Weekly Crypto Digest_July, 11
Bitcoin moved sideways after briefly hitting $59,000, stabilizing at $57,000, while Ethereum rose above $3,100 before settling.
Bitcoin has plunged 15% over the past month, with many market observers blaming the selling pressure from bitcoin mining operators, Mt. Gox refunds, and most recently, the German state of Saxony.
Greg Cipolaro, head of research at NYDIG, said that the case for these catalysts behind the major price decline has been overstated. Over the past weeks, investors have been fixated on transfers related to Bitcoin addresses linked to the estate of the defunct exchange Mt. Gox, the U.S. government, and the German state of Saxony, sparking fears about imminent sales of the over $20 billion worth of stash these three entities held combined.
Bitcoin briefly spiked beyond $59,000 in the early hours before retreating to the $57,000 zone. Bitcoin has been on a month-long downtrend, making a complete U-turn from the $70,000 level hit in June. Bitcoin’s Open Interest rose marginally by 0.73%, mirroring the price trajectory, while Ethereum’s OI soared by 2.22%. This indicated an influx of new money into the derivatives market. Nearly 60% of the market was bullish on Bitcoin, with 26% having a negative view. About 15% of traders were neutral, according to Coinglass.
Ethereum also rose above $3,100 during early trading hours, only to pull back and stabilize in the 3,000s.
BTC/USDT Chart (1H)
Most of the top 10 digital assets by capitalization ended the week in the green zone. Main gainers were SOL (+5.98) and Solana-themed meme coins.
The global cryptocurrency market cap today is $2.26 Trillion, a 1.92% change in the last 24 hours and 83.47% change one year ago. As of today, the market cap of Bitcoin is at $1.15 Trillion, representing a Bitcoin dominance of 50.84%. Meanwhile, Stablecoins’ market cap is at $163 Billion and has a 7.19% share of the total crypto market cap.
📊Half Of Cryptocurrency Investors And Observers Maintain An Optimistic Outlook, Survey Reveals
-A recent survey conducted by CoinGecko over the past two weeks involving 2,558 participants revealed that only about half of cryptocurrency investors and observers hold an optimistic view of the cryptocurrency market.
🏦US Federal Reserve Chairman Discusses Impact of SAB 121 on Digital Asset Custody
-This directive requires banks to include digital assets held in custody in their balance sheets, significantly increasing the cost of providing digital asset custody services.
💡Hong Kong Aims to Become Global Leader in Tech Innovation and Virtual Assets
-Xia Zhuoling, partner and Asia chairman at Mayer Brown, urged Hong Kong to become a global hub for technological innovation in financial services, highlighting its potential in virtual assets, blockchain, and Web 3.0.
💼Traditional Financial Giant Franklin Submits Ethereum Trust Application to SEC
-Franklin has submitted an 8-A12B application for its Ethereum trust, known as Franklin Ethereum Trust, to the U.S. SEC.
🎵Canadian Musician Drake Loses Big Bitcoin Bet Following Copa America Semi-Final
-Canadian musician and actor Aubrey Drake Graham, popularly known as Drake, lost a significant Bitcoin bet following Canada’s defeat by Argentina in the Copa America semi-final.
💸Significant Capital Flows Noted in Cryptocurrency Funds
-Grayscale GBTC saw a net outflow of $8.2 million, while Franklin EZBC, Ark ARKB, and Bitwise BITB experienced net inflows. Franklin EZBC led with $31.7 million, followed by Ark ARKB with $5.7 million and Bitwise BITB with $4.7 million.
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