Crypto market sees green heading into the weekend as Bitcoin hovers near $23,000

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(Kitco News) — This week’s topic in the crypto market has been regulation as several major developments including a proposed new bill in the Senate and the revelations of widespread investigations into US crypto exchanges indicate that the government crackdown on cryptocurrencies have started.

Data from TradingView shows that Bitcoin (BTC) price action has been in a slight downward trend over the past five days after hitting $24,670 on July 31, ending the week 6.87% lower and trading at $22,900 at the end of traditional markets on Friday.

Btc/usd 1 day chart. Source: TradingView

Despite the negative performance for the week, the uptrend seen over the past month remained as stated in the daily update from Kitco contributor Jim Wyckoff, who stated that “the bulls maintain a six-week uptrend in price on the daily bar chart and have the total value.” Technical advantage in the short term.

According to Wyckoff, this “indicates that the path of least resistance for prices will remain sideways to the upside in the near term.

The best cryptocurrency Ethereum (ETH) has been showing a little better than Bitcoin over the past few days following the introduction of the Digital Commodities Consumer Protection Act of 2022 (DCCPA) that seeks to classify BTC and ETH as commodities.

While Bitcoin has long been considered a commodity by regulators, there has been much less consensus on whether Ethereum should be classified as a financial or a commodity.

ETH/USD 1 day chart. Source: TradingView

The potential for regulatory clarity surrounding Ether helped provide a boost to its price hike to $1,680, posting a gain of 5% on the day.

Altcoins trend higher

The vast majority of cryptocurrencies in the top 100 managed to close the week on a positive note as more investors started reallocating in the market after hitting lows in June and July.

Daily cryptocurrency market performance. Source: Coin360

The best performer on the 24-hour chart was Decred (DCR) with gains of 57.5%, followed by a 16.18% increase for the NEAR (NEAR) protocol and a pair of 14% price gains for Holo (HOT) and Theta Network (Theta).

The total cryptocurrency market capitalization now stands at $1.083 trillion, and the bitcoin dominance rate is 40.4%.

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