Your Crypto Recap: Ethereum Classic Up +55% Weekly, Bitcoin Stagnate At $23K





After a very volatile trading week, bitcoin calmed down at the start of the weekend and sits near $23,000. Most altcoins are slightly in the red on a daily basis, with ETC being one of the few exceptions. Ethereum Classic is also one of the top performers of the past week, with a massive 55% advantage.

Bitcoin calms down to $23,000

After dropping below $19,000 on July 13, bitcoin bulls came to town and recalled their strength. See the article: GALA Crypto Just Up 20%: Is It Time To Buy Gala Games Cryptocurrency?. In just a few days, they helped BTC recoup its most recent losses and pushed past $20,000 over the weekend.

On Saturday and Sunday, the asset posted even more impressive gains, moving above $22,000 on Monday. The bullish trajectory continued for the next few days, culminating in a jump over $24,000 on July 20. This award became the highest in the cryptocurrencies-currency for more than a month.

However, when it was announced that Tesla had sold most of its BTC shares in the second quarter, bitcoin pulled back and fell nearly $2,000. Nevertheless, it bounced back just above $23,500 yesterday.

However, it lost some ground and is currently just under $23,000. Market cap declined slightly to $435 billion, and alt dominance dropped to 41.7%.

Remarkable bitcoin news

While he remains optimistic in the long term, Anthony Scaramucci of SkyBridge Capital admitted that betting much on BTC in the short term was a mistake. This may interest you: What is Crypto Mina (MINA)? Overview, price, review and forecast for 2022.

The founder of 3AC finally spoke out, noting that BTC’s drop to $20,000 was the final nail in the coffin for the hedge fund.

ETC steals the show

Most altcoins outperformed bitcoin last week, as evidenced by BTC’s declining market dominance. This may interest you: Bitcoin: Too Early to Buy? What will be the “bottom” of BTC?.

Ethereum leads the way in rising prices. It struggled to stay above $1,000 10 days ago, but rose more than 60% in the following days, reaching its own multi-month high north of $1,600. Right now, ETH has pulled back slightly and is just below this level.

On a daily scale, red took over as Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu and MATIC all retreated.

Ethereum Classic is one of the rare exceptions. ETC is up 5.5% in one day and over 55% in one week and is trading above USD 27.

Industry news

The Taiwan Financial Supervisory Commission (FSC) has reportedly banned locals from purchasing cryptocurrencies with credit cards.

South Korean authorities have raided the home of Daniel Shin, one of the co-founders of Terraform Labs.

The SEC attacked Coinbase over alleged security listings, but the stock market:as well as the CFTC, disagreed with the securities regulator.

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ThomasE.
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