Cryptocurrency analyst, Saxo Bank Group
Summary: This week the entire crypto market cap fell by 8%, bringing the market cap to just under USD 280 bn. The SEC delays ETF decisions, and Binance schedules hours of maintenance. Meanwhile, Coinbase and Binance are preparing for the battle of the decade.
This week the entire crypto market cap fell by 8%, bringing the market cap to just under USD 280 bn. Ethereum and Bitcoin fell by about 9% each. It appears that bitcoin is heading for a re-test of USD 10k. Murad Mahmudov of crypto fund Adaptive Capital believes bitcoin to be in an accumulation band for a USD 100k price target in the future.
This Thursday, one of the largest exchanges by volume is set to undergo maintenance starting 2 AM UTC. Binance has stated that it will take six to eight hours for the upgrade. Once the update is complete Binance will resume trading 30 minutes after. Traders with margin positions are advised to look at their collateral balance before the maintenance period because the price could move against them during the downtime. Traders should be prepared for volatility during that time.
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