Main Takeaway: Crypto Markets Pinballing In Same Price Ranges
Crypto markets remain relatively flat, bouncing up and down by small percentage points. None of the top coins like Bitcoin and Ethereum are breaking out of current ranges. Investors and traders should expect the markets to stay muted for the coming week until the Fed’s next rate hike announcement.
On the headlines, the UK has a new Prime Minister, Rishi Sunak (former Finance Minister). He’s been touted to want the UK to become a crypto hub, but he’s also a proponent of CBDCs. So it’s still a coin-flip with regards to how much impact on crypto and fintech he’ll have. The UK is facing a host of issues with regard to the economy and energy. So crypto may not be an important issue at the moment.
Moreover, Apple is banning in-app NFTs as a way to dodge payment outsourcing. This is expected since Apple wants to retail all the fees it can keep in terms of app payments and royalties.