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Dive into this week's pulse on cryptocurrencies::

Bitcoin and Ethereum Prices: The market has entered a consolidation phase, setting the stage for potential gains in altcoins such as NEAR, APT, RNDR, and MKR. Despite a weekend sell-off that saw Bitcoin's price tumble, bullish sentiment remains with the $60K mark eyed as a critical support level.

El Salvador's Bitcoin Strategy: In a significant move, El Salvador has reportedly transferred $400 million worth of Bitcoin to cold storage, signaling a more substantial investment in the cryptocurrency than previously disclosed. This action underscores the country's continued commitment to Bitcoin, reinforcing its pioneering stance on cryptocurrency adoption.

Market Dynamics and Sentiment: The current market sentiment is one of caution, with traders bracing for potential drops to the $60K support level amid a notable liquidation event. This cautious stance is reflective of the broader anticipation of macroeconomic risks that could impact the cryptocurrency market.

Technological Developments: The introduction of ERC-6551 represents a significant technological milestone, enabling NFTs to act as smart contract wallets. This advancement could significantly impact the utility and market dynamics of NFTs, opening new possibilities for their use and integration within the broader blockchain ecosystem.

Regulatory and Legal Updates: The cryptocurrency space continues to be shaped by regulatory and legal developments, including the ongoing legal proceedings against Sam Bankman-Fried, which could have far-reaching implications for market sentiment and regulatory frameworks globally.

Institutional and Retail Investment: The evolving landscape of crypto investment, highlighted by the introduction of Bitcoin ETFs, offers new opportunities for both institutional and retail investors. This development could enhance market liquidity and volatility, further integrating cryptocurrencies into mainstream financial markets.

Not posting much.

China GDP growth slowing, FED hikes, housing recession, energy crisis, UK PM,..

BTC situation reminds a lot of 2018, 6000 floor. Bounces getting weaker and weaker.

Nobody has a clue about next move.

It looks like there are no safe assets left.

For decades simply owning assets generated nice returns. Probably everything will change. Active asset management will be crucial. There are just to many macro shocks in motion.

Staying in USDC for now.

$BTC update.

People are entering, but the price is not growing. We see that in open interest rising again, the price is declining, and funding is not yet negative enough.

Right now, the 50 million to Tether treasury we wrote is in play.

To keep inflation under control, the Fed must take several actions. Simultaneously, so that there isn't a complete collapse of all markets, resulting in deflation. Another issue is that inflation normally declines 18 to 2 years after measures are implemented. 

Patience has certainly paid off for now. With BTC's behaviour, ALTs setups are risky. According to the Fear & Greed index, markets are experiencing "severe fear." Many people are turning to stable coins as a result. Today's daily stable coin transfer volume reached $57 billion.

$BTC update.

Another 50 million. So there'll be more chopping and pulling back.

Many ALTs are trading near solid support, but a greater decline is probable below this level. It is preferable to lose a small amount of money than to lose a significant sum of money.

It says a lot that BTC only bounced to 48k area.

Closed some positions.

$BTC update.

There is just too much scare tactics, we have negative funding. This could be 30k moment in July, followed by the 40k moment in September. 

Because we know the potential is much, much larger, we risked another 10% of USDC by DCA entering in BTC yesterday. With financing negative across the board, retail is selling into the lows ahead of the FOMC meeting.

It is hard to believe they'll change the conditions at central banks overnight. The entire financial system is on the verge of collapse, and they'll drag as long as they can. 

Bids are being placed on Bitfinex. Perhaps for the purpose of purchasing the news.

(Picture credit: Zen)

At the very least, the fact that we will most likely find out which market we are in on Wednesday is a plus.