Bitcoin Reclaims $20K, Crypto Market Eyes $1 Trillion, Ethereum 2.0 Merge a Step Closer: This Week’s Recap

After losing it in June, the total cryptocurrency market capitalization has recovered to $1 trillion over the past seven days. According to CoinGecko data, the market capitalization stands at $998 billion as of the writing.

The rise in Bitcoin’s value played a large part in all of the above. The cryptocurrency has risen by 9% over the last week, and is now worth more than $20K. It currently trades at $21,300, a 3% daily gain. BTC even reached $22K on Friday for a short time, but the bears resisted the move and brought it down to the current level.

The overall market has also seen a surge. The Ethereum market is up about 14% over the last seven days. It is followed by the other top cryptocurrencies. BNB is also up 10%, just like Solana. XRP is behind ADA by 3.9% and 2.2% respectively.

Bitcoin’s dominance, which is the metric that measures its market share relative to the rest of it, increased by approximately 1% over the past week. This shows that primary cryptocurrency did better than altcoins.

Surprisingly, this increase is due to more bad news from industry players. Genesis Trading, another cryptocurrency lender, revealed that it is exposed to Three Arrows Capital, a bankrupt hedge fund.

This week, however, was another milestone in the integration of Ethereum 2.0. Sepolia, the protocol’s public testnet, was the second to implement the merge. This brings the whole protocol closer to transitioning into proof-of-stake, an event that is highly anticipated and sought-after by most of the community.

It remains to be seen how the market performs in the future. Bitcoin is currently trading in a significant resistance zone, which has previously caused its price to drop below $20K. It’s exciting for us to see how this time will play out.

Market Data

24H Vol: $86B
BTC: $21,502 (+9.6%) | ETH: $1,215 (14.9%) | ADA: $0.46 (2.7%)

These Week’s Crypto Headlines You Must See

Mt. Gox releases an update on the creditor rehabilitation plan. The exchange is working to repay its creditors. Some will be compensated in Bitcoin. The latest statement made this clear.

Another Crypto Lender Confirms Three Arrows Capital Exposure. Genesis Trading, a cryptocurrency lending company owned by Digital Currency Group, confirmed that it was also exposed to Three Arrows Capital (3AC), a bankrupt hedge fund. The CEO of the company revealed the consequences in a series tweets and explained how they intend to fight them.

Crema Finance Hacker Accepts Bounty, Returns More Than $7M of Stolen Moneys. After a successful negotiation, the hacker behind Crema Finance’s exploit has agreed to return the stolen funds. The stolen funds were returned to the Solana-based concentrated liquidity protocol with $7 million.

Elon Musk’s Boring Company will accept Dogecoin payments for loop rides. The Boring Company, one of Elon Musk’s companies, will accept Dogecoin (DOGE), payments for its Loop Rides. When they ride in Tesla vehicles, customers will be able pay with cryptocurrency.

Sepolia Testnet of Ethereum goes through a Merge Upgrade. Sepolia, Ethereum’s public testnet, has been upgraded to merge. This makes it possible for the protocol to change its consensus mechanism to proof of stake (POS) significantly.

Voyager Digital files for Chapter 11 bankruptcy after Suspending Withdrawals. Voyager Digital filed for Chapter 11 Bankruptcy in the Southern District of New York with two of its subsidiaries. The filing comes after Voyager Digital stopped withdrawals from its platform not too long ago.

Charts

We have this week a chart analysis for Ethereum, Ripple and Cardano. Click here to see the complete price analysis.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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