Upcoming crypto week: Bitcoin (BTC) and other top cryptocurrencies have seen a rough week as the price of the oldest coin, BTC, fell from a high of $62,500 to $55,700 in a matter of days. The market is seeing increased sell-off pressure and ongoing geopolitical tensions in Israel and Bangladesh are contributing greatly to a gloomy outlook. It takes some good news, or rather pro-Trump news, from the run-up to the US presidential election to lead to some much-needed gains in crypto prices.
Before we proceed, readers should note that the entire crypto market and coin prices are extremely volatile. There are no foolproof methods to determine how cryptocurrencies are likely to behave in the future.
This article is intended to help investors keep themselves updated with the current market scenarios and the biggest events that have already taken place as well as some upcoming events that are worth mentioning. Investors are advised to do their research before making a decision.
Crypto prices in the last week
Last Monday (August 5), the total market capitalization of all cryptocurrencies was $1.97 trillion. The BTC price was around $55,700. The ETH price was around $2,500.
A week later, the total market capitalization rose to $2.05 trillion.
Check out the top crypto prices today
The total volume of DeFi is $3.04 billion, which is 5.12 percent of the total 24-hour market volume. For stablecoins, the total volume is $53.71 billion, which is 90.58 percent of the total 24-hour market volume. According to CoinMarketCap, the overall market fear and greed index was “Neutral” at 50 points (out of 100).
BTC dominance was 56.28 percent at the time of writing.
Over the past seven days, Bitcoin reached a high of $62,510.58 (on August 9) and a low of $50,588.43 (August 5).
Ethereum, on the other hand, recorded a high of $2,700.43 (August 11) and a low of $2,241.17 (July 5).
Crypto events to watch
The amount of Bitcoin held on centralized exchanges has fallen to its lowest level in nearly six years, according to the latest figures from CryptoQuant. The decline that began in early June 2022 has continued, pushing reserves to levels not seen since November 19, 2018.
This steady decline in Bitcoin reserves suggests that more and more investors are withdrawing their assets from exchanges, possibly into cold storage repositories, reflecting a growing trend toward long-term holding and increased security.
The dwindling reserves highlight a significant shift in digital asset market dynamics that could impact liquidity and price volatility in the cryptocurrency space.
In addition, Turkey’s Capital Markets Board (CMB) has released a comprehensive update on crypto asset service providers in the country. The CMB’s preliminary lists now include 47 companies currently in operation, as well as three companies that have opted for liquidation.
The updated guidelines require all existing crypto asset service providers to submit applications for the necessary permits within a certain time period. Companies that do not meet these requirements face compulsory liquidation. Those who do not comply with the regulations face legal consequences.
The move is part of Turkey’s broader efforts to regulate the rapidly growing cryptocurrency sector and ensure that companies operate within the legal framework created by the government.
Finally, in a move that has caused concern across Venezuela, state-run internet service provider CANTV has reportedly blocked access to Binance, one of the world’s leading cryptocurrency exchanges. This sudden measure has affected a large number of Venezuelans who rely on the platform to manage their digital assets and participate in peer-to-peer (P2P) markets.
CANTV, which holds a dominant position in the Venezuelan broadband market, has left many users unable to access their cryptocurrency savings, causing widespread frustration. P2P markets, often used by Venezuelans to protect their assets from the country’s volatile economy, have also been disrupted.
This development has raised alarm in the local crypto community, with many questioning the motives behind the decision and seeking alternative ways to regain access to their funds. The blockade has highlighted the increasing challenges facing Venezuelans who turn to cryptocurrencies as a financial lifeline in a country with ongoing economic instability.
What crypto traders say about the current market scenario
Edul Patel, co-founder and CEO of Mudrex, told ABP Live, “After last week’s crash, Bitcoin quickly recovered and even broke the $62,000 mark, bringing a wave of optimism to the market. However, this does not guarantee sustained bullish momentum from here. In addition to geopolitical tensions, strong on-chain movements are acting as undercurrents in the crypto space. Bitcoin price is currently trading at $58,600 and is likely to retest its support at $54,000, which could also lead to a downturn in altcoins. We can also expect Bitcoin to re-challenge its resistance at $62,000, but beyond that, there could be limited activity in the coming week.”
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Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for losses from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek professional advice and carefully read offering documents and important literature on the subject before making any investment of any kind. Cryptocurrency market predictions are speculative and any investment is made solely at the readers’ expense and risk.
