- At the beginning of the week, digital assets were under pressure from long-term negative factors, a general decline in investor interest in digital assets, and expectations of the start of tightening of the US Federal Reserve's monetary policy. However, the “bears” failed to break the key support levels down, which led to corrective growth. At the end of the week, the strengthening of the market was supported by the head of Tesla Inc. Elon Musk. He stated that as BTC mining increasingly relied on renewable energy sources, his company might start accepting it as a means of payment again. Musk also confirmed that Tesla Inc. and Space Exploration Technologies Corp. (SpaceX) owns BTC, and the entrepreneur himself, also to the first cryptocurrency, also owns ETH and DOGE.
- The comments made by US officials this week are also worth traders’ attention. Treasury Secretary Janet Yellen called for the early creation of a regulatory framework for stable coins, as the volume of their use as a means of payment was growing rapidly, which might pose potential risks to the country's financial system. The new chairman of the SEC, Gary Gensler, is of the same opinion. He recalled that today, many platforms around the world created cryptocurrency tokens, the price of which was based on various securities. Such products are subject to securities laws and the companies that issue them must adhere to these laws.
Technical Analysis
Just buy the dips.
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