Crypto week at a glance: Brazil approves crypto regulation bill amid bull and bear battle

The global crypto market has shown some signs of recovery this week, with most cryptocurrencies trading sideways. It suggests a fierce battle between bulls and bears to dominate the market.

However, the bulls have been trying to keep up the momentum. Bitcoin was trading between the $16,800-$17,400 level, with the bulls trying to hold above the $17,000 level for the past 7 days. When it reached $17,424, the bulls could not hold it for long. Quick support for Bitcoin at $17,100, $17,280 and then resistance at $17,400. If it fails to clear this resistance, a new bear reaction is likely.

On the other hand, Ethereum traded above $1,200 as whales and sharks continued to add to their holdings. Further upside is only possible if the price reaches around $1,300 and stays there. If momentum allows, an additional target of $1,348 would indicate that this is the relief rally that ETH holders have been waiting for. The bulls have managed to prevent further losses, and the price is rising slowly.

In a dramatic move, Brazil’s Congress has passed a bill to regulate crypto. It is one of the first countries to take a step to protect the interests of retail investors, thus increasing the adoption of crypto among the mainstream population.

After the latest update goes live, Ethereum Core developers will be able to withdraw their ETH holdings in March 2023. With this update, users will be able to claim Share Ether and applicable rewards after the update goes live.

Software development company Ave Companies has announced that it has acquired San Francisco-based Metaverse developer Sonar, a platform where players can build worlds and interact with user-created locations using NFTs (Fungible Tokens). The company plans to build other Web3 consumer applications that will launch early next year.

Apple Inc. has made an announcement that may seem small, but it provides end-to-end encryption for user backups with iCloud storage service. The move is yet to help normalize online financial privacy for the crypto industry.

When it comes to price action, among the top 100 cryptos by market cap, here are the best and worst performing cryptos over the past week.

Top 5 crypto earners of the week:

1. Axie Infinity (AXS): Up 21%.

2. Stacks (STX): 15% up

3. EOS (EOS): 12% up

4. Synthetix (SNX): 10% up

5. Graph (GRT): 9% up

This week’s top 5 crypto losers:

1. Chiles (CHZ): 10% down

2. 1 inch network (1INCH): 9% reduced

3. Aptos (APT): 9% decreased

4. ImmutableX (IMX): Down 8%

5. Celo (CELO): decreased by 7%

Note: The data only includes the top 100 crypto tokens and coins from coinmarketcap.com as of 11:30 a.m. on December 11, 2022.

(Edul Patel is the CEO and Co-Founder of Mudrex)