Crypto Week at a Glance: Bitcoins Regaining Steam; Dubai looks to crypto to be the capital
Bitcoin (BTC) was down more than 71 percent from its all-time high by touching its lowest since July 12 as investors moved away from the riskier assets. One of the reasons for the downward trend may be due to the long US Labor Day weekend.
But the market started to show some signs of recovery on Thursday and scaled up aggressively on Friday. BTC rose by almost 10 percent and reclaimed its $21,000 position. This means that buyers are now ready for the medium-term upswing. If bulls can hold BTC above $20,575, we could also see it trade above the $22,400 level soon.
The second largest cryptocurrency, Ethereum (ETH), continued to trade sideways, extending last weekend’s stability into the early week.
On Friday, following the rise of BTC, ETH also rose by 5 percent. The crypto has made a false breakout of the local top of $1,745. If ETH can hold above the vital $1700 level, we can expect it to reach $1800 and then $2000 could be on the cards.
Overall, the last working day of the week has turned out to be bullish for the crypto market as most cryptos continue to trade in the green zone.
As the US Federal Reserve signals a reversal from monetary tightening to easing in 2023, when it will cut interest rates, this news has given traders and investors some hope.
In an exciting twist, in the largest crypto ecosystem in the world, the Japanese government has become the first to reward its local officials with NFTs. The government has awarded NFTs to local authorities for their excellent work, which used digital technology to solve local problems.
MicroStrategy (MSTR), a software developer that grew into a bitcoin vault, plans to sell $500 million of its shares to buy crypto. A filing on Friday with the US Securities and Exchange Commission has revealed that the stock offering will be for general corporate purposes, including the acquisition of bitcoin. This supports the plan of Michael Saylor to turn the company into a crypto proxy.
On the other hand, Blockchain.com has been approved to operate in Dubai. A London-based exchange has signed a contract with Dubai’s Virtual Assets Regulatory Authority for this.
In July, the award revealed the Dubai Metaverse Strategy, which welcomes more than 1,000 firms to the city to create more than 40,000 crypto jobs by 2030. Blockchain.com joins the ranks of several prominent crypto firms such as FTX, OKX and Crypto.com.
Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst performing cryptos of the past week:
Top 5 Crypto Winners of the Week:
1. Terra (LUNA): 250% up
2. Ravencoin (RVN): 90% up
3. TerraClassic (USTC): Up 86%
4. Terra Classic (LUNC): 62% up
5. Cosmos (ATOM): 30% up
Top 5 crypto losers this week:
1. Chilliz (CHZ): down 9%
2. Unus Sed Leo (LEO): Down 8%
3. Nexo (NEXO): 8% down
4. Axis Infinity: 4% down
5. 1 inch mesh (1 inch): 3% down
Note: Data only includes top 100 crypto tokens and coins from coinmarketcap.com as of 18.45 on 9 September 2022
(The author is
CEO and co-founder of Mudrex)
