WMA: The Bears Remain in Control as Bitcoin and Altcoins Continue to Bleed
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $1,304 trillion.
- Bitcoin is down by more than 6% but still trades above $30,000
- Ethereum has decreased by over 7% over the past seven days to trade below $2,000.
- XRP records a 6% value loss over the week.
- Dogecoin, Polkadot, and Cardano have registered significant value drops in the past week.
- The DeFi sector lost almost $500 million from the total value protocols (TVL).
Crypto Trends 12th – 18th of July 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market is not the best-performing financial sector at the moment by far. After a week in which most digital assets traded in the red, the market capitalization dropped by more than $100 billion, and it is now standing at a little over $1.3 trillion.
Bitcoin has lost almost $40 billion in market capitalization after a weekly value drop of over 6%. Many pessimists predict the primary cryptocurrency to fall below the psychological $30k level before July ends. However, it all depends on what will happen once Grayscale unlocks shares worth 16,240 BTC this Sunday.
In related news, MicroStrategy’s CEO, Michael Saylor, said that he would not be forced to sell any tokens, whether his personal ones or those belonging to the company he runs, regardless of how low the BTC price is is may fall. At the moment, Bitcoin is trading at around $31,780.
Ethereum did not fare that well over the week either. The second crypto in command lost more than 7% of its value. The coin continues its disappointing fall as it reverts to a trading price below $2,000 for the first time since March. Ethereum is now trading at around $1,970.
Elsewhere, Cardano successfully passed its latest test net, Alonzo, through a complex hard fork, unimaginatively called Alonzo White. Unfortunately, the event did not stir the pot too much, and the coin continued to bleed heavily. At the moment, Cardano comes on the receiving end of a 10% weekly loss, and it is trading at only $1.20.
Most of the altcoins traded in the red throughout the week. While it’s worth noting that they register small value boosts over the weekend, their overall weekly performance is forgettable at most. For instance, Binance Coin is down by more than 4%, Polkadot dropped by 17%, and Dogecoin is down by 11%.
What’s in the News?
- According to this report, the Bank of America has already released a new service for a select number of its clients, allowing them to trade Bitcoin futures.
- The most recent DeFi hack has seen the cross-chain DeFi protocol THORChain lose millions of USD in its second security breach this month.
Next Week’s Market Forecast
As the week comes to an end, all the eyes in the crypto industry are on Grayscale’s unlocking of GBTC shares. The event should see the release of over 16k BTC. At that point, the investors are free to do as they please, and Bitcoin’s value could go either way of the $30k threshold.
Regardless of the outcome, it is essential to remain cautious in the most unstable of times for the crypto market this year.