Crypto.com Weekly Market Update (Week 27, 05/07/2021 - 11/07/2021)
BTC at $34.2K, ETH at $2,137; all indices dropped.
Market Recap
Bitcoin has fallen by more than 6% to $32,400 on Thursday, setting a fresh low for July. It recovered shortly and surged over 3% to consolidate at $34,000 at the time of writing, with dominance of 46.11%.
Meanwhile, Ethereum also retracted sharply to $2,060 on Thursday after retesting the $2,400 level, and consolidated between $2,100 and $2,150.
Overall, all indices dropped. The price, volume and volatility index declined 5.88%, 18.99%, and 22.08% respectively.
Check the latest prices on crypto.com/price.
Price Index
All token prices dropped except ATOM (+18.35%).
Top 3 losers: ETH (-9.06%), XLM (-8.56%), XTZ (-8.25%)
Benchmark: BTC (-4.60%)
The core developer of Cosmos (ATOM), Tendermint, started creating a crypto app store called Emeris that will allow access to a range of decentralized applications (ref).
Ethereum's London hard fork scheduled to commence on August 4 (ref). This long-awaited upgrade is meant to complement the Ethereum 2.0 transition which will change the ETH chain from proof-of-work (PoW) to proof-of-stake (PoS). Meanwhile, Swiss bank Sygnum became the first bank to offer ETH 2.0 staking (ref). Additionally, Ethereum exchange reserves plummeted to a more than two-year low according to CryptoQuant (ref).
Volume Index
Most token volumes declined except ATOM (+49.59%), EOS (+14.86%), and LINK (+10.85%).
Top 3 decrease: ADA (-35.52%), BTC (-22.73%), ETH (-16.46%)
Benchmark: BTC (-22.29%)
Bullish Global, the subsidiary of EOS developer Block.one, revealed plans to go public on the New York Stock Exchange via SPAC merger (ref).
Cardano unveiled its five-year plan that targets onboarding 50 banks and Fortune 500 companies (ref).
Jack Dorsey, the CEO of Twitter and Square confirmed that Square was building a Bitcoin hardware wallet (ref). Microsoft-backed ION project was building decentralized identifiers that run on top of Bitcoin blockchain used for all online activities by individuals (ref).
Volatility Index
Most token volatility dropped except EOS (+54.36%), XMR (+1.72%), and DOT (+1.21%).
Top 3 decrease: ADA (-47.36%), XLM (-40.57%), ETH (-31.97%)
Benchmark: BTC (-16.61%)
Top News
Visa Customers Have Spent Over $1B On Crypto-Linked Cards This Year
BREAKING: Stablecoin firm Circle to go public in $4.5B blank-check deal
Cryptocurrency firm Bullish to go public in $9 bln SPAC deal
Microsoft Using Bitcoin to Let People Own and Protect Their Decentralized Virtual Identity
Top DeFi News
Shiba Inu's Newly Launched ShibaSwap DEX Explodes With $1.5B TVL in Less Than 2 Days
DAO Behind DeFi Pulse Index Raises $7.7M From Galaxy Digital, 1kx
Thank you for reading! We hope you find our Weekly Market Update enlightening!
Hungry for more? Visit our Research Hub and University to access other insightful crypto research!
Share with a friend if you like our email!