The volatility of bitcoin’s trading week has subsided and bitcoin now sits at close to $23,000 ETC is one of the few exceptions to the rule. Most altcoins are in the red daily. Ethereum Classic has been one of the top performers over the past week with a huge 55% increase.
Bitcoin Calms at $23K
The bitcoin bulls arrived in town to remind people of their strength after the price dropped below $19,000 on July 13. They helped BTC recover all its losses in a matter of days and drove it to $20,000 by the weekend.
The asset saw impressive gains on Saturday and Sunday, with Monday’s close at $22,000. The bullish trend continued over the next few days, with the asset reaching $22,000 on Monday. This was the highest cryptocurrency price in well over a year.
It was discovered that Tesla had sold its majority of its BTC holdings during Q2, but bitcoin fell almost $2,000. It bounced back yesterday to just above $23,500
It is currently at $23,000, but it has lost some ground. Its market cap is now $435 billion. The dominance of the alts has fallen to 41.7%.
BTCUSD. Source: TradingView
Notable Bitcoin News
SkyBridge Capital’s Anthony Scaramucci acknowledged that he was bullish on the long-term but regretted placing too much money on Bitcoin for the short-term.
3AC’s founder spoke out, pointing out that BTC’s plunge to $20,000 was the last nail in the coffin of the hedge fund.
ETC wins the Show
The declining BTC market dominance has led to the outperformance of most altcoins in the last week.
The price rises were led by Ethereum. It was struggling to stay above $1,000 10 days back, but it soared more than 60% over the next few days and reached a multi-month high north of $1600. ETH is currently just below that level and has a slight retracement.
Red has overtaken Ripple and Cardano as Solana, Cardano, Solanas, Dogecoins, Dogecoins, Polkadots, Shiba Inu and MATIC have all been retraced.
Ethereum Classic is one of the rare exceptions. ETC trades at $27 and is up 5.5% per day, 55% per week, and more than 55% in a single day.
Cryptocurrency Market Overview. Source: Quantify Crypto
According to Taiwan’s Financial Supervisory Commission, locals were prohibited from buying cryptocurrencies with credit cards.
South Korean authorities raided Daniel Shin’s residence, one of the co-founders Terraform Labs.
Coinbase was attacked by the SEC for alleged security listing, but both the exchange and the CFTC disagreed with the securities regulator.
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