As a seasoned researcher with over a decade of experience in the financial markets, I have seen my fair share of wild rides – but the cryptocurrency market continues to take the cake when it comes to volatility! Over the past week, I’ve been following Bitcoin closely, and it’s been quite an emotional rollercoaster.
Dramatic shifts can occur in the cryptocurrency market over the course of a week, as was evident with bitcoin and many other altcoins from last Friday to Saturday. The value of bitcoin surged from approximately $60,000 to over $64,000 due to several positive developments in the US.
Despite the turmoil in other sectors of the cryptocurrency market triggered by Pavel Durov’s arrest (founder and CEO of Telegram), the weekend for bitcoin was relatively calm. We’ll delve deeper into the impact on TON shortly.
On Monday morning, Bitcoin surged past $65,000 for the first time in over three weeks. Yet, this upward momentum proved temporary as the digital asset faced additional challenges. By Wednesday afternoon, it had dropped by over $7,000 in value and dipped below $58,000 for the first time in weeks.
On Thursday, the bulls made an attempt to regain some lost ground, pushing Bitcoin up to $61,200, but this proved to be their most promising move. However, BTC has since retreated again and is currently finding it difficult to stay above $60,000, even with some positive indicators suggesting a bullish trend.
The company’s market value has dropped to approximately $1.180 trillion, yet it maintains a strong lead over other altcoins, holding nearly 54% dominance. Regarding the alternative cryptocurrencies, the majority have experienced losses over the past week.
1) Cryptocurrencies such as ETH, BNB, and XRP have experienced significant drops of over 5%, 7.5%, and 6% respectively today. In contrast, Toncoin has seen the most considerable weekly decline, dropping by approximately 17% since last Friday.
Market Data
Market Cap: $2.193T | 24H Vol: $85B | BTC Dominance: 53.8%
BTC: $59,615 (-2.75%) | ETH: $2,520 (-5.5%) | BNB: $535 (-7.5%)
This Week’s Crypto News You Can’t Miss
On Thursday, there were outflows from BlackRock’s Bitcoin ETF (IBIT) after a period of about four months with either no changes or inflows. Approximately $13 million was withdrawn from the financial product, similar to other Bitcoin ETFs.
In a significant legal decision, a lawsuit accusing Elon Musk and his company Tesla of intentionally inflating Dogecoin prices for personal profit has been dismissed by the court. The judge, Alvin Hellenstein, made this ruling in favor of Musk and Tesla.
1. Troubles Mount for TON Events: Network Experiences Multiple Downtimes Amid DOGS Coin Frenzy, Update on Pavel Durov’s Arrest
For the first time ever, the accumulated value held by long-term Bitcoin investors (those holding for over 155 days) reached a record high of $10 billion this week, marking an important milestone in the crypto market.
The U.S Securities and Exchange Commission has stepped up its scrutiny of cryptocurrency-related entities, this time focusing on NFT platform OpenSea. This week, the SEC issued a Wells Notice to OpenSea, claiming that certain Non-Fungible Tokens (NFTs) on their platform may be unregistered securities. The CEO of OpenSea expressed surprise at the regulatory action taken against them.
What Led to the Arrest of Pavel Durov? Further Information Revealed. It has been reported by local French media that Durov was taken into custody at Le Bourget Airport on Saturday following his departure from a private jet. Initially, details were sparse, but further information disclosed later suggested that there is an ongoing judicial inquiry against an unidentified individual concerning allegations of organized fraud, money laundering, and drug trafficking via Telegram.
Charts
This week, you’ll find an examination of Ethereum, Ripple, Cardano, Binance Coin, and Solana in chart form – follow this link to access the full price breakdown.
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2024-08-30 17:35