Tesla Sold 75% of BTC Holdings, Crypto Market Reclaims $1T, Ethereum Merge 90% Complete: This Week’s Recap

The last seven days have been very exciting and, thankfully, the week ended in green. The current total cryptocurrency market capitalization is $1.1 trillion. It has reclaimed the $1 trillion mark. This is due to significant increases in the market.

The cryptocurrency has seen a 14% increase in the past seven days, starting with Bitcoin. BTC trades for around $23,500 at the time of writing. This is an increase of 4.5% per day. It was at $21K last week. Since then, it has risen mainly. On Wednesday, the price reached a new weekly high of $24K.

However, Tesla disclosed that it had sold 75% of its Bitcoin purchases to fiat currency during the quarter’s earnings reports. This shook the market and sent the price plummeting to $22K. The dump was contained by the size of the news. This reinforces the belief that there is a continuing recovery rally.

Vitalik Buterin, an Ethereum-oriented conference in Paris, revealed that the work on the Ethereum 2.0 merger is 90% complete. This will effectively end Proof of Work and allow it to transition to Proof of Stake – a move which will significantly decrease the emittance rate of the protocol as well as the supply hitting the market.

The market’s rest is also green. Binance Coin (BNB), is up 13.2%; ADA – 13.5%, SOLO – 15.6%; DOT – 14.6, SHIB 14.3%, MATIC 25%, and so on.

It will be interesting to see what the week brings. The Fed’s July meeting is set for the 26th-27th. They are expected to announce another rate increase to curb inflation.

Market Data

24H Vol: $114B
BTC: $20,654 (-3.7%) | ETH: $1,227(-1/2%) | ADA: $0.43 (-8.3%)

These Week’s Crypto Headlines You Must See

Coinbase Former Product Manager Charged with Insider Trading The US Department of Justice has accused a former Coinbase product manger of insider trading. This is a first in the cryptocurrency industry. He was accused of selling coins during hype and giving out information about coin listing.

Lummis Gillibrand Crypto Bill Likely To Remain on Backburner This Year. The back burner has been given to one of the most innovative cryptocurrency regulation proposals. The US policymakers seem to be continuing to procrastinate when it comes time for clear laws in the sector.

In Q2, Tesla sold $936 million of its Bitcoin Holdings. The Q2 2022 earnings report released this week shows that Tesla has sold nearly all of its Bitcoin holdings into fiat currency. About 75% of the company’s purchases were converted into fiat.

Coinbase had no exposure to Voyager, 3AC, or Celsius. Coinbase, the largest cryptocurrency exchange in America, was not exposed to Voyager or Celsius. In a blog post, the company stated that these entities were not at risk.

Minecraft Creators will no longer support in-game NFTs. Minecraft, one of the most loved computer games, will no longer support non-fungible tokens in-game. According to the company behind it, NFT support could cause division in their community. This is not something they want to allow.

Polygon Launches the zkEVM Scaling solution for Web3 Adoption. Polygon has launched the zero-knowledge Ethereum Virtual Machine, an Ethereum layer-2 scaling solution. This new Ethereum-equivalent scaling solution takes advantage of zero knowledge proofs to increase scalability.

Charts

We have a chart analysis this week of Ethereum, Ripple and Cardano. Click here to see the full 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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