Last Week in Crypto: Highlights in the World of Cryptocurrencies
As we kick off another exciting week on Monday, August 5th, 2024, at 9:00:05 AM EST (3:00:05 PM CET), we delve into the latest price action of the top ten cryptocurrencies, as per Coin Market Cap. Join us as we analyze these figures and anticipate how the market will unfold throughout the week. Subsequently, we will compare these prices with the closing figures of Friday, August 9th, 2024, at 9:00:02 AM EST (3:00:02 PM CET), to gain insights into the week’s market trends and fluctuations.
| CRYPTO | INITIAL | % CHANGE | FINAL |
|---|---|---|---|
| BTC | $50,064.11 | 20.33% | $60,243.87 |
| ETH | $2,228.75 | 17.06% | $2,608.90 |
| BNB | $413.30 | 22.20% | $505.04 |
| SOL | $112.43 | 37.49% | $154.58 |
| XRP | $0.4411 | 30.15% | $0.5741 |
| TON | $4.9614 | 30.21% | $6.46 |
| DOGE | $0.0829 | 24.79% | $0.1035 |
| ADA | $0.2904 | 17.29% | 0.3406 |
| AVAX | $17.9 | 20.47% | $ 21.60 |
Bitcoin Bulls Eye $100K as BTC Rallies Above $62K
Bitcoin surged over $62,000, reigniting optimism for a $100,000 year-end target as analysts see the rally continuing into October and November. This jump, driven by favorable stock market sentiment and Bitcoin’s historical cycle patterns, saw a 7.2% gain and the liquidation of $100 million in short positions. With major tokens like Ether and Solana also rising, some market watchers believe Bitcoin could avoid dropping below $50,000, setting the stage for a strong finish to the year.
Can Tether’s $1.3B USDT Mint Push Bitcoin Above $65K?
Tether has minted over $1.3 billion USDT since the crypto market bottomed on August 5, signaling potential buying pressure as investors prepare to enter the market. This surge in stablecoins, transferred to major exchanges, suggests that Bitcoin could challenge the $65,000 resistance level, a crucial price point for whale holders. With Bitcoin recovering over 21% since hitting a five-month low, the influx of USDT and positive ETF inflows might help BTC break through this key threshold.
XRP Soars 26% as Ripple Secures Major Legal Victory
XRP’s price surged 26% as Ripple Labs scored a significant win in its ongoing legal battle with the SEC. A New York judge ordered Ripple to pay a $125 million civil penalty but stopped short of classifying XRP as a security, a key concern for the crypto industry. Ripple executives hailed the ruling as a victory for both the company and the broader crypto community. The news sent XRP rallying to $0.63, recouping losses from earlier in the month and sparking optimism that the lawsuit’s conclusion could propel further gains.
Bitcoin’s ‘Death Cross’ Could Trap Bears as BOJ Eases Rate Fears
Bitcoin’s looming “death cross”—a bearish technical pattern—might once again deceive bears, hinting at renewed bullish action. This comes as the Bank of Japan’s Deputy Governor, Shinichi Uchida, reassured markets by downplaying the chances of an immediate interest rate hike, easing concerns over the unwinding of yen carry trades. Uchida’s comments sparked a risk-on sentiment, boosting Bitcoin to over $57,300 and lifting stock futures. As markets stabilize, Bitcoin may avoid the typical decline associated with a death cross, trapping those betting against it.
Global Exchanges Rush to Enter Turkey Amid New Crypto Regulations
As Turkey finalizes its crypto regulations, major exchanges like Binance, Bitfinex, and OKX are racing to register their services in the country. A total of 47 crypto exchanges have applied, following Turkey’s approval of a strict crypto bill imposing hefty fines and prison sentences for non-compliance. The new regulations require crypto providers to be licensed and ensure transparent fund transfers. Turkey’s emergence as a key crypto hub, ranking fourth globally in transaction volume, has made it a hot spot for exchanges seeking to expand their reach.
Sources
https://cointelegraph.com/news/tether-usdt-mint-bitcoin-65k
https://cointelegraph.com/news/xrp-price-cryptocurrency-surges-ripple-labs-sec-lawsuit
https://crypto.news/binance-bitfinex-okx-rush-to-register-services-in-turkey/
