Crypto week at a glance: Bitcoins regains steam; Dubai eyes crypto to be capital

economictimes.indiatimes.com:

cryptos are traded in the red. Bitcoin started the week trading at the $19,000 range but fell to the $18,000 level in the mid-week. Bitcoin (BTC) was more than 71 per cent down from it's all-time high by touching its lowest since July 12 as investors moved away from the riskier assets. One of the reasons for the downward trend could be because of the long US Labor Day holiday weekend. But, the market started showing some signs of recovery on Thursday and scaled up aggressively on Friday. BTC rose by nearly 10 per cent and regained its $21,000 position back. This means that buyers are now ready for the midterm rise. If bulls can hold BTC above the $20,575, we could also see it trade above the $22,400 level soon. The second largest cryptocurrency, Ethereum (ETH), continued to trade sideways, extending its previous weekend’s steadiness into the early week.

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On Friday, after following the rise of BTC, ETH also rose up by 5 per cent. The crypto has made a false breakout of the local peak at $1,745. If ETH can hold above the vital $1,700 level, we may expect it to reach $1,800 and then the $2,000 might be on cards. Overall, the last working day of the week has turned out to be bullish for the crypto market as most cryptos continue to trade in the green zone. As the US central bank signals to reverse course from monetary tightening to monetary easing in 2023, where it will lower interest rates, this news has given traders and investors some hope. In an exciting turn of events, in the largest crypto ecosystem in the world, the Japanese authorities