Crypto.com Weekly Market Update (Week 26, 28/06/2021 - 04/07/2021)
BTC at $34.4K, ETH at $2,259; price index grew; volume and volatility index dropped.
Market Recap
Bitcoin retracted sharply after hitting $36,390 on Tuesday. It surged over 8.5% from $32,000 on Thursday and reached as high as $35,500 at the time of writing. Bitcoin dominance is currently at 45.6%.
Meanwhile, Ethereum surged by 16.9% on Wednesday but faced resistance at $2,270. It recovered shortly and sat above $2,330 at the time of writing.
Overall, the price index grew 13.28%; while the volume and volatility index dropped 18.48% and 13.61% respectively.
Check the latest prices on crypto.com/price.
Price Index
All token prices rose.
Top 3 gainers: ETH (+28.75%), ATOM (+28.61%), XTZ (+22.53%)
Benchmark: BTC (+7.71%)
Ethereum 2.0 approached 6 million staked ETH, worth around $1.2 billion (ref). JP Morgan is bullish on ETH 2.0 in its report and stated that it could jumpstart a $40 billion staking industry by 2025 (ref). Additionally, data from Santiment suggested that the percentage of Ethereum held on exchanges had dropped below 18%, its lowest since November 2018 and a 31-month low (ref).
Open source project CENTRE announced its plan to release USDC on 10 additional blockchains, including Tezos (XTZ) and Polkadot (DOT) (ref).
Volume Index
All token volumes declined.
Top 3 decrease: ADA (-44.43%), DOT (-43.93%), LINK (-40.80%)
Benchmark: BTC (-22.29%).
More than $30 billion worth of Cardano’s ADA (roughly 71.7% of its circulating supply) has been staked on the network after the launch of Alonzo testnet (ref). Meanwhile, crypto investment firm Grayscale added Cardano to its Digital Large Cap Fund (ref).
Volatility Index
All token volatility dropped except ETH (+13.33%).
Top 3 decrease: XMR (-48.58%), XTZ (-41.07%), ADA (-42.13%)
Benchmark: BTC (-18.80%)
Top News
Formula 1 announce Crypto.com as Global Partner and Inaugural partner of the F1 ‘Sprint’ series
Morgan Stanley Buys Over 28,000 Shares of Grayscale Bitcoin Trust
Binance, the world’s largest cryptocurrency exchange, gets banned by UK regulator
Thai SEC and Cayman Islands regulator take action on Binance
Singaporean regulatory authorities latest to scrutinise Binance
Top DeFi News
Compound Labs Launches ‘Treasury’ to Get Big Firms Reaping DeFi Yields
Polygon Launches New General-Purpose Blockchain Called Avail
DeFi Meets AI: Fetch.ai Launches ‘Intelligent Automation’ for Uniswap V2 and PancakeSwap
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