Crypto.com Weekly Market Update (Week 28, 12/07/2021 - 18/07/2021)
BTC at $31.6K, ETH at $1,883; all indices dropped.
Market Recap
Bitcoin continued its bearish run this week after facing a sharp rejection at $34,460, and fell by more than 5% on Monday. By the end of the week, it consolidated between $31,500 and $32,000, with a dominance of 46.53%.
Meanwhile, Ethereum retracted sharply from $2,160 on Monday and plummeted by more than 8% to $1,970. It consolidated between $1,900 and $1,950 at the time of writing.
Overall, all indices dropped. The price, volume, and volatility index declined 9.01%, 18.58%, and 44.35% respectively.
Check the latest prices on crypto.com/price.
Price Index
All token prices dropped.
Top 3 losers: ATOM (-24.52%), DOT (-19.32%), LINK (-16.52%)
Benchmark: BTC (-7.39%)
Cosmos (ATOM) saw a 62% drop from the coin’s all-time high of $31.7 in May. Projects that build on the engine (Tendermint) also whopped, including Terra (LUNA), Secret Network (SCRT), Band Protocol (BAND), among others (ref).
Volume Index
Most tokens’ volumes declined except XLM (+18.82%), XTZ (+13.15%), and ADA (+0.35%).
Top 3 decreases: LINK (-27.20%), ETH (-23.61%), DOT (-18.77%)
Benchmark: BTC (-17.61%)
Asian cryptocurrency exchange platform Liquid Group and Stellar Development Foundation (SDF) announced the joint venture to provide USD coin (USDC) issued on Stellar via Liquid’s exchange (ref).
Cardano (ADA) has successfully deployed the Alonzo White hard fork, marking another step forward in the road towards smart contracts (ref). A report pointed out that Cardano demand rose amongst retail and institutional investors (ref). Meanwhile, Cardano was the most staked chain by USD value according to data from Staking Rewards (ref).
According to data by Glassnode, Ethereum holders were aggressively withdrawing their coins from centralized exchanges while the ETH locked in smart contracts climbed (ref). Despite the price drop, Ethereum futures volume was up last week, which may indicate that people probably were hedging for the market (ref). Furthermore, Ethereum’s top 10 largest addresses kept buying Ether and held 20.58% of Ether supply according to the data from Santiment (ref). Additionally, the first Ethereum ETF in Latin American was approved and planned to list on Brazilian stock exchange B3 (ref).
Volatility Index
Most tokens’ volatility dropped except ATOM (+57.66%) and XLM (+7.62%).
Top 3 decreases: EOS (-61.78%), DOT (-56.48%), LINK (-49.09%)
Benchmark: BTC (-45.91%)
Top News
Bank of America Permits Selected Clients to Trade BTC Futures
Grayscale's main crypto fund becomes an SEC-reporting company
Thorchain suffers $5 million exploit, developers have put out a fix
Italy joins the list of global regulators warning against Binance
Binance says it will no longer offer trading of stock tokens
Top DeFi News
UniSwap Governance Passes 20M Education Grant Pushing for Regulatory Awareness
Square is building a decentralized finance business using bitcoin
Pontem and Pinknode Team Up to Bridge Polkadot and Facebook's Diem
1inch Foundation launches $3M grants program for DeFi developers
Another DeFi Exploit: Bondly Finance Compromised, BONDLY Price Crashes 60% in Hours
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!