Ethereum Classic Rises 55% Weekly, Bitcoin Stalls at $23K (Weekend Watch)
After the highly volatile trading week, bitcoin has calmed down as the weekend started and is close to $23,000. Most altcoins are slightly in the red on a daily scale, with ETC being among the few exceptions. Ethereum Classic is also one of the best performers of the past week, with a massive 55% increase.
Bitcoin Calms at $23K
After bottoming below $19,000 on July 13, the bitcoin bulls came to town and reminded of their strength. In just a few days, they helped BTC recover its recent losses and pushed it beyond $20,000 as last weekend approached.
Saturday and Sunday saw more impressive gains from the asset, and it entered Monday above $22,000. The bullish path continued in the following days, culminating in a rise above $24,000 on July 20. This was the cryptocurrency’s highest price point in well over a month.
When it became known that Tesla had sold most of its BTC holdings in Q2, bitcoin retreated and fell by almost $2,000. Still, it bounced off yesterday to just over $23,500.
As of now, however, it has lost some ground and currently sits just under $23,000. Its market cap has fallen slightly to $435 billion, and its dominance over the alts is down to 41.7%.
Notable Bitcoin News
Despite remaining bullish on the long term, SkyBridge Capital’s Anthony Scaramucci admitted that it was a mistake to bet big on BTC in the short term.
3AC’s founder eventually spoke out, noting that BTC’s fall to $20,000 was the final nail in the coffin for the hedge fund.
ETC steals the show
Most altcoins outperformed bitcoin in the past week, as evidenced by the waning BTC market dominance.
Ethereum was at the forefront of the price increases. It struggled to stay above $1,000 10 days ago, but rallied more than 60% in the following days to hit a multi-month high north of $1,600. As of now, ETH has regressed a bit and is just below that level.
On a daily scale, red has taken over as Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu and MATIC have all retreated.
Ethereum Classic is among the few exceptions. ETC is up 5.5% in a day and over 55% in a week and is trading above $27.
Industry news
Taiwan’s Financial Supervisory Commission (FSC) has reportedly banned locals from buying cryptocurrencies with credit cards.
South Korean authorities raided the residence of Daniel Shin – one of the co-founders of Terraform Labs.
The SEC attacked Coinbase over alleged security breaches, but the exchange, as well as the CFTC, disagreed with the securities regulator.
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