Cryptos trade flat to end an enforcement-heavy week, Bitcoin holds $26,500 Bitcoinprice BTC crypto
- Friday brought little change to the overall picture of the cryptocurrency markets as prices traded sideways following a week of enforcement actions by the Securities and Exchange Commission, rampant FUD on social media, and a dip-buying opportunity for those who remain optimistic on the long-term outlook of the market.
At the market close, the S&P, Dow and Nasdaq were all in the green, up 0.11%, 0.13%, and 0.16%, respectively. The resilience of the top crypto in the face of the enforcement actions by the SEC was addressed in a note shared with Kitco Crypto by David Lifchitz, managing partner and chief investment officer at ExoAlpha, who said that “Bitcoin has been relatively unmoved,” while numerous low-cap altcoins were “more badly hurt and haven’t yet recovered.”
For now, “Bitcoin remains in hibernation as institutional investors have still not come back following the 2022 bear market and collapse of FTX,” he said. “The argument that comes back often from these institutional investors these days is that they see cryptos as a huge beta play and are waiting for them to start moving again to chase them, and while they are not moving: what’s the point of taking on so much risk when US T-Bills yield 5% ‘risk-free’.
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