Crypto Market: Bitcoin Hits a Record Monthly Low
This week’s cryptocurrency market volatility is a result of Bitcoin reaching a record monthly low. As exchanges and whales attempted to offset liquidation losses brought on by a months-long crypto epidemic that started with TerraUSD, tensions between them increased.
Top Market Trends of the Week
- If a new law is implemented, the EU will oblige crypto asset service providers (CASPs) to gather data on transactions of any amount.
- In exchange news, Voyager Digital secured a 15,000 BTC strategic investment from Alameda esearch; CoinFlex had a token sale to pay off a crypto whale’s debt; and FTX was on the verge of agreeing to a $25 million buyout with BlockFi, which was valued at $4.8 billion a year ago.
- A KYC-free fiat onramp for buying $100k or less in Bitcoin through a Swiss supplier and accessible to 172 countries was developed by Thorchain (RUNE).
- After their most recent application for a spot Bitcoin ETF was rejected, Grayscale decided to sue the SEC.
Top 7-day Gainers
- UST +397.1%
- OMT +10.1%
- 10SET +10.1%
- SAND +7.7%
- AMP +5.8%
Top 7-day Losers
- SNX -30.0%
- WAVES -20.4%
- ZEC -19.8%
- BSV -19.3%
- AAVE -18.3%
Bitcoin’s Technical Summary
Sadly, this week witnessed a record we’d prefer not to mention: the lowest monthly candle in Bitcoin history, down about 40%. BTC fell below $19k in the middle of the week but rebounded slightly on Thursday night, ending the week up 1.2%. As diamond traders reached their pinnacle level of concern around centralized exchanges and upcoming rules, $2 billion more in Bitcoin deserted exchanges this week.
Since the most recent BTC price movement on June 30th, the price of Bitcoin has been seen to move in a manner resembling a symmetrical triangle. Keep an eye out for the breakout since it could go either way. This triangle might represent the movement for the next two weeks.
Bitcoin is in a unique position on the macro scale. This week’s sell-off ended June with a record-breakingly low monthly RSI. Support appears to be circling the 2017 ATH in the meantime, give or take a few percentage points.
Altcoin’s Technical Summary
The number of Ethereum (ETH) addresses holding at least 0.01 ETH has surpassed 23.3 million, and ETH 2.0 is currently home to 11.5% of the whole Ethereum supply, representing a value of over $25 billion. The largest ETH 2.0 staking pool, Lido, is staking 32% of that ETH, which has raised some eyebrows in the Ethereum community.
In other altcoins:
- Other altcoins saw the biggest token burn ever for Tether (USDT).
- The price of Optimism’s (OP) TVL doubled.
- CEL kept rising despite withdrawals being stopped and the platform considering filing for bankruptcy.
I hope you found this crypto market update useful!
Stay tuned for more information like this.