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Bitcoin returns below $ 23,500

After reaching his highest level since June, Bitcoin (BTC-USD) reversed again to hit weekly lows as the Federal Reserve released excerpts from its July meeting suggesting interest rate hikes could trigger a recession in the United States. The report of the meeting of the Federal Committee on the Open Market from July 20 to 27 revealing that political decision-makers concerning interest rates are too aggressively, the value of the BTC, which was already linked, has slipped nearly 4% at the $23,500 mark.

Adding to the pressure on Bitcoin, the latest data from CoinShares highlighted that institutional outflows are on the rise. While a large capital inflow was signaled in July, the trend quickly changed direction this month. Last week, the total BTC outings amounted to $ 21 million – the highest amount since the beginning of the month.

Meanwhile, a report from Arcane Crypto shows that BTC miners dumped around 14,600 BTC in June and another 6,200 in July, contributing to BTC’s struggle to maintain its latest uptrend.

Altcoin Momentum decelerates

Following the example of Bitcoin, the Altcoin market posted mediocre performance in the last seven sessions, most of them backwards after gaining ground in the previous weeks. Ethereum (ETH-USD) the rally stalled this week, with ETH falling 2%, mostly in response to FOMC minutes.

That said, the ETH has exceeded BTC in terms of open interest in options for the very first time, marking an important step while the community is preparing for merger.

Among the top ten altcoins, Solana (SOL) fell around 6.7%, taken up by the nearly 6.4% drop in Binance (BNB). Additionally, Polkadot (DOT) lost its place in the top ten rankings by market capitalization after falling 9.80%. The sudden drop unfolded after the algorithmic stablecoin Acala Dollar (aUSD) lost its peg. After the announcement of the news that pirates struck 1.28 billion ausd tokens on the Acala network – Polkadot’s Hub DEFI – The DOT price recorded a sharp drop.

Other important altcoins such as Avalanche (AVAX), Near Protocol (Near), Apecoin (APE) and Elrond (EGLD) also recorded two -digit drops this week.

The same lead this week’s rally

Despite the pullback impacting the broader market, DOGE and SHIB memecoins outperformed their peers, with DOGE reclaiming its position as the tenth-largest cryptocurrency by market capitalization. DOGE and SHIB values ​​increased by approximately 13.00% and 19.00%, respectively, over the last seven sessions.

The Dogecoin community has launched a new layer 2 solution, Dogechain, allowing users to connect their DOGE and use it for DEFI, NFT and other activities. This new development was the main catalyst for sudden dynamic upwards.

By comparison, a steady increase in the accumulation of whales and the number of SHIB holders has played a key role in SHIB’s continued appreciation in value. According to the latest FINBOLD data, the number of SHIB holders has now reached 1.208 million, with more than $ 1.5 billion added to the market capitalization of the same in last week.

However, the biggest winners of this week were the less known altcoins Chiliz (CHZ) and Ankr (ANKR). CHZ increased by almost 45.3 % this week while the news of the SCOVILLE TESTNET for Chiliz Chain 2.0 has gained ground. The impressive gain of 32 % of Ankr this week intervened after the introduction of the awards of clearing ankr tokens and the investment of $ 500 million in Binance Labs to extend the multi -hole infrastructure of Ankr.

Celsius rebounds, crypto.com secures the British license, and more

Investors still clamoring for funds that can’t be withdrawn, a new bankruptcy report filed by Celsius on Aug. 14 shows the troubled crypto platform’s actual debt is nearly $2.85 billion, in contrast to Previous allegations of the company with a deficit of $ 1.2 billion. However, in less than 24 hours, the bankruptcy judge approved the last Celsius request to start the extraction and sale of BTC. Once the news has been announced, the native token of Celsius, Cel, immediately jumped, climbing almost 15.9 % this week.

In the meantime, Crypto.com has finally obtained the license for “certain activities of cryptographic assets in the United Kingdom” from the Financial Conduct Authority (FCA) of the country earlier this week. The license was acquired under the British trade name of Crypto.com tox Dax UK Limited, granting the platform more privileges to operate within the country’s borders.

Finally, in the adoption dynamics of emerging markets, the main Brazilian brokerage company XP INC has launched its new crypto trading platform, XETage, helping its more than 3.6 million Brazilian customers to access the Crypto market . Initially, XTAGE users will only be able to trade BTC and ETH, with the platform planning to add support for other cryptocurrencies in the coming months.

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