Crypto market moves sideways after minor gains over weekend

Crypto market overview: The crypto market has traded sideways with an upward trend. As per the market data, the global crypto market cap has increased slightly over the weekend, inching closer towards $1.1 trillion. 

Crypto Fear and Greed Index | Image credit: Alternative.me

The crypto fear and greed index has jumped 2 points since yesterday to enter the neutral zone with a score of 47/100.

Sharing his views on the crypto market movement, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said, “Bullish investor sentiments seem to be building towards BTC as global unrest escalates alongside the macroeconomic uncertainty. As the ongoing events unfold, the market will keep a close watch on BTC for a few days. BTC’s positive price action can also be attributed to the SEC’s non-appeal in a court case related to Grayscale’s BTC ETF application.”

“The longer the market sustains BTC’s price around $27k, the greater the possibility that the next move will be higher; a tight consolidation is usually followed by a range expansion,” Chaturvedi added. 

Rajagopal Menon, VP, WazirX, also talked to Republic about the crypto market in the last 24 hours. Menon said, “Bitcoin has been trading near the $27,000 mark recently. Despite numerous challenges and the ongoing FTX trial drawing scepticism, it has regained dominance in the crypto market. While Ethereum and stablecoins seemed poised to overtake Bitcoin, it remains the most influential, largest, and widely traded crypto asset. Its resurgence could impact crypto development in 2023.”

SEC not to contest against Grayscale Investments

Bitcoin has been trading around the $27,000 level following the SEC opting not to contest a recent court decision that favoured Grayscale Investments. This verdict now requires the SEC to conduct a thorough evaluation of Grayscale's ETF application.

Edul Patel, Co-Founder, Mudrex, said, “Investors are now cautiously optimistic about the prospects of the SEC approving Bitcoin's spot ETF applications, which has generated a mildly positive outlook. Bitcoin now faces the task of surpassing the $27,400 barrier or else risk seeking support around $26,900. In the meantime, Ethereum has been trading around the $1,500 mark."

CoinDCX Research Team said, “From a technical standpoint, BTC is outperforming ETH, although it remains below the critical resistance range of $28,000 to $28,500. In contrast, ETH has managed to rebound from a significant support level of $1,530.”

In a positive development that underlines the crypto adoption, Ferrari - a well-renowned car manufacturer will now accept crypto as a payment method for its luxury cars in the U.S. To execute this, the company has partnered with BitPay wherein payments will be accepted in BTC, ETH, and USDC. As part of its expansion plans, this payment method will soon be available in Europe as well.