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At the close of this week's Asian market, Bitcoin witnessed a slight 0.5% dip to $26,300, while Ether experienced a minor 0.2% reduction to $1,717. These marginal declines follow a relatively neutral week for the two leading cryptocurrencies.
Over the past seven days, Bitcoin recorded a modest 1.7% climb, while Ether experienced a slight decline of 1.9%.
Joe DiPasquale, the head of BitBull Capital, suggests that the current economic climate provides fertile ground for crypto assets to rebound. This sentiment arises from the Federal Reserve's decision to maintain steady interest rates. However, the announcement that near-term rate reductions are off the table has caused some stumbling in the market.
Despite the stumble, DiPasquale notes that Bitcoin and other major cryptocurrencies have maintained their footing, indicating an opportune moment for those looking to accumulate crypto assets with a mid to long-term perspective.
After a challenging 2022, marked by a Bitcoin plunge following the November FTX incident, the crypto market has shown signs of recovery since January 2023. Altcoins, with Solana leading the way, have demonstrated significant gains, defying the steep drops experienced in the previous year. Solana, which fell from $179 to $8 within 11 months, surged from $8 to $27 between December 2022 and February 2023.
However, the crypto world has not been without turmoil. From May to June 2023, Bitcoin's price underwent a correction, sliding from over $29,000 to below $25,000. This downward adjustment was triggered by a wave of SEC allegations against several altcoins, classifying them as "securities." The SEC has also raised concerns about major exchanges like Binance.US and Coinbase. Amidst the ongoing uncertainty, the market continues to adapt to these new challenges.
