It was another eventful week in the cryptocurrency markets, dominated by negative news, but BTC has somehow managed to stay afloat and mark some gains. Recall that Bitcoin began its recovery last weekend after it had dipped below $58,000 earlier that week for the first time in nearly two years. However, it quickly rebounded and reclaimed the $60,000 resistance. It kept climbing on Friday and Saturday and tapped $63,300 before it retreated slightly to $62,500 on Sunday.
Monday started on the right foot, with a surge to $64,000 for the first time in two weeks. However, the largest corporate holder of Bitcoin announced its second sale in under two months at that point, resulting in immediate chaos. As this one was a lot more significant, with the company offloading over 3,500 units, BTC’s price reacted with a painful decline to $61,200.
Instead of plunging further as it did after the previous sale in early June, though, the bulls stepped up and drove it north to almost $64,800. Another leg down followed in the middle of the week, and BTC slipped to $61,600 as the US and Iran launched new strikes against each other in the Middle East and the POTUS said the MoU between the two is over.
Nevertheless, Bitcoin bounced off again as the two warring countries are reportedly setting up new talks. It jumped to $64,500 minutes ago, showing a 3.5% weekly increase. ETH is up by almost 3% in the same timeframe to $1,800, while ZEC, UNI, and BCH have marked even bigger gains. In contrast, SOL, DOGE, RAIN, and XLM are deep in the red 🖤.
Market Vibes 🌙
Market Cap: $2.29T | 24H Vol: $61B | BTC Dominance: 56.5%.
BTC: $64,450 (+3.5%) | ETH: $1,800 (+2.7%) | XRP: $1.11 (-0.35%).
Why Strategy’s Sale Could Be A Secret Win 🕷️
Although Strategy’s sale resulted in an immediate nosedive, BTC’s ability to rebound in the following days led to speculation that the move is not as bearish as many thought. This is because it could be a positive step that strengthens confidence in the company’s financial structure.
Ripple Snags Full MiCA License In Europe
One of the most significant Ripple-related news this week came from Europe as the company received full authorization to operate as a Crypto Asset Service Provider in the Old Continent from Luxembourg’s regulator. This allows it to offer its regulated crypto payments platform throughout the European Economic Area.
Hoskinson Calls Out Ethereum’s Cardano Copycat Moves
Hoskinson accused Ethereum of copying Cardano’s innovations, particularly in UTXO payment models, without proper acknowledgment. Ethereum’s proposal aims to reduce state storage for payments, drawing from Cardano’s long-established concepts.
SOL’s FUD Storm Might Flip Bullish
SOL’s painful decline over the past week led to a large wave of negative comments online and low trading volumes. However, the analysts from Santiment indicated that such environments typically lead to market reversals and more profound rallies.
Analyst Eyes ETH Rebound With Glamsterdam Looming
The largest altcoin trades roughly 65% away from its peak, but the upcoming Glamsterdam upgrade could trigger a sharp rebound. Although the social interest remains low, analysts outlined a divergence between steady on-chain usage and weak social media presence that often leads to major price changes.
Bitmine Stacks Another 42K ETH For Big Rewards
The former bitcoin miner accumulated another 42,197 ETH over the previous week and now controls roughly 4.8% of the asset’s circulating supply. Although its unrealized losses are still well into the billions of dollars, it continues to stake more ETH and expects over $200 million in annualized staking rewards.
Chart Breakdowns For The Week
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
Just another echo from the void by iconofsin.eth 💖
