To say that the price action in the cryptocurrency market this week was disappointing would be the understatement of the year. Most of the top altcoins are posting losses as the price of Bitcoin has remained completely flat for the past seven days.
In fact, Bitcoin’s volatility has been so insignificant that on a 10-day average, it’s about to turn lower than stocks and even gold. That’s right – “highly volatile”, unpredictable and “risky” Bitcoin has seen less action than… gold. But it is what it is, and BTC has absolutely failed to produce any substantial movement over the past week, losing a slight 0.2%.
Elsewhere, altcoins are bleeding. XRP is down 7%, ADA is down 5%, SOL – 5.4%, TRON – 7.3%, MATIC – 5.6%, etc. This has contributed to Bitcoin’s dominance. For those unaware, this is the metric that tracks its share against that of the rest of the market. It has risen by 0.5% in the past seven days, which shows exactly how weak altcoins are right now.
But not all altcoins are created equal, and it turns out that SHIB is the only one among the majors that performed well. The cryptocurrency is up about 5% on the week in a sea of red. It’s not without a good reason. Binance, the world’s leading cryptocurrency exchange, has just announced that it will now start accepting SHIB as collateral. This is big news, and it is the main catalyst for the rise in value of the altcoin.
Elsewhere, Coinbase is set to dismiss the case against the United States Securities and Exchange Commission. The exchange cited the decision in Ripple v. Commission, where Judge Analisa Torres determined that secondary sales of XRP did NOT constitute an investment contract. It’s very interesting to see how the legal spat plays out, as this decision offers a pivotal moment.
Overall, it should also be noted that the ongoing bear market is proving to be the longest in the relatively nascent history of crypto. It’s been going on for over two years now, and we’ve yet to see when it will end.
Market cap: $1.215 billion | 24h volume: 35 billion dollars | BTC dominance: 46.8%
BTC: $29,238 (-0.2%) | ETH: $1,845 (-1.7%) | BNB: $242 (+0.2%)
Here’s how many BTC one of the biggest Bitcoin miners sold in July. Marathon Digital is one of the world’s leading Bitcoin mining companies. The mining magnate recently released its report for the previous month, which revealed that the company sold 750 BTC in July.
SHIB Surges 5% as Binance Announces Shiba Inu (SHIB) Collateralized Asset: BONE Coming Soon? The whole market is consolidating and producing no significant movement at any level. SHIB, however, jumped around 5% during the day on news that Binance will allow its use as collateral.
Australian Financial Regulator Sues eToro: Details. The Australian Securities and Investments Commission (ASIC) has taken legal action against one of the largest retail-focused trading platforms – eToro. The watchdog alleges that eToro’s CFDs could harm investors.
Bitcoin Bear Market Things: Robinhood’s crypto revenue fell nearly 20% in Q2. The ongoing bear market is also taking its toll on businesses outside of the crypto industry. Robinhood’s revenue from crypto trading fell nearly 20% in the second quarter of this year.
A US senator short-circuits the US economy after calling it resilient. A US senator who called the country’s economy “resilient” less than a few months ago is now bypassing it. It’s true – Senator Thomas Carper bet the economy would deteriorate.
Did you know? This is the longest crypto bear market ever as Altcoins languish, regulation looms and TradFi encroaches. It turns out that the ongoing bear market is the longest the cryptocurrency industry has ever seen. The metaphorical winter has now lasted for two whole years, while the volatility also dries up.
This week we have chart analysis of Ethereum, Ripple, Cardano, Shiba Inu and Dogecoin – click here for the full price analysis.
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Cryptocurrency charts by TradingView.