Asia opened the week with Bitcoin (BTC) up 0.3% to $29,951, Ethereum (ETH) up 0.7% to $1,882, and the CoinDesk Market Index (CMI), which measures overall market activity, up 1.27% to $1,302.
“Investors have taken a cautious stance and the trading range remains relatively narrow, largely influenced by the circumstances surrounding the XRP trial,” LBank Labs senior researcher Johnny Teng told CoinDesk.
“SEC Chairman Gensler’s expression of disappointment over the ruling on whether XRP is a security adds uncertainty, and the potential for an SEC appeal further complicates the situation.”
The potential selling pressure from the sale of bitcoin confiscated by the U.S. government and profit-taking by short-term holders, combined with strong support from institutional investors and the presence of significant liquidity near $24,300, has increased the uncertainty in the bitcoin market, requiring investors to make careful decisions, Teng added.
BitBull Capital’s Joe DiPasquale said the market appears to be flattening out and sentiment is still positive, but both bulls and bears need to be cautious.
“Right now, the downside is also possible, so the bulls should be cautious. The downside risk is currently much higher than the potential gain forecast, so the bears should be especially careful.”
This week, on the 26th, the Open Market Committee (FOMC) will decide interest rates and many companies will report their financial results. But it has already been announced that this rate hike will be the last one, and traders have already factored it in.
｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
｜Original: First Mover Asia: Bybit CEO Ben Zhou: Regulators See Crypto as an ‘Opportunity,’ Not a Crisis