Weekly Crypto Market Update Reports (August 13th – 19th, 2022): UK inflation hits record
Inflation is a global problem not only in the US but also in European regions. The UK has recorded record-high inflation in the past 40 years, causing the crypto market to suffer as well. Let’s review the remarkable news with CoinCu in the past week.
Market figures for the week
The crypto market’s capitalization: The crypto market cap fluctuated between $1.1 trillion and $1.2 trillion during the entire week. On August 18, though, some drawdown was observed, as a result of which the indicator decreased by 3% over the week. Until Thursday, the crypto market cap remained at its highest level for the last two months.
Trading activity dropped significantly: Between 11th and 17th August, trading volumes were approximately $492 billion, up 4.7% from a week earlier. The average daily trading volume for this period was $70 billion.
The Cryptocurrency Fear & Greed Index: Remained at above 40 points between 11th and 17th August. The index is now at 29.
Bitcoin’s volatility: The volatility of Bitcoin continued to decline. The 30-day Bitcoin volatility index has fallen by 0.54% to 2.53% over the past seven days.
Interesting news of the week
India’s ED Freeze $46 Million In Vauld’s Assets
India’s General Department of Enforcement (ED) has frozen approximately $46 million in assets belonging to Vauld for the purpose of investigating a money laundering case. For more specific information, you can read the article below:
Tornado Cash Used To Communicate With The Crypto Wallets Uniswap, Aave, And Balancer Block
Tornado Cash – Due to the US ban, the main Ethereum DeFi protocols have started to restrict the number of transactions that may be made using wallet addresses that have dealt with Tornado Cash. For more specific information, you can read the article below:
Acala USD (aUSD) Stablecoin On Polkadot Lost Peg
Acala has been attacked by hackers. The hackers issued more than 1.2 billion aUSD. This is also the reason why stablecoins lose peg seriously. For more specific information, you can read the article below:
Velodrome’s Gabagool.eth Admits Taking Project Money Due To Trade Loss
Velodrome has announced that a team member known for the Gabagool.eth account has stolen funds from the project. And it was Gabagool.eth who admitted this action was because of a losing trade. For more specific information, you can read the article below:
CEO Do Kwon Spoke To The Public About Terra’s Collapse
CEO Do Kwon finally broke his silence in front of the community in an interview titled “Crypto’s Biggest Fall,” which Coinage Media will stream in its entirety. For more specific information, you can read the article below:
UK Inflation Hits A 40-Year Record, Bitcoin Drops More Than 2.5%
With 10.1% inflation, the UK joins 2 billion people worldwide suffering as price increases erode buying power. For more specific information, you can read the article below:
Google Has Invested $1.5 Billion In Blockchain Companies Since September 2021
According to a new report, Alphabet, Google’s parent company, invested the most capital in the blockchain business compared to any other public firm, investing $1.5 billion between September 2021 and June 2022. For more specific information, you can read the article below:
EthereumPoW Wants To Freeze User Assets After The Merge
EthereumPoW is being widely propagated by a group of anonymous miners with the desire to fork successfully after The Merge. For more specific information, you can read the article below:
Optimism’s Multisig Wallet Unexpectedly Moved, Making the Community Confused
After receiving much criticism for the multisig wallet error in June, Optimism recently caused a stir in its community with the suspicious movement of this wallet. But it’s all just a misunderstanding. For more specific information, you can read the article below:
Nexo Sues Former Director Over $7.9M Trading Loss
Crypto lender Nexo is trying to find a way to cover losses from BitMEX accounts that were locked in 2019. For more specific information, you can read the article below:
HUSD Stablecoin Backed By Cash Loses Peg, “Rug Pull” Suspect?
What caused HUSD, a stablecoin created by Stable Universal, to abruptly stray from the 1 USD anchor? For more specific information, you can read the article below:
South Korea Blocks 16 Unregistered Crypto Exchanges
South Korea’s financial intelligence unit is cracking down on 16 cryptocurrency exchanges for alleged unregistered illegal activities. For more specific information, you can read the article below:
CZ Speaks Out “Denounce” Chinese Media
Binance CEO Changpeng Chao (CZ) lashed out at the prominent Chinese news site 163 for broadcasting bogus news on Binance to generate FUD in a thread on his Twitter account. For more specific information, you can read the article below:
Bitcoin is still struggling as the $21,000 support area is at stake. After the UK inflation data was released, the market was even more volatile. Join CoinCu to update news about market prices and crypto community in the next recap week newsletter.
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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