merger sentiment.
If BTC falls below the previous low, we might see additional declines, possibly to the $15,000 region,” he added. “However, bulls should gain confidence as long as Bitcoin remains between $18,000 and $20,000.”

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