Crypto Market Update
Crypto

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.

Short-term BTC

Bitcoin 2-hour Chart

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.

Long-term BTC

Bitcoin 1-week Chart

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.

Last Note

I hope you found this crypto market update useful!

Stay tuned for more information like this.


Leave a Reply

Your email address will not be published.