Crypto.com Weekly Market Update (Week 29, 19/07/2021 - 25/07/2021)
The price, volume, and volatility indexes all grew at 8.94%, 4.42%, and 139.96%, respectively.
Highlights
BTC rebounded to $38.3K from its low at $29,500 this week. BTC price jumped by 10% after Elon Musk expressed positive views on Bitcoin at Wednesday’s “B-Word” event. Later on, Bitcoin gained another traction when the news about Amazon’s exploration on crypto payment was out. It reached as high as $34,800 on Sunday with a dominance of 46.74%.
ETH recovered to $2,313, quickly surging above $2,000 on Wednesday around the same time as Bitcoin’s price rise. The price increase may also be influenced by Elon Musk saying that he owns Ether (ref). ETH price approached $2,200 on Saturday and reversed back to around $2,150 at the time of writing.
The price, volume, and volatility indexes all grew at 8.94%, 4.42%, and 139.96%, respectively.
Check the latest prices on crypto.com/price.
Price Index
Overall trend
The prices of all tokens of the index rose, except for EOS (-1.20%).
Top 3 price gainers
XTZ (+13.82%), ETH (+12.31%), XLM (+11.27%)
Benchmark: BTC (+8.64%)
Notable events
Last week, the highly-anticipated discussion - B-Word event - on Bitcoin between Twitter CEO Jack Dorsey, Ark Invest CEO Cathie Wood, and Elon Musk took place. Bitcoin’s price soon recovered above $30K after the event.
Highlights:
Musk revealed that SpaceX owns Bitcoin and Tesla may be close to accepting BTC payments again after looking into BTC’s sustainability (ref);
The next day, Jack Dorsey publicly said for the first time that bitcoin will be a “big part” of the company’s future on Twitter's Q2 2021 earnings conference call on Thursday (ref).
Ark Invest reported it purchased more than 450,000 shares of the Grayscale Bitcoin Trust in two separate buys last week, bringing its combined holdings to more than 9 million shares (ref).
ETH 2.0 staking has breached 200,000 validators, with over 6.6 million in ETH currently being staked, totaling over $14 billion (ref).
The Stellar Development Foundation said that it wanted to acquire payments giant MoneyGram, an ex-partner of Ripple (ref).
According to data provided by Santiment, ETH wallets holding between 10,000 and 1 million ETH have 60.5 million coins cumulatively. Over the last six days, the wallets added 1.65 million Ethereum (ref).
The Ethereum Improvement Proposal (EIP) that deals with the merging of the two chains in the network’s transition to proof-of-stake has been formally launched (ref).
Volume Index
Overall trend
Most tokens’ volumes rose except for EOS (-30.49%), ATOM (-28.10%), and ADA (-3.45%).
Top 3 volume gainers
XLM (+30.22%), DOT (+26.49%), LINK (+16.64%)
Benchmark: BTC (+4.02%)
Notable events
Charles Hoskinson, the founder of Cardano (ADA), recently revealed that Cardano's smart contracts are now compatible with web browsers on testnet.
Karura, the Kusama (the companion network for Polkadot) implementation of the Acala protocol, has launched its decentralized exchange (DEX) platform, Karura Swap (ref).
Avalanche has announced that Chainlink (LINK) price feeds were live on the Avalanche mainnet (ref).
Volatility Index
Overall trend
Most tokens’ volatility skyrocketed except for ATOM (-19.50%).
Top 3 volatility increases
ADA (+270.94%), DOT (+248.04%), XLM (+138.40%)
Benchmark: BTC (+131.60%)
Top Industry News
Crypto.com deploys its Ethereum Virtual Machine chain testnet
JP Morgan greenlights wealth management advisors to take crypto fund orders: Report
Goldman Sachs reports nearly half of its rich family office clients want to get into crypto
Elon Musk & Jack Dorsey Talk Bitcoin Environmental Issues and Its Future
SpaceX owns Bitcoin, Elon Musk and Nic Carter believe BTC is becoming greener
Tether promises an audit in ‘months’ as Paxos claims USDT is not a real stablecoin
DeFi News Spotlight
SushiSwap DeFi Protocol Announces Next Generation Trident AMM
Chainlink now live on Avalanche to enable advanced DeFi apps
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