New MiCA regime in Europe, U.S. jobs report for June: Crypto Week Ahead

Your look at what's coming in the week starting June 29.
This is an AI-generated summary. ShortSingh links to the original source for the complete article.

Your look at what's coming in the week starting June 29.
This is an AI-generated summary. ShortSingh links to the original source for the complete article.
Bitcoin edged up 0.6% to approximately $59,800 at the start of the week, remaining below the key $60,000 threshold. Solana outperformed with a 2% gain during the same period. Despite the modest price recovery, derivatives market data and technical chart patterns suggest further downside risk may lie ahead. Traders and analysts are closely watching the coming days as the crypto market braces for potentially decisive price action.

European Securities and Markets Authority (ESMA) has directed unauthorized crypto-asset service providers to begin an orderly wind-down of their operations. The warning comes as the transitional period under the Markets in Crypto-Assets (MiCA) regulation officially expires on July 1. Firms that have not obtained the required license under the new framework are no longer permitted to operate legally within the European Union. MiCA, one of the world's most comprehensive crypto regulatory frameworks, has been gradually phased in to give businesses time to comply.

Bitcoin is currently trading below several important technical and on-chain valuation benchmarks, raising concerns among analysts. Historical bear market patterns are being cited as a reference point for where the cryptocurrency may find its next meaningful floor. Based on these patterns, some analysts suggest a potential bottom could form near the $45,000 price level. The drop has left Bitcoin in uncertain territory, with no strong nearby support levels to arrest further declines.

The Bank for International Settlements (BIS) has raised concerns about stablecoins in its latest annual report. The report argues that stablecoins function more like exchange-traded funds than traditional money. BIS warns that this structural characteristic introduces foreign exchange risks into the financial system. The findings are part of a broader analysis that also examines emerging artificial intelligence trends in finance.

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