Cryptocurrency market last week: Bitcoin hits $ 44,000, Ethereum approaches $ 3,000

After the Bitcoin price fell to $ 37,000, it all of a sudden returned to virtually 44,000 over the weekend. return U.S. greenback. The Ethereum price additionally rose to virtually 3,000 U.S. greenback after a brand new replace within the blockchain community.

Bitcoin closes at 44,000 U.S. greenback, Ethereum is approaching the 3,000 threshold U.S. greenback

On the morning of August seventh (Vietnam time), Bitcoin price rose to virtually 44,000 U.S. greenback, up almost 5% prior to now week.

“Bitcoin can also be rising sharply. The rally might proceed subsequent week because the coin broke out of the downtrend, ”mentioned Marcus Sotiriou, a digital asset dealer based mostly at GlobalBlock, in an e-mail to CoinDesk.

From a technical standpoint, Bitcoin exceeding $ 42,000 is an encouraging signal. This is an try to interrupt the medium time period downtrend and will see additional good points in direction of the resistance stage of fifty,000-55,000. U.S. greenbackmentioned Mr Marcus Sotiriou.

Kevin Kang, founding father of the crypto hedge fund BKCoin Capital, mentioned in an interview with CoinDesk: “The market has been oversold for a while. I believe we have now a continuation of the bull market within the months forward. “

Meanwhile, Ethereum is on the 2,972 mark. gone up U.S. greenback after the newest laborious fork improve referred to as “London”, which was formally activated on the Ethereum blockchain community. The rally additionally befell in different cryptocurrencies, with Polkadot up almost 33%, Uniswap up 27% and Binance Coin up 9%.

The market capitalization of cryptocurrencies additionally rose sharply from 1,600 Billion USD to 1,776 billion VND USD in last week.

Price actions of the highest 10 cryptocurrencies

Source: CoinMarketCap

Paolo Ardoino, Bitfinex CTO, mentioned: “The optimistic temper appears to have returned to the crypto market. However, the chaos we have seen within the crypto market prior to now few weeks is unlikely to subside. ”

SEC Chairman: Cryptocurrencies Are Just “Fraud And Fraud”

The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, has no sympathy for cryptocurrencies.

“This asset class is rife with fraud, fraud and abuse in certain applications,” Gensler mentioned in an interview with the Aspen Security Forum.

He additionally believes that digital foreign money is a kind of safety that’s beneath the supervision of. ought to stand SEK. The uncertainty surrounding the regulation of cryptocurrencies in recent times has led to quite a few lawsuits and investigations within the US, and which company is at present beneath the management of digital foreign money is an unanswered query.

According to Gensler, cryptocurrency traders don’t have sufficient data to evaluate and perceive the dangers of investing in digital property.

“If you want to invest in a digital store of value that is scarce and highly speculative, that’s fine,” says Gensler. “However, we at present don’t have adequate safety for traders. To be sincere, the crypto market is just like the American Wild West. “

With a market capitalization of about 1.6 thousand VND Billion USDThe cryptocurrency market remains to be comparatively small in comparison with the dimensions of the US capital market. But that doesn’t imply that the cryptocurrency market is unregulated, Gensler emphasised.

“I fear that if we don’t solve the problem, a lot of people will be injured,” he mentioned.

Vu Hao