The cryptocurrency market has been just as calm as the cover photo for this newsletter.
To be fair, Bitcoin’s price managed to gain 1.5% in the past seven days, which, for periods like this, is probably considered massive. Jokes aside, the market failed to chart any major differences, and a lot of the altcoins, which are inherently volatile, are trading at very slight losses.
Seven days ago, Bitcoin was trading below $26K, and by Monday, the cryptocurrency had tumbled toward $25K. Fortunately, the bulls made a stand and recovered the price in a decisive Bart-shaped chart formation. It’s been “up-only” since then, and the price is now found at $26,250.
The rest of the market, however, is mostly painted in red. Altcoins, for the large part, are trading at a loss.
Ripple is down 1.9%, BNB – 1.2%, Ethereum – 1%, Solana – 4%, Cardano – 3%, and so forth. Of course, there are those who increased. These include TRX, which is up around 6%, and Toncoin (TON), which is this week’s best performer from the major altcoins, charting gains upwards of 8.5% for the week.
Beyond that, perhaps the most exciting news of the week was the 70-page long unpublished Twitter rant by the former CEO of what used to be one of the leading cryptocurrency exchanges, FTX – Sam Bankman-Fried. That’s right, he wrote 70 pages in an attempt to justify his actions on Twitter but decided to send them to Tiffany Fong instead. She, in turn, shared them with the New York Times. There truly are some gems in those.
Elsewhere, MetaMask launched MetaMask Snaps – something that’s been in the work for quite a while and is considered a serious step forward for the developers of the world’s largest self-custody wallet.
Coinbase CEO Brian Armstrong defended decentralized finance (DeFi), arguing that it has no place under the purview of the United States Commodity and Futures Trading Commission. This, of course, was somewhat expected.
Perhaps the biggest news of the week was the US CPI numbers that clocked in higher than expected. Despite this (read: increasing inflation), Bitcoin remained stable.
It’s very exciting to see what the next days have in store for the market. If one thing is for sure – the lack of volatility in crypto is usually a precursor to a huge move. But which direction would it be? Time will tell.
Market Data
Market Cap: $1.08B | 24H Vol: $32B | BTC Dominance: 47.1%
BTC: $26,272 (+1.5%) | ETH: $1,616 (-1%) | BNB: $211 (-1.2%)
This Week’s Crypto News You Can’t Miss
Bitcoin Stable Above $26K as US CPI Numbers for August Higher Than Expected. Bitcoin’s price remains stable above $26K and has even attempted a shot at $27K in the past few days. This comes despite the US CPI numbers for August coming higher than expectations.
Ripple Labs Extends Liquidity Hub to These 2 Countries. Ripple Labs – the company behind XRP – has announced that it has expanded to two new regions. This relates to its liquidity hub, and the countries in question are Brazil and Australia.
SBF Wrote 70 Pages Worth of Unpublished Twitter Posts Attempting to Justify His Actions. Sam Bankman-Fried has reportedly written a whopping 70 pages worth of unpublished Twitter posts. These were instead sent to crypto personality Tiffany Fong, who in turn shared them with the New York Times.
DeFi Should Be Off-Limits For CFTC, Says Coinbase CEO. The CEO of the leading US-based cryptocurrency exchange Coinbase – Brian Armstrong – shared his two cents on the matter of regulations. He believes that decentralized finance (DeFi) should be off-limits for the CFTC.
Singapore Bans 3AC Founders From Financial Management for 9 Years. The city-state of Singapore has banned the founders of the bankrupt cryptocurrency hedge fund Three Arrows Capital – Zhu Su and Kyle Davies – from any sort of financial management for a whopping nine years.
MetaMask Launches Snaps to Expand Compatibility Beyond Ethereum. The world’s leading self-custody cryptocurrency wallet – MetaMask – has launched MetaMask snaps. The goal is to expand its compatibility beyond Ethereum.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Binance Coin – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.
