US Recession Woes, Fed’s Rate Hike, Bitcoin at $24K, ETH Pushing for $1.8K: This Week’s Crypto Recap

As the majority of cryptocurrency is green, the market has seen a significant increase in its capitalization over the past seven days.

The common metric used to measure Bitcoin’s dominance relative to the market is its share. It has declined slightly over the past seven days which means that the primary cryptocurrency did not fare as well than altcoins. BTC is actually up 4.5% over the past week, while ETH is up 10.4%.

BTC managed to regain the $24K mark and is trading slightly higher than it. Halfway through the week, the cryptocurrency fell below $21,000, but the bulls rallied and staged a rebound, pushing it towards its current levels.

Altcoins are clearly doing better. Ethereum is seeing gains of upwards to 10% which is pushing the ecosystem forward. One of the best examples is Optimism, its layer two scaling solution. The native coin (OP), saw a nearly 100% increase in value before it retraced to the current trading level. ETH has now reached the $1.7K mark, but all eyes are now on the $1,800.

BNB is up 9.6%; Cardano is up 6.8%; Polkadot up 10% and so on. Major cryptocurrencies are in the green.

This is interesting because it comes after news of a second consecutive period of negative GDP growth in the US. Although technically this is considered a recession, US politicians insist that the economy is not in recession. The Fed raised interest rates with 75 bps this time, slightly lower than the 100 bps expected, which was well received by the cryptocurrency market.

One thing is certain: We are in for some exciting weeks and even months.

Market Data

24H Vol: $152B
BTC: $24,120 (+4.5%) | ETH: $1,730(+10.4%) | ADA: $0.53 (+6.8%)

These Week’s Crypto Headlines You Should Not Miss

What is the Merge? The Transition to Ethereum 2.0: What You Need To Know. One of the most anticipated events in the world cryptocurrency is the Merge. It will mark Ethereum’s transition to a proof of stake-based consensus algorithm. It contains everything you need to know.

This Metric shows that Bitcoin is not yet out of the woods. This Metric shows that Bitcoin is not yet out of the woods despite its recent recovery. This is according the Whales Exchange Ratio, which tracks large amounts of money that are inflows or outflows to exchanges.

Crypto Markets rally on President Biden’s Redefined “Non Recession.” The US Government reported two quarters of negative GDP growth. This would indicate that the country is currently in recession according to most definitions. These statements have been refuted by politicians who even suggested that it is not the definition for a recession.

The World is in Recession: What Does it Mean for Crypto? The question of how the massive inflation and recession continue to impact the global economy is still open. It seems that cryptocurrency has remained relatively resilient, particularly in the last few weeks.

There are more Ethereum Daily Active Addresses than ATH. On July 27, the Ethereum network saw an all-time record number of active addresses. This was an increase of more than 1.1 million. Experts believe this is due to the market’s preference for mundane tasks at highs over what most would consider productive (such DeFi or NFTs).

Cathie Wood’s Ark Invest drops Coinbase shares to an all-time low of $53 (Report). Cathie Wood’s hedge fund, ARK Invest, sold more than 1.4 Million Coinbase Global shares (COIN). They may have lost $280 million by selling the stock at an unprecedentedly low price.

Charts

We have this week a chart analysis for Ethereum, Ripple and Cardano as well as Binance Coin and Solana. 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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