CoinDesk Report:
What a week it has been…
The cryptocurrency market has ultimately seen deterioration, yet not without its moments. Most notably, total capital losses amounted to $200 billion, with losses of approximately 10% over the past seven days alone.
This was largely driven by significant losses in Bitcoin, particularly in altcoins. In fact, Bitcoin’s dominance—a metric measuring its share relative to the rest of the market—increased by about 0.3% over the past week, highlighting the broader failure of altcoins.
Specifically, BTC plummeted by 9%, reaching lows below $5,400—levels unseen in several months. Interestingly, all started quite well with leading cryptocurrencies hitting weekly highs near $6,400 on July 1. However, it has been downhill since then.
Bearish sentiment seized the opportunity, exerting full control over the market, pushing it down to current levels.
But if you think that’s bad, take a look at some of the altcoins.
Ethereum dropped by 14%, trading below the crucial $3,000 mark. BNB plummeted by 14.4%, trading below $500. Major altcoins such as ADA, SOL, XRP, AVAX, etc., experienced declines ranging from 8% to 15%. Meme coins also saw significant drops, with DOGE falling by 20%, SHIB by 19%, among others.
You must be wondering what caused this bloodbath.
Firstly, Mt.Gox, a defunct cryptocurrency exchange owing billions in BTC and BCH to creditors, today transferred a massive $2.7 billion to a new address, sparking concerns of immediate sell-offs. Additionally, the German government began selling and disposing nearly 10,000 BTC out of around 50,000 BTC seized years ago over the past few days.
Coupled with broader market uncertainties, this dragged down the entire industry, leaving many questioning if there’s a bottom in sight.
Well, prices are now seeing a slight recovery, with many experts, including Adam Back, seeing this as an opportunity that will bear fruit in the coming years.
We haven’t seen what the coming weeks hold, but if there’s one thing certain, it’s that the cryptocurrency market is heating up again!
Market Data
Market Cap: $2.146T | 24h Volume: $155M | BTC Dominance: 51.2%
BTC: $55,798 (-8.9%) | ETH: $2,962 (-13.9%) | BNB: $492 (-14.4%)
Top Cryptocurrency Headlines of the Week You Shouldn’t Miss
Bitcoin Price Plummets Below $5,400, Mt.Gox Moves $2.7B in Bitcoin to New Address. In a dramatic turn, Bitcoin’s price failed to sustain its bull run earlier this week, plummeting entirely as Mt.Gox transferred $2.7 billion in BTC to a new address today.
More Details on Mt.Gox Bitcoin Repayment: What’s Next? The dismal saga of Mt.Gox finally sees some resolution as the defunct exchange redistributes some funds back to creditors, achieving this in both Bitcoin and Bitcoin Cash, but there’s still a long road ahead. Full completion is hoped for before October this year.
Better than Others: Bitcoin is the Best Investment of 2024 (Report). In weeks like these, it’s crucial to zoom out and look at the bigger picture. According to recent reports, Bitcoin and Ethereum remain the best investments of 2024 so far, even compared to many TradFi assets.
Are Bitcoin Miners Saturated as BTC Falls Below $60K? Over the weekend, Bitcoin’s price fell well below the $60,000 mark, with indications that miners may be capitulating. This could be seen as a glimmer of hope amidst the current cryptocurrency storm.
Key to Reviving Bitcoin Bull Market: Analysts. While prices may dip, some analysts are closely watching potential catalysts needed for a revival. CryptoQuant indicates that stablecoin liquidity is a critical factor to keep in mind.
KuCoin Introduces 7.5% Tax Fee for Nigerian Users. KuCoin announced this week that it will levy a 7.5% tax on all transactions executed by its Nigerian users on the platform.
Charts
This week, we conducted chart analyses on Ethereum, Ripple, Binance Coin, Dogecoin, and Polkadot—click here for the full price analysis.