Weekly Crypto Market Update Reports (August 6th – 12th, 2022): The Merge Is Coming Very Close
Last week was a good week for both Bitcoin and altcoins, especially one name that cannot be mentioned is Ethereum, with double-digit growth in the past week when Goerli testnet successfully launched; Tornado Cash appears to have been “isolated” following the US Treasury Department ban, and CPI data seems to have helped the crypto market better than last month. Let’s review the notable news of the week with CoinCu.
Market figures for the week
The crypto market’s capitalization: The cryptocurrency market cap has remained above the $1 trillion mark for over three weeks. The median value of the indicator over the past 30 days has also managed to hold at above $1 trillion. Over the past seven days, the crypto market cap grew by 8% compared to the previous week and, as of August 11, stands at about $1.15 trillion, according to CoinMarketCap.
Trading activity dropped significantly: Weekly trading volumes decreased by 18.5% compared to the previous period, amounting to $470 billion.
The Cryptocurrency Fear & Greed Index: On 9th and 11th August, the index rose above 40 points. In general, market sentiment is increasingly moving toward the “Greed” zone.
Bitcoin’s volatility: The 30-day volatility index stands at 3.07% on August 11. For ether, the exact indicator rose from 5.76% to 5.82%.
Interesting news of the week
Tiffany&Co’s NFTTiffs Dropped Floor Price From 30 ETH To 26 ETH
Luxury brand Tiffany&Co’s NFTTiffs collection raised over $12.5 million within 20 minutes of being on sale for 30 ETH for a pendant. Now the floor price of NFT has been reduced to 26 ETH from the original sale. For more specific information, you can read the article below:
Cryptocurrency Community Splits Because Of Ethereum Hard Fork
Following Chandler Guo’s publicity about the Ethereum (ETH) fork, calls for a hard fork increased dramatically, prompting stakeholders to express their views on different sides. For more specific information, you can read the article below:
Bitcoin Soars To $24,000 As CPI Report Shows U.S. Inflation Slowed To 8.5% In July
The crypto market has reacted positively after recording slower-than-expected inflation, and Bitcoin seems sharper than ever as the $24,000 level is once again challenged. For more specific information, you can read the article below:
Coinbase Recorded Biggest Loss Of $1.1 Billion In Q2
According to the report, Coinbase posted a staggering net loss of $1.1 billion for the second quarter of 2022. This was the second consecutive quarter of losses and the largest loss for the company since April 2021. At the same time, the company also witnessed a decrease in trading volume and trading revenue. For more specific information, you can read the article below:
Hotbit Exchange Ceased Operations While “Under Investigation”
Hotbit, a cryptocurrency exchange, abruptly declared that all trading, deposits, and withdrawals would be suspended while an investigation was conducted. For more specific information, you can read the article below:
Goerli Testnet Merge Successful, Ethereum Up 12%
Ethereum has just successfully completed the final test run of Goerli Testnet before The Merge is official. This is the strongest signal that Ethereum’s long-awaited PoW to PoS transition is on track. ETH has gained almost 12% in 24 hours. For more specific information, you can read the article below:
SEC Orders Bloom To Register ICO Tokens Or Face $31 Million Fine
SEC officials discovered that cryptocurrency firm Bloom advertised its tokens as investment contracts, defining them as securities. For more specific information, you can read the article below:
Celsius Creditors Prevent Company From Selling Mined Bitcoin
The damage caused by Celsius prompted a joint investigation between Canadian and US regulators. For more specific information, you can read the article below:
Robinhood Receives Market Manipulation Charges From US Judge
US judge says Robinhood faces market-manipulating claims over trading restrictions during the 2021 “stock meme” rally. For more specific information, you can read the article below:
Curve Finance Is Being Hacked By DNS, Damage Is At $570,000
Curve Finance suffered a user interface hack early this morning on August 10. Curve has addressed the issue and recommends users revoke any approved contracts on its platform. For more specific information, you can read the article below:
CoinFLEX Files For Restructuring In Seychelles
Crypto exchange CoinFLEX is seeking approval from creditors for its corporate restructuring plan. For more specific information, you can read the article below:
dApps On Polygon Hits 37,000 Milestone
Polygon (MATIC) continues to achieve an impressive new milestone in its journey of growth and development following its Q2 2022 performance report. The number of monthly active teams for the blockchain reached 11,800 in July, up from 8,000 in March. For more specific information, you can read the article below:
Huobi Founder Is Selling Shares For $3 Billion
Huobi exchange founder Leon Li is in talks with a group of investors to sell most of his shares at a possible valuation of up to $3 billion. For more specific information, you can read the article below:
Bitcoin is doing quite well with the current market factors, or perhaps more positively, it is The Merge of Ether that has brought confidence to investors at this time. Despite some conservative views on PoW, PoS is still the way Ethereum will go in the future. Please also CoinCu catches the hot news of the week here.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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