The total global crypto market capitalization stood at US$1.19 trillion on Friday at 7:30 p.m. in Hong Kong, down 7% from US$1.28 trillion a week ago, according to CoinMarketCap data. Bitcoin accounted for 45.73% of the market, with a market cap of US$544 billion, while Ether’s US$231 billion represented 19.4%.
In regulatory news, Gary Gensler, the U.S. Securities and Exchange Commission Chair, evaded opportunities to clarify whether Ether should be labelled as a security during a congressional oversight hearing. Meanwhile, the European Parliament voted in favour of the Markets in Crypto Assets framework, which seeks to standardize regulations for crypto assets across the European Union.
In terms of the biggest gainers, OKX crypto exchange's utility token (OKB) was this week’s largest, rising 10.92% to US$52.82. Proof-of-stake blockchain Casper Network's CSPR coin was the second biggest gainer, with an 8.06% price increase to trade at US$0.04919.
Looking forward, next week will be crucial for Bitcoin as the cryptocurrency will need to hold above US$30,500 for 5-7 weekdays to confirm the low, according to analyst Paulo Santos. Analyst John Isige of crypto trading platform Vauld suggested that US$27,500 will be a crucial price level to watch, and traders will be looking at US$24,000 as the primary support level. However, the possibility of a long and hard recession affecting risk assets like Bitcoin and crypto is still looming, especially given the uncertainty surrounding interest rate hikes in the world’s largest economy.
