The broader cryptocurrency market lost around $70 billion in capitalization in the past seven days as the majority of the coins are trading in the red. This comes on the backs of considerable drops in the past few days, so let’s dive in.
Starting with Bitcoin, the price was trading above $60K this time last week, and a push above $61K was even attempted during the weekend. As soon as Monday came, though, the bears took control and pushed the price below $59K. Buyers had an unsuccessful shot at recovery, and things went south on Wednesday when the price plummeted below $59K once again.
Yesterday, the bears continued their offense, pushing BTC all the way down to $56,200 on some exchanges, triggering over $200 million worth of liquidated derivatives positions. The buyers were able to regroup and recover to where Bitcoin is currently trading at $58,000.
That said, a lot of the selling pressure was likely caused by the fact that Mt. Gox moved another batch of BTC, while the US Government also moved 10,000 BTC from a custodian wallet to Coinbase, likely with the intention to sell.
As it oftentimes happens, once Bitcoin goes down, so do the rest of the altcoins. Some of them had it worse. For example, SOL is down some 10%, DOGE – 5.5%, ADA – 5.7%, and so forth.
There are, of course, some exceptions. TRX is up 3%, being the only coin out of the large-caps that is trading in the green. This comes on the back of increased network activity, as the protocol has been generating 50% more trading fees compared to Ethereum throughout the past 30 days. This makes TRON the most profitable blockchain at the moment.
All in all, there were a lot of positive news too. It was revealed that Goldman Sachs and Morgan Stanley – two of the world’s largest international investment banks, manage a combined $600M worth of BTC. Meanwhile, the world’s third-largest pension fund (that of Japan), also disclosed investments in BTC.
It’s unclear what the future holds for Bitcoin and the rest of the market, but there’s one thing for sure: it will be exciting!
Market Data
Market Cap: $2.14T | 24H Vol: $90B | BTC Dominance: 53.6%
BTC: $58,067(-3.9%) | ETH: $2,582 (-1.2%) | BNB: $516 (+2%)
This Week’s Headlines You Can’t Miss
Majority of Institutional Investors Held or Increased Bitcoin ETF Positions in Q2. According to a recent report by Bitwise’s chief investment officer, US-based institutional investors continue demonstrating serious support for Bitcoin through spot exchange-traded funds (ETFs). 66% of them have either maintained or increased their holdings.
Here’s When Altcoin Season Will Occur, According to Arthur Hayes. Arthur Hayes, the former CEO and co-founder of BitMEX, shared his thoughts on the possibility of an incoming altcoin season. He believes that this would take place once BTC hits $70K and ETH – $4K.
Marathon Digital Purchases $250M in Bitcoin (BTC) After Raising $300M Through Senior Notes. Marathon Digital Holdings (MARA) – one of the world’s largest publicly-traded BTC mining companies, has bought somewhere around $250 million worth of the cryptocurrency. The move was funded through a $300 million senior note offering.
Morgan Stanley Becomes Fifth Largest IBIT Holder With $188M Position. The institutional investment banking giant – Morgan Stanley, has recently disclosed a considerable position in BlackRock’s spot Bitcoin ETF IBIT. The investment was valued at close to $188 million, comprising 5,500,626 shares of IBIT.
Goldman Sachs Currently Manages $419M in Bitcoin ETFs. The international banking behemoth Goldman Sachs is currently managing around $419 million in Bitcoin ETFs on behalf of its clients. The bank holds positions in 7 out of the 11 available BTC ETFs in the United States.
US Inflation Numbers as Expected, Bitcoin Registers Slight Volatility. The US Consumer Price Index numbers came out this week, clocking at what the experts were expecting – 2.9% over the last 12 months and 0.2% over the last month.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Binance Coin, Binance Coin, and Solana – click here for the complete price analysis.
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