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Crypto Market This Week: US Moves Forward With Pro-Crypto Moves, Major Coins Remain Volatile

The cryptocurrency market concludes another week with unprecedented developments that have sparked investor excitement. A strategic Bitcoin reserve was announced in the US, while a cryptocurrency reserve and summit were held. Simultaneously, despite the bullish developments, BTC and major league altcoins continued to encounter volatility in the market.

Below are some of the most talked-about market updates reported by CoinGape over the past week.

This week’s cryptocurrency market sees a Bitcoin stockpile and a cryptocurrency stockpile in the US.

US President Donald Trump announced a strategic Bitcoin reserve for the United States this week. This reserve is expected to comprise approximately 200,000 Bitcoins, which are currently held by the government through the cessation of funds involved in criminal and illicit activities.

Interestingly, Scott Bessent and Howard Lutnick have been appointed as officials who will focus on potential resources to help the reserve acquire more BTC in the future. Trump revealed that these BTC coins will also not be sold early, offering more value to the reserve.

Furthermore, the country expects to see a “crypto reserve” consisting of assets such as Ethereum (ETH), Solana (SOL), Cardano (ADA), and XRP in the future, according to Trump’s announcement. The main difference between the two sagas is that while the government is pushing to acquire more BTC, there will be no active efforts to increase the cryptocurrency stockpile. Taken together, these were the major developments in favor of cryptocurrencies in the US this week.

Crypto Summit: What’s New?

Simultaneously, the crypto market witnessed a cryptocurrency summit at the White House this week, hosted by President Donald Trump and crypto czar David Sacks.

Notably, Trump has shown strong efforts to end “Operation Chokepoint 2.0,” which has been putting regulatory pressure on banks, leading them to close accounts of crypto companies. Furthermore, the 47th US president has continued to reflect strong support for cryptocurrencies, suggesting that the government’s stance is likely to be more favorable to digital assets in the future.

Overall, the announcement of the Bitcoin reserve, the crypto summit, and the launch of an upcoming cryptocurrency arsenal have generated notable optimism in the market.

Bitcoin and altcoins remain volatile

However, despite the broader developments this week, BTC and major altcoins are facing turbulence in the crypto market.

The price of BTC closed the week close to $86,000 after going through a rollercoaster ride over the past seven days. The price of ETH lost almost 2% to close the week close to $2,200. XRP price also faced turbulence and traded at $2.32 at the close of the week, up just 3% in 7 days. Lastly, SOL price lost 3.5% on a weekly basis and remained at $138, in line with the overall market trend.

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Crypto Market Set to Grow, WazirX VP Predicts Bullish in 2024

Rajagopal Menon, vice president of Indian cryptocurrency exchange WazirX, anticipates a bull year for the cryptocurrency market. He told Coiningape: “Next year, a very favorable environment is predicted for the cryptocurrency market. With the United States signaling two interest rate cuts, the Bitcoin halving scheduled for April, market liquidity increasing, and regulatory dynamics shaping up, market sentiment is notably bullish.”

The cryptocurrency market has already prepared itself for this optimistic scenario. Several major Bitcoin ETF participants are now well positioned after this week. On Friday, BlackRock, WisdomTree, Fidelity, Bitwise, among other top contenders in the Bitcoin exchange-traded fund (ETF) race, filed their revised S-1 filings with the U.S. Securities and Exchange Commission (SEC). This flurry of activity signifies a willingness to take advantage of potential regulatory approvals, which will help the market mature and become a little more regulated.

Gold and elections suggest a rise in the cryptocurrency market

Gold, a precious metal, is considered a traditional safe-haven asset, especially when the stock market does not give expected returns. Gold shows stability to investors as a hedge. Reports reveal that the yellow metal is concluding its strongest year since 2020. This performance is supported by expectations that the US Federal Reserve may implement interest rate cuts early next year.

Menon also highlights the possible global impact of political developments on the cryptocurrency sector. “Elections in India and the United States are expected to usher in concrete regulatory frameworks at the national level, coinciding with a long-awaited bull run,” he added.

Meanwhile, in the United States, prominent cryptocurrency companies and investors are stepping up their efforts to influence political and regulatory outcomes surrounding the asset class. The Financial Times revealed this week that companies including Coinbase, Circle and a16z are investing money in pro-crypto lawmakers. This comes at a time when there is a legislative impasse in Congress ahead of the change of power in 2024.

Menon also said: “Analysts project a sustained increase in institutional investment, particularly through Bitcoin and Ethereum ETFs. As the market develops in 2024, macroeconomic influences and regulatory changes will have a considerable impact, marking it as a dynamic and transformative period.”

Bitcoin price direction is a complex play of macroeconomic and regulatory developments. But it paints a picture of a cryptocurrency market on the verge of significant transformation. And it looks like 2024 could be the year to watch.

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Bitcoin Hits $30,800, Pulls Back To $29,950 After Finding Resistance

Bitcoin (BTC) surprised the market with a strong move higher, reaching as high as $30,800 on some cryptocurrency exchanges. The world’s largest digital currency has found the strength to rally to these levels and recover to $29,950. Bitcoin is now finding strong resistance between $30,000 and $30,800. Breaking this level can push Bitcoin towards $32,000.
Bitcoin Hits $30,800, Its Highest Level Since Mid-April

Bitcoin continues to attract investors from around the world as the digital currency hits its highest price since mid-April 2023. This shows that there is clear interest in gaining access to the largest cryptocurrency on the market.

One of the reasons behind the latest price increase could be related to the fact that Blackrock has filed an application to offer a spot Bitcoin ETF to institutional investors. Furthermore, the halving that is expected to take place next year is already attracting users who want exposure to Bitcoin.

These are just a few of the reasons why Bitcoin has skyrocketed in recent weeks. However, let’s not forget that BTC is still 57% below its all-time high recorded in November 2021. Since then, Bitcoin has been in a downtrend that now appears to be reversing.

At the end of 2022, Bitcoin reached its lowest price in years. The digital currency dipped below $16,000 for a few days allowing investors to enter the market relatively cheaply compared to what has been going on since late 2020 until now.

However, it is not clear what could happen to Bitcoin in the future. It will be important to keep an eye on the latest developments in the industry and how regulations may affect the price of the largest virtual currency on the market.

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Best tokens of football club supporter to buy with market value

The crypto market usually attracts many innovations. But there are also some tokens that are simply released for this well-being factor and are not actually based on any intrinsic value. The football tokens are in this category. Basically, they are designed to be part of the passionate and loyal fan base that we know in football. However, here are some facts about football tokens:

The tokens of football fans usually do not have much underlying value and are simply assets of fidelity targeted to fans.



Some football clubs are also adding the sale of NFT collectible items, plus the supporter chips.



These tokens also benefit from the visibility and recognition of the name associated with these clubs.

Well, if you are thinking of getting some fan tokens, here are some options to be considered by market capitalization:

Paris Saint Germain fan token (PSG)

The Paris Saint-Germain Fan Token (PSG) is a symbol of supporter for the fans of one of France’s largest clubs. The currency is available for negotiation in all major handbags in the world.

At the time this article was written, he was being sold for about $ 15.23, with a market value of $ 48 million. It is also the largest ventilator for market capitalization at the moment, but still falls well in the general encryption market, classifying in 622.

S.S. Lazio Fan Token (Lazio)

Lazio is one of the two major clubs in the Italian capital, Rome. Your fan token is surprisingly valuable, since the club is not really one of the largest in the world. However, the S.S Lazio Fan Token (Lazio) is currently trading for about $ 4.57, a 13% drop in the last 7 days. The currency has a market value of about $ 40 million.

You do not have to be a fan of these clubs to buy these tokens. But since they have not much intrinsic value, they can be highly risky.

Best Tokens of Football Club Supporter to Buy With Market Value
The Encryption Market Usually Attracts Many Innovations. BUT there are also disappeared tokens that are simply released for this well-being factor and are not actually based on any intrinsic value. The Football Tokens are in this category. Basically, they are designed to be part of the passionate and lyal fan base that we know in football. However, Here Are Some Facts About Football Tokens:

The Tokens of Football Fans Usually Do Not Have Much Underlying Value And Are Simply Assets Of Fidelity Targeted To Fans.



Some Football Clubs Are Also Adding The Sale of Nft Collectible Items, Plus The Supporter Chips.



Theese Tokens Also Benefit From The Visibility And Recognition Of The Name Associated With Thesis Clubs.

Well, If You Are Thinking Of Getting Some Fan Tokens, Here Are Some Options to Be Considered By Market Capitalization:

Paris Saint Germain Fan Token (PSG)

The Paris Saint-Germain Fan Token (PSG) is a Symbol of Supporter for The Fans of One of France’s Largest Clubs. The Currency is Available for Negotiation In All Major Handbags in The World.

At the time this article was written, he was being greet for about $ 15.23, with a market value of $ 48 million. IT IS ALSO THE LARGEST VENTILATOR FOR MARKET CAPITALIZATION AT THE MOMENT, BUT STILL FALLS Well in the General Encryption Market, CLASSIFYING IN 622.

S.S. Lazio Fan Token (Lazio)

Lazio is one of the two major clubs in the Italian capital, rome. Your Fan Token is Surprisingly Valuable, Since the Club Is Not Really One of the Largest in The World. However, The S.S Lazio Fan Token (Lazio) is currently trading for about $ 4.57, at 13% Drop in The Last 7 Days. The Currency has the Market Value of About $ 40 million.

You do not have to be the fan of theese clubs to buy thesis. But Since they have no Much Intrinsic Value, they can be highly risky.

The Best Tokens Of The Soccer Club Supporter to Buy With Market Value
The Encryption Market Generally Attracts Many Innovations. But there and there are the chips that are simply released for this well-being factor and are not really based on any intrinsic value. The Soccer Chips are in this category. Basically, they are designed to be part of the passionate and lyal fan base we know in football. However, Here Are Some Data On Soccer Tokens:

Soccer Fan Tabs Generally do Not Have Much Underlying Value and Are Simply Loyalty Active Directed To Fans.



Some SOCCER Clubs are also adding The Sale of Nft Collection Items, as well as the supporter chips.



Theese Tokens Also Benefit From Visibility and Recognition Of The Name Associated With These Clubs.