Crypto.com Weekly Market Update (Week 30, 26/07/2021 - 01/08/2021)
PayPal set to launch crypto trading in the UK and may embrace DeFi
Highlights
Bitcoin gained roughly 15% within three hours last Monday as rumors circulated that Amazon was planning to accept Bitcoin payments. However, Amazon denied the speculation later. Bitcoin has surged above $40,000 for the first time in July and hit $42,300 on Sunday with a dominance of 47.67%.
Ethereum has risen above $2,600 and gained 5.59% on Sunday. The surge is attributed to improving market sentiment and a major upgrade scheduled for August 5, the London hard fork. The price has consolidated and sits at $2,600 at the time of writing.
The price, volume, and volatility indexes all grew significantly at 19.66%, 40.39%, and 28.74%, respectively.
Check the latest prices on crypto.com/price.
Price Index
Overall trend
The prices of all tokens of the index surged.
Top 3 price gainers
DOT (+41.58%), LINK (+37.64%), BTC (+19.61%)
Benchmark: BTC (+19.61%)
Notable events
$45 billion asset manager GoldenTree added Bitcoin to its balance sheet (ref).
PwC crypto leader Henri Arslanian has told Bloomberg that large institutional investors like pension funds and VC firms push the Bitcoin price back to the year's ATH (ref).
On-chain data suggested that both small and large investors accumulated Bitcoin during the period when its price rose from below $30,000 to over $40,000 (ref).
Saudi Aramco, the world’s 3rd largest company, reportedly plans to start mining Bitcoin (ref).
MicroStrategy has pledged to buy more Bitcoin despite reporting impairment losses of $424.8 million in Q2 (ref).
Volume Index
Overall trend
All tokens’ volumes spiked.
Top 3 volume gainers
LINK (+64.86%), BTC (+51.08%), DOT (+44.18%)
Benchmark: BTC (+51.08%)
Volatility Index
Overall trend
There was a mixed bag for token volatility.
Top 3 volatility increases
BTC (+57.09%), XMR (+32.23%), LINK (+24.55%)
Top 3 volatility decreases
XLM (-42.14%), ATOM (-19.59%), XTZ (-16.21%)
Benchmark: BTC (+57.09%)
Notable events
Monero developers disclosed a ‘significant’ bug that could impact the privacy of users’ transactions (ref).
Tezos launched a global grant program to encourage people to use the platform to develop their projects on the blockchain (ref).
Top Industry News
State Street partners with Lukka to bring crypto services to its private-fund clients
UBS Mulls Offering Prime Brokerage Services for Crypto ETPs to European Hedge Funds: Sources
PayPal set to launch crypto trading in the UK and may embrace DeFi
Crypto population doubled to over 200M users since January, report says
MicroStrategy pledges to buy more BTC despite paper loss on its holdings of $424.8M in Q2
GoldenTree Asset Management is reportedly investing in Bitcoin
Tether Executives Facing Criminal Bank Fraud Charges: Report
Top DeFi News
UniSwap Governance Passes 20M Education Grant Pushing for Regulatory Awareness
Synthetix turns on layer-two alpha, launches Olympics betting on options platform
Aave (AAVE) Rebrands Its Institutional-Grade DeFi Offering to Aave Arc
Avalanche launches upgraded bridge, prepping DApps for mainstream adoption
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!