Bitcoin maintains $ 20,000, Ethereum merger on track for September, Celsius bankruptcy: This week’s crypto summary

The total cryptocurrency market was again below $ 1 trillion after losing over $ 30 billion in the last seven days. But on the bright side, BTC managed to maintain itself above $ 20K, while the Ethereum ecosystem also received some good news.

As of Bitcoin, the cryptocurrency has fallen around 3.7% in the last week and is currently found just under $ 21,000. This time last week it traded for almost $ 22,000, but it failed to stay there and had lost over $ 3K of value on Wednesday when the Bears managed to take the price down to $ 19K and even below it very short.

This is when the bulls took control and have since recovered around 10%, pushing the price to where it currently stands at around $ 20,800. That said, Bitcoin’s dominance – the calculation that measures the share in relation to the entire market – is down 1 % in the last week, which means that altcoins did better in comparison. Although Ethereum is down 1.2%, it is up over 8% in the last 24 hours alone after another successful shadow fork took place, bringing the network one step closer to Ethereum 2.0.

The merger, which is often referred to (because Ethereum will merge against a proof-of-stake consensus algorithm), is set to take place in September this year. This was suggested by developers, but the schedule wWeek was set as “soft”, and can not think that changes can happen.

Elsewhere, the troubled cryptocurrency lender Celsius Network became the latest in the world’s Chapter 11 bankruptcy proceedings. This happened weeks after it froze users’ accounts, essentially locking them out of their money.

The rest of the cryptocurrency market is largely in the red, although the declines vary. Dogecoin is down 10.8%, but Polygon is on the other hand the most obvious deviation as it rose by 23% during the week on the news of the collaboration with Disney.

It is still particularly interesting to see how the market will take shape in the coming weeks and whether the bears have another big leg in them.

Market data

Market value: $ 976 billion | 24H Vol .: $ 114B | BTC dominance: 40.8%

BTC: $ 20,654 (-3.7%) | ETH: $ 1227 (-1 / 2%) | ADA: USD 0.43 (-8.3%)

This week’s crypto headlines you can not miss

Twitter is suing Elon Musk for withdrawing from the $ 44 billion Bitcoin hall. Twitter has taken legal action against the world’s richest man – Elon Musk. The reason is that Musk terminated the agreement to buy the social media giant a few days ago, and the company is now trying to force him to close the acquisition agreement.

Ethereum jumps 8% as Latecryptocurrency’sFork GoeKazakhstan’sreum’s 9th shadow fork went live in the morning hours of 15 July. This also marked one of the final test stages before the merger against a Proof-of-Stake consensual algorithm and the long-awaited Ethereum 2.0.

Arthur Hayes expects the US to start printing again, bullish on Bitcoin. BitMEX co-founder Arthur Hayes believes the US Federal Reserve could soon start printing money again if the dollar continues to strengthen against international currencies. He also thinks this is bullish for Bitcoin.

JP Morgan: Bitcoin’s 50% reduction in production costs could hurt the price further. Multinational investment bank JP Morgan says the cost of producing a BTC has dropped from $ 24,000 to $ 13,000 in a single month. The bank’s analysts also believe that this could have a negative impact on the price of the cryptocurrency.

Kazakhstan’s new law imposes higher tax rates on crypto miners. Kazakhstan – one of the countries where Bitcoin mining has become prominent – introduced new rates for the taxation of cryptocurrency miners. They would now have to pay increased prices related to the electricity consumed by them.

Adoption: Saudi Arabian crypto investors doubled over 6 months (survey). According to a recent KuCoin survey, interest in and use of cryptocurrencies in Saudi Arabia is increasing. The report found that 76% of crypto investors over there had less than a year of trading experience.