ETH Spiked to 2-Month High, BTC Rejected at $24K (Market Watch)

After several days of low volatility, bitcoin soared to above $24,000 yesterday. However, it was rejected.

Altcoins saw impressive gains as well, with ETH reaching a new monthly record. However, most sit calmer now.

BTC Stops at $24K

Bitcoin ended July in the green, its first positive month since February. In a matter days, it began to retrace and fell from $24,000 to $22,500.

The asset hit the previous low on August 4. However, it bounced back quickly and was back at $23,000. It remained calm and stayed at that level for the next few days without making any major moves.

After a relatively quiet weekend, BTC took the initiative and shot to a daily peak of $24,250 (on Bitstamp).

The bears stopped it there and have brought it down to under $24,000 at the moment. Its market cap is still above $450 billion.

BTCUSD. Source: TradingView

Bitcoin News

Matt Corallo, an early BTC developer who is also a Blockstream co-founder, believes that bitcoin maximalists need to change as the industry changes.

Glassnode’s most recent report stated that BTC derivatives and ETH derivatives are finally gaining traction following the recent price drops.

ETH’s New Local Peak

Yesterday saw price increases in altcoins, with the largest leading the charge. Ethereum was trading at $1,650 these days, but it experienced a significant rise that took it to $1,800.

This was the asset’s highest-priced asset in just two months. The asset’s price has fallen slightly and is now below $1,800.

Binance Coin also reached a two-month high yesterday. It now stands at $323, after a slight daily decline. Cardano and MATIC, as well as Ripple, Cardano.

The two largest memecoins, Shiba Inu and Dogecoin, have seen insignificant gains.

The total crypto market cap is now at $1.1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

Industry News

Another cryptocurrency mixer was approved by the US Department of the Treasury – Tornado Cash.

Greg Dwyer, the former head of BitMEX’s business development, pleaded guilty for violating bank secrecy laws.

Mark Cuban believes that the upcoming Ethereum to PoS transition (known as the Merge), could be a sell the news event.

CryptoPotato’s first post, ETH Spiked at 2-Month High, BTC Rejected At $24K (MarketWatch), appeared first on CryptoPotato.

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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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