Bitcoin failed to gain a foothold above $ 50,000, Cardano demonstrates miracles of sustainability, and large players come to the NFT market – these and other events in our weekly digest
The cryptocurrency market showed mixed dynamics last week. The value of all digital assets in circulation in the moments sank to $ 1.16 trillion, but did not change at the end of the week, remaining at $ 2.07 trillion.
Dynamics of major cryptocurrencies
The week turned out to be controversial for Bitcoin… Having broken above the key mark of $ 50,000, BTC quickly lost ground and on Thursday, August 26, tested the local bottom at $ 46,315.Since then, Bitcoin has managed to partially regain its losses, but it has not been able to conquer $ 50,000 again. , BTC is trading at 48,500. Rumor has it that the whales who dumped the market are to blame.
Here you can read the latest technical analysis for Bitcoin (BTC).
Ethereum this week it was moving after bitcoin. The second largest cryptocurrency tested a high of $ 3,378 on Monday August 23rd, but dropped to $ 3,092 by Friday. Then, ETH tried twice to overcome $ 3,300, but did not succeed. At the time of this writing, ETH / USD is trading at $ 3,200, unchanged for the week.
Cardano (ADA) in a week it has risen in price by more than 10% and has become the growth leader among the five largest cryptocurrencies. The coin ranks third, and its market capitalization exceeds $ 5.55 billion. The coin fell below $ 2.5 for a short time, but the fall was short-lived. Now ADA is trading at $ 2.85. The weekly high was recorded on August 23 at $ 2.97. Earlier, the BeInCrypto editorial staff wrote about why ADA became the darling of Wall Street.
Read also: ETH is now safer to walk than ADA – Santiment
Among other cryptocurrencies from the top ten, the Solana (SOL) token has risen in price by almost 25% over the week and consolidated above the psychologically significant $ 90 mark. The odious Dogecoin (DOGE) went into negative territory. As a result of the past seven days, the meme coin has lost more than 10%. DOGE is currently trading at $ 0.27, 62% below its May 8 all-time high of $ 0.7376. Earlier this week, it became known that Dogecoin was at the center of a scam project.
What else happened this week
- NFT goes to the masses
The past week has been eventful in the NFT industry. The founder of the Tron project, Justin Sun, bought the NFT stone for $ 600,000. The image of the stone was bought for 187 ETH and sent to the APENFT cosier service for storage.
Another high-profile purchase in the account with the payment giant Visa. The company spent $ 150,000 on the CryptoPunk NFT token. The company explained that they want to get to know the technology better and learn its benefits. Visa believes that “NFTs will play an important role in the future of retail, social media, entertainment and commerce.”
Facebook wants to add support for NFT tokens to Novi’s digital wallet. The head of Facebook Financial David Marcus said in an interview with Bloomberg. He also added that the wallet is completely ready and will launch alongside Facebook’s digital coin known as Diem.
Why is it important: companies saw the prospect and new opportunities that NFT technology opens up. This means that large players will be drawn into the industry in the near future. Together with them, trading volumes and the number of NFT users will grow.
The recently hacked Japanese cryptocurrency exchange Liquid has attracted the attention of local authorities. The Japanese financial regulator is seeking to tighten control over the cryptocurrency market and, in particular, the decentralized finance sector. The Financial Services Agency (FSA) believes the industry hasn’t gone out of its way to prevent money laundering and safeguard users’ assets.
Meanwhile, Liquid borrowed $ 120 million from the FTX crypto exchange to strengthen its position in the market and accelerate the development of new projects.
- Other news of the week:
The exchange awarded itself stolen BSV tokens, but all according to the law
MicroStrategy increased bitcoin reserves by $ 177 million
Blockchain enthusiasts create an on-chain exchange for monero (XMR)
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