June 30, 2023

Welcome to This Week in Crypto, where we summarize and digest the important headlines that our community in Web3 should be aware of. While this week was somewhat quiet as Bitcoin (BTC) price held above the bullish-neutral $31,000 zone, that does not mean that the market was not full of news. This week, we are taking a look at the following:

Key Takeaway

• Analysts point to a potential Bitcoin uptrend
• 30K Bitcoin price level deemed critical for altcoins
• Binance loses market share for 4 months in a row
• MXC Maxis & Web3 Wave

Analysts Point to a Potential Bitcoin Uptrend

There has been much debate about which way Bitcoin will go from the current level. While defining an absolute trend is impossible, analysts seem to be agreeing on one thing — that the Bitcoin price right now is almost at par with the 3-year EMA. This would indicate that the current price marks the breakeven point for those who may have been participating in DCA approach for Bitcoin for the past 3 years, and could possibly mean that the current price — in 3 years term — is underpriced.

It is important to note that while bullish news sounds more believable, analysis based on one factor only is often unreliable. However, it may be useful for those who are aiming for a new entry into Bitcoin for long-term purposes.

30K Bitcoin Price Level Critical for Altcoins

On June 28, the price of Bitcoin dropped below $30,000 to reach just below $29,000. Simultaneously, the price of altcoins has dropped significantly with major altcoins dropping by far greater percentage points than Bitcoin. Given such an observation, it can be assumed that if the price of Bitcoin falls below the psychological support level of $30,000 then altcoins will suffer greatly, while the funds do not flow from Bitcoin to altcoin as some may have anticipated.

With this information, speculative traders can assume that there is greater public and institutional interest in Bitcoin currently rather than in altcoins. Therefore, a balanced entry into Bitcoin and a timed entry into altcoins may perform better in the longer term.

Binance Loses Market Share for 4 Months in a Row

As the story of Binance and CZ against the US SEC extends, evidence suggests that Binance is slowly yet steadily losing market share. According to CC Data from Coindesk, Binance’s market share in spot trading has dropped by 1.1% to 41.9%, the lowest point since last August and a 4th consecutive market share loss. Meanwhile, Binance US’s market share has fallen from 1.18% to 0.39%.

While the loss in market share may be concerning, it is important to note that Binance still holds one of the largest market shares in the crypto market. Therefore, users should exercise moderate caution, while staying away from frenzied panic.

MXC Maxis & Web3 Wave

Here’s a little friendly reminder on what to not miss out on. The MXC Maxis campaign is currently underway, with already many existing and new NEO miners who have claimed their stake in the limited edition MXC Maxis — topped up with Bitcoin inside. Those who have not yet participated should hurry, as only a few are available. Click here to claim your exclusive MXC Maxis, topped up with Bitcoin.

Another thing to not miss out on is the Web3 Wave, presented by MXC and MatchX. You are cordially invited to participate in the online live stream event to become an expert in existing technologies, have exclusive preview into upcoming products, and gain insight into what you can expect in the near future. Also, this is your unique opportunity to ask your questions directly to the team at MXC and MatchX and have them answered on the spot! You do not want to miss this. Click here to register for the event.