crypto news: Crypto Movement at a Glance: Bitcoin Hits $23,000; Merge the cards for Ether
Bitcoin started the week trading above the $23,000 level, but fell to $22,000 due to mounting pressure, the US Federal Reserve’s latest interest rate hike and ongoing tensions between China and Taiwan. However, bulls have managed to recapture the $23,000 krypton lost in its weekly gains.
The second largest cryptocurrency, Ethereum, fell to the $1,500 level in the middle of the week. It again reached the $1,700 level on Friday after a four-day consolidation. On a weekly time frame, ETH may not have gathered enough strength to make a sharp move. But a continued rise could take the price to resistance at the US$1785 level soon. Positive sentiment for Ethereum is expanding as expectations for the September merger. If this trend continues, we expect ETH to reach the $1,900 level in a few days. But a failure to close above $1,680 would weaken the bullish argument.
In an interesting twist, the largest crypto-ecosystem in the world, Binance, has announced the addition of XRP, Shiba Inu and Avalanche as means of payment with the Binance Card. As of now, it will only be available to residents of the European Economic Area and the Ukrainian refugees who have been granted asylum in those countries.
According to a survey by ‘The Balance’ published this week, nearly 39 percent of US investors are buying even more crypto as they look for new ways to invest and preserve their wealth as the economic situation becomes more uncertain.
In the latest indication of how more traditional investors are getting involved in cryptocurrencies, Coinbase announced a partnership with BlackRock to give the asset manager’s clients easier access to digital asset markets.
Block Inc reported a Q2 profit of $1.47 billion, but only $41 million of that came from BTC trading services. The company attributed this to market volatility and a lack of customer demand. The digital payments company, run by former Twitter CEO Jack Dorsey, saw its profit rise year-on-year (YoY) by 29 percent to $1.47 billion in the second quarter despite weak consumer demand and falling bitcoin prices.
Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst cryptos of the past week (data taken from Coinmarketcap as of 11:45 am ITS, August 7, 2022.)
Top 5 Crypto Winners of the Week:
1. Decred (DCR): 46% up
2. Flow (FLOW): 36% up
3. Trust Wallet Token (TWT): 20% up
4. Optimism (OP): 17% up
5. Quant (QNT: 17% up
Top 5 crypto losers this week:
1. Bitcoin Gold (BTG): Down 16%
2. Solana (SOL): Down 9%
3. Helium (HNT): 9% down
4. Convex Finance (CVX): Down 8%
5. Graphene (GRT): down 7%
(Edul Patel is the CEO and co-founder of Mudrex)
