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Bitcoin’s 1 week range: $37,199-$42,593

The Bitcoin (BTC) Takeaway: Early in the week, bitcoin was trading in a $37,000-$39,000 range before surging. The catalyst: President Joe Biden’s executive order for the U.S. government to start looking into cryptocurrencies. This includes figuring out a regulatory framework for blockchain-based assets as well as the possibility of creating a digital dollar. Bitcoin’s price lost some steam subsequently, but many view the order as a positive for the industry overall.

Ether the past week. Source: CoinDesk

Ether’s 1 week range: $2,448-$2,773

The Ether (ETH) Takeaway: Ether fell to the $2,448 level for the first time since late February. However, the world’s second largest cryptocurrency by market capitalization also popped on the Biden news before losing steam, showing that its correlation with bitcoin remains. As the United States researches a digital dollar, that may be beneficial to the undelying Ethereum technology, which helps powers several stablecoins such as Terra (LUNA).

What’s Hot This Past Week – the Best Performing Cryptos on Passfolio: 

  • Zcash (ZEC) +41%
  • Synthetix (SNX) +19%
  • Mirror Protocol (MIR) +17%
  • Kyber Network (KNC) +16%
  • Terra (LUNA) +14%

What’s Not This Past Week – the Worst Performing Cryptos on Passfolio: 

  • Tokemak (TOKE) -29%
  • Barnbridge (BOND) -21%
  • UMA (UMA) -15%
  • Alchemix (ALCX) -14%
  • Fantom (FTM) -14%

What to Watch For: 

  • The executive order issued by U.S. President Joe Biden has policymakers looking at some key areas: Investor protection, the future of money, payment systems, exploring a digital dollar, national security and international cooperation. The crypto industry had mixed reactions to the executive order, with some thinking that government involvement could damage the ecosystem while others felt relief over more clarity on how to operate. The market signalled optimism, however, before sliding back to business as usual.
  • The open nature of cryptocurrencies has resulted in crypto playing a role in the Russia-Ukraine conflict. At last tally, over $100 million in crypto donations have been sent to the Ukrainian government to support the country’s fight against Russian president Vladimir Putin, who has used propaganda to convince his troops Ukraine is the oppressor, and not him. One other interesting development: Privacy-focused cryptocurrencies liks Zcash (ZEC) have seen an uptick in the market, suggesting that people see privacy coins have more potential than perhaps some realized.
  • The future of decentralized finance, also known as DeFi, is still in contention. While Ethereum (ETH) has a first-mover advantage in the space as the the first cryptocurrency to launch smart contracts that allow programmers to create software on top of its blockchain, there are other competitors out there. One of the rivals, Solana (SOL), touts more transactions per second and lower fees. However, Ethereum is going through an ambitous and long-planned upgrade that should help with bottlenecks that has included slow transactions and high fees.
  • Could bitcoin (BTC) go to $100,000? It’s possible, and in the recent bull market, many analysts though that the world’s largest cryptocurrency by market capitalization would get there before losing momentum at close to $70,000. Former White House Communications Director under the Trump administration, Anthony Scaramucci, who now runs a crypto-focused hedge fund, thinks bitcoin will hit $100,000 within two years. It’s entirely possible if bitcoin goes on another bull run; the question is if it will happen in the next 24 months.

Remember to check back with the Passfolio blog for more news for updates!