The cryptocurrency market experienced quite a difficult week, with quite strong drops in asset prices, which probably wiped out the gains made in previous weeks. Meanwhile, the Bitcoin Conference 2022 was held in Miami, presenting one of the new standards for the crypto world.

Cryptocurrencies had a somewhat tough week, following Bitcoin, after suffering a drop of around 10% compared to the price at which it was trading last Monday. However, the asset is still above the $40,000 support, so this stage of consolidation seems to hold for at least a few more days. This has significantly dampened investor optimism, with some speculating as high as $50,000, boosting much of the altcoins with it. Now it remains to be vigilant, since even more changes and movements in US monetary policy are expected, which could directly impact the short-term price of crypto assets.

Amid an uncertain market, the Miami-based Bitcoin Conference 2022 was held last week, which was opened by Miami Mayor Francis Suarez, who has already declared himself a cryptocurrency enthusiast. In his speech, he highlighted his position on the future of the White House, as he believes that the next US president should be “pro-Bitcoin.” Among the most important innovations that were announced, is Strike’s alliance with Shopify, NCR and Blackhawk Network, in order to allow customers located in the United States to make purchases and transactions with Bitcoin. In addition, Cash App, a payment service through a mobile device, will allow its users to invest part or all of their direct deposit payment checks in Bitcoin. Similarly, optimism in regulatory matters was present when the CEO of MicroStrategy, Michael Saylor, was enthusiastic about the executive order of the president of the United States, Joe Biden, for the regulation of crypto assets. Saylor mentioned that said order is practically the approval by the American government towards the cryptocurrency market. One of the most controversial events was the participation of PayPal founder Peter Thiel, who began offering $100 bills to random people at the event, in order to explain the difference between fiat money and cryptocurrencies. Subsequently, he questioned the public about his maximalism towards Bitcoin. But that’s not all, since in his speech as “Bitcoin champion”, he described the CEO of Berkshire Hathaway and one of the most influential businessmen and investors in the world, Warren Buffett, as a “sociopathic grandfather”, all this due to the criticisms that the same businessman made towards cryptocurrencies. In other news, Treasury Secretary Janet Yellen gave her point of view in a comprehensive speech on cryptocurrency regulation. She mentioned that regulation should be based on risks, not technologies, balancing the improvements that digital assets could offer to our payment system and the dangers they present. Bitcoin kicks off the week in a strong bearish move, trading around $40,880. Currently the asset is at a critical point, the support of $40,000, with which we can get an idea of what will happen in the short term with the largest cryptocurrency in the world. If it manages to breach this zone, we could see the asset’s price falling down to $36,000. BTC/USDT 1D (TradingView Chart). For its part, Ethereum is trading close to $3,000, defining its exponential moving averages of 100 and 50 periods, so it is approaching a support zone near $2,850, so we must be aware of its behavior in that area. ETH/USDT 1D (TradingView Chart). Despite the fact that we have lived through weeks full of uncertainty, the Bitcoin Conference has shown us that there is great potential for the cryptocurrency market in the future, each time with new projects and important enthusiasts in the world of business, finance and technology. Although it is necessary to be aware of the macroeconomic events that impact the price of crypto assets in the short term, there is no doubt that their long-term potential is surprising. Without further ado, we wish you an amazing week.