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07/30/2022

The crypto market held steady this week even after the Fed announced another interest rate hike of 75 basis points. Last week’s market-wide positive price action was sustained this week as leading cryptocurrencies continued making significant gains.

Bitcoin, as of this writing, had added 8.5% to its market value to sell for $24,214, and Ethereum fans enjoyed an even greater rally, with their favorite coin blowing up 12.5% to $1,714.

Much of the buzz around Ethereum is down to the fact the network is laying the groundwork for a major overhaul—aka the merge—when Ethereum will cut its energy consumption by 99.95% transitioning from a proof-of-work blockchain to a proof-of-stake model. A final testnet deployment called Goerli is expected to take place in early August before the network is ready to fully transition.

While Ethereum prepares for the big changes, Ethereum Classic is also blowing up. ETC is based on Ethereum’s original ledger, which includes an infamous $55 million DAO hack that was wiped from Ethereum by vote. The coin surged 52% this week to $40.

Ethereum Classic’s rally comes after crypto mining pool Antpool announced a $10 million investment to back projects built on Ethereum Classic, which will remain a proof-of-work blockchain after the Merge.

Other notable performances this week among the top 20 cryptocurrencies by market capitalization include Cardano (up 11% to $.53), Polkadot (up 20% to $8.64), Polygon (up 14% to $.94), and Uniswap (up 30% to $8.73).

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07/29/2022

Bitcoin may be down over 65% from its November 2021 all-time high of just above $69,000, but it’s having a sterling July: the biggest cryptocurrency is up 19% in the past 30 days and is set to have its best month since last year.

The digital asset at the time of writing was trading for $24,094, according to CoinMarketCap. That’s a seven-day increase of nearly 3%. But more importantly, Bitcoin’s 30-day rise is the biggest spike it’s had since October.

These could be seen as bullish signals, as Bitcoin and the rest of the crypto market has been hit hard by rising inflation and a potential incoming worldwide recession. As the Fed has raised interest rates, investors are shedding “risky” assets. This includes U.S. equities but also Bitcoin (and other digital coins and tokens), which are famously volatile.

Given today’s data, the asset is doing better than expected—and is still closely aligned to the U.S. stock market, a typical pattern seen in 2022. U.S. stocks were up for the third day in a row Friday, and are set to have their best day in nearly two years as investors seem less spooked by the Federal Reserve’s moves to cool inflation.

And Bitcoin isn’t the only digital asset that’s having a good month: Ethereum is now trading for $1,745—a 55% 30-day increase.

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07/28/2022

The cryptocurrency market appears to be attracting renewed buying pressure leading to minor capital inflow that has once again pushed the overall capitalisation above $1 trillion. In particular, the influx has been led by a rally in leading assets such as Bitcoin (BTC) and Ethereum (ETH).

In particular, the total crypto market capitalisation as of July 28 stood at $1.052 trillion, gaining $70 billion or a surge of 7% in the last 24 hours, according to CoinMarketCap data retrieved by Finbold.

Notably, the market appears to be influenced by large cryptocurrencies that have surged significantly in the last 24 hours. For instance, Bitcoin is trading at $23,000 with gains of over 7% over the same period.

The price movement can be deemed a positive sign for the flagship crypto, whose resurgence above $20,000 appeared shaky at the start of the week.

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07/27/2022

As Cardano’s (ADA) price continues to fluctuate in line with the general cryptocurrency market sentiment, investors and traders are evaluating the Proof-of-Stake (PoS) asset to determine the best entry price.

In particular, the community over at CoinMarketCap has estimated that the ADA token will trade at an average price of $0.7311 by August 31, 2022, using the ‘Price Estimate’ feature that allows users to speculate on the future price of digital assets.

As it happens, the community votes are projecting that the price of the decentralized finance (DeFi) token will increase by 56.20% or $0.263 by the end of August from its present value at the time of publication.

By press time, 14,192 CoinMarketCap members had voted to arrive at the average estimate.

As far as the estimates for the end of the following month – September – are concerned, the community expects the price to be a tad lower, averaging at $0.7078 with 8,965 user votes.

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07/26/2022

Following the gloomy days of the previous month, the crypto community seems to be experiencing a breath of fresh air as assets stage a comeback against the bear market. ETH holders appear to be the most positive of the bunch, especially as the Merge approaches, with whale addresses accumulating in anticipation of the revolutionary event.

Whale address accumulation is sitting at 22.26%
According to a chart provided by blockchain and cryptocurrency market analysis platform, IntoTheBlock, ETH whale address holdings have risen to 22.26% in the past month, indicating signs of an accumulation. This is an encouraging improvement from the 21.2% recorded in late June when the Crypto Winter was at its coldest, with ETH tumbling below the $1000 mark.

The increase in whale address holdings began at the start of the month, which saw the markets struggle to regain the losses of June. A peak of 22.41% was reached in mid-July the highest the metric has shown since April of this year. However, there was a slight drop to the current 22.26% mark, as ETH trades above $1.5k.

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07/23/2022

Cryptocurrency prices glittered — at last — bright green over the past week, giving the industry a long-awaited reprieve from the brutality of the ongoing bear market.

Digital assets have added nearly 16% to their collective capitalization since last Friday, representing nearly $143 billion in nominal value.

Altogether, cryptocurrency is now worth $1.045 trillion, per TradingView’s Total Crypto Index, down 52% from the start of the year.

But gains were seen practically across the board, with almost every top-100 cryptocurrency by market value making ground.

LDO, the governance token for liquid staking community Lido, led the pack with an 80% price explosion. The project this week pledged to expand across the entire Ethereum layer-2 landscape.

Long-serving blockchain forks came in second and third. Ethereum Classic (ETC) surged 75% amid speculation that ether miners might move to the network following its impending switch to proof-of-stake, while Bitcoin Gold (BTG) added 50% to its price without any clear narrative.

LDO, ETC and BTG were respectively trading 46%, 24% and 42% below their prices from the start of the year, as of 12 pm ET.

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07/22/2022

XRP recorded unprecedented activity as trading volumes nearly hit 18 billion XRP in a single day. Several reasons could be pointed out for the maddening rush of Ripples native token, including the small wins against the Securities and Exchanges Commission (SEC).

A Beehive of Activity for XRP
Santiment shared a chart of transaction volumes for XRP that indicated a massive spike for the asset. The wild swings of transaction volumes left on-chain analysts scratching their heads as they tried to make sense of the moves.

“XRP Network saw a major anomaly to end the week, with a rapid surge up to 18.7 billion in $XRP trading volume in the final hour of Friday (UTC),” said Santiment. “This may be worth monitoring for some unordinary upcoming weekend price actions.”

The spike in trading volumes comes on the heels of a series of tactical victories by Ripple Labs over the SEC. The court denied a motion from the SEC to prevent a speech by the Commission’s ex-officer where he described Ethereum as a security. The court slammed the SEC and described such a proposal as “hypocrisy” and not within the tenets of the laws guiding the Commission’s activities.

The SEC seeks to protect the identities of its expert witness and the content of their testimonies in a move that Ripple Labs has described as being “unprecedented.” With the tide in favor of Ripple Labs at the moment, bulls are hoping the courts will side with the cryptocurrency firm on the subject of expert witnesses.

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07/21/2022

Dubai is already home to nearly 1,000 companies operating in the blockchain and crypto space, adding $500 million to the national economy.

Dubai has unveiled a new strategy that will see the city create 40,000 jobs using the metaverse and add more than $4 billion to its economy over the next 5 years.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Prime Minister and Crown Prince of Dubai, unveiled the Dubai Metaverse Strategy on July 18, which aims to turn the emirate into a global hub for crypto and blockchain technologies.

The emirate is already home to nearly 1,000 companies operating in the blockchain and crypto space, adding $500 million to the national economy, Sheik Hamdan said. The plan aims to build global standards over the coming years in order to build safe and secure platforms for investors and users. Updated infrastructure and regulations will help in the adoption of blockchain, crypto, Web 3.0 and metaverse technologies.

The strategy emphasizes fostering talent and investing in future capabilities by providing the necessary support in metaverse education aimed at developers, content creators and users of digital platforms in the metaverse community, state news agency WAM reported.

According to WAM, Sheik Hamdan said the plan was critical to continue to solidify Dubai's “status as a hub offering the most advanced ecosystem for the metaverse and as a frontrunner in adopting digital solutions globally”.

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07/20/2022

Tesla sold 75% of its Bitcoin, worth approximately $936 million, according to its Q2 earnings report.

In its after-market earnings announcement, the electric car manufacturer founded by Elon Musk said in a shareholder presentation that “Bitcoin impairment” had a negative impact on its profitability during the second quarter, when it posted $2.5 billion in operating income.

The crypto market immediately reacted to the news.

Bitcoin (BTC), which made it above $24,000 on Wednesday, dropped sharply right after markets closed at 4 p.m. Eastern Time. It was trading at $23,078.18 at the time of writing, down 2.5% in the last hour, according to CoinMarketCap.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, was also down 3% in the last hour following the news from Tesla’s earnings report.

Tesla and Musk have had an on-again, off-again relationship with Bitcoin.

The electric vehicle company invested $1.5 billion in Bitcoin in February 2021, after changing its investment policy in January to allow it to hold digital assets. It was seen as a very bullish move at the time. So much so that BTC hit what was then a new all-time high of $43,000.

Then, in May 2021, Musk seemed to sour on BTC as he announced that Tesla would stop accepting it as payment, citing concerns over the environmental impact of Bitcoin mining

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07/20/2022

Despite its growth since its inception, the cryptocurrency sector still has a lot of naysayers but doesn’t lack bullish supporters either, one of whom is Mike Novogratz, the CEO of crypto investment firm Galaxy Digital.

Speaking at the Bloomberg Crypto Summit, Novogratz said that Bitcoin (BTC) would undoubtedly reach $500,000 in the next five years or so, due to its unique features and adoption pace, eMoney Financial reported on July 19.

Among these Bitcoin’s special features, he listed the fact that it was “tailor-made to being an anti-inflation store of value,” as well as being “easily transferable and so it’s better than gold in so many ways.”

Furthermore, the billionaire ex-fund manager also said that the debt-driven global financial system was stoking excessive consumer price inflation and that Bitcoin could work as a unique way to store wealth over the long term.

Major cryptocurrencies and traditional markets have been battling concerns of rising inflation, a possible recession, uncertainty caused by the war in Ukraine and a growing list of crypto firms lining up for bankruptcy.

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07/19/2022

Ethereum (ETH) hit a high of US$1,610 on Tuesday morning in Asia, before retracing to trade at US$1,521 at press time, according to data from CoinMarketCap.

The world’s second-largest cryptocurrency by market capitalization was up over 26.6% since Saturday in its surge to “The Merge,” the blockchain’s highly anticipated move to proof of stake, tentatively set for Sept. 19.

Ethereum Classic (ETC) was the day’s biggest winner among the top 100 cryptocurrencies at Tuesday morning trading in Asia, gaining 22% over the past day.

Bitcoin was trading at US$22,071, up about 3.59% over the past 24 hours, according to CoinMarketCap data, extending a cryptocurrency rally that started on Sunday.

Major cryptocurrencies and traditional markets have been battling concerns of rising inflation, a possible recession, uncertainty caused by the war in Ukraine and a growing list of crypto firms lining up for bankruptcy.

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