Recurring market commentary on what's happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.
Market commentary
Good Morning!
For being a week in summer, this past week was quite interesting in terms of news and events.
It was the middle of the week when the market started drifting lower after SEC Chair Gary Gensler gave a speech in which he described investor protection in the crypto sector as almost non-existent, and set himself the goal of improving investor protection.
Bitcoin BTC (daily)
This week’s main event took place yesterday: Ethereum’s London Hard Fork upgrade. As expected, EIP-1559 went live without a hitch. Ether (ETH) +10% and the ERC20 coins in general clearly outperformed Bitcoin (BTC) +4.5% this week.
Ethereum ETH (daily)
On the flow side, we saw rotations/rebalancing from large to mid and small cap at the beginning of the week. The last two days have generally seen good buying interest in ether and ERC20 coins. As far as more news is concerned, nothing is on our radar in the crypto market this week.
Happy Trading!
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