Your Cryptocurrency Summary: Ethereum Classic Rises + 55% Per Week, Bitcoin Stagnates At $ 23,000





After a week of very volatile trading, bitcoin calmed down at the beginning of the weekend and is near $ 23,000. Most altcoins are slightly in the red on a daily scale, with ETC being one of the few exceptions. Ethereum Classic is also one of the best performers from last week, with a whopping 55% rise.

Bitcoin calms down to $ 23,000

After hitting a bottom below $ 19,000 on July 13, bitcoin bulls have come to town and have drawn their strength. See the article: GALA cryptocurrency just jumped 20% – is it time to buy Gala Games cryptocurrency?. Within days, they helped BTC recover its most recent losses and pushed it over $ 20,000 until last weekend.

On Saturday and Sunday, the asset posted even more impressive gains and entered above $ 22,000 on Monday. The bullish trajectory continued over the next few days, culminating in a jump above $ 24,000 on July 20. This price became the highest of the crypto-value for more than a month.

However, when it became known that Tesla had sold most of its BTC holdings in the second quarter, bitcoin withdrew and fell nearly $ 2,000. However, it rebounded just above $ 23,500 yesterday.

However, it has lost ground and is currently just under $ 23,000. Its market cap dropped slightly to $ 435 billion and its dominance of others dropped to 41.7%.

Notable bitcoin news

Although it remains bullish over the long term, SkyBridge Capital’s Anthony Scaramucci admitted it was a mistake to bet big on BTC in the short term. This might interest you: What is Crypto Mina (MINA)? Overview, price, review and forecast for 2022.

The 3AC founder finally spoke up and noted that BTC’s drop to $ 20,000 was the final nail in the coffin for the hedge fund.

ETC steals the show

Most altcoins outperformed bitcoin last week, which is evident from the decline in BTC’s market dominance. This might interest you: Bitcoin: too early to buy? What will BTC’s “bottom” be?.

Ethereum has been at the forefront of rising prices. It struggled to stay above $ 1,000 10 days ago, but soared over 60% over the next few days and hit its multi-month high north of $ 1,600. At the moment, ETH has retreated slightly and is just below this level.

On a daily scale, red took over as Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu and MATIC all retired.

Ethereum Classic is one of the rare exceptions. ETC is up 5.5% in one day and over 55% in one 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 for alleged security listings, but the stock Exchangeas well as the CFTC, they disagreed with the securities regulator.

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Thomas E.
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