The past seven days have not gone very well for the broader cryptocurrency market, with total capitalization down by around $60 billion. It’s been a week full of ups and downs, so let’s unpack.
This time seven days ago, Bitcoin was trading slightly below $21,000, but things quickly got worse. The cryptocurrency fell to $20,000 and finally fell below that critical level on Monday, August 29. That’s when the back and forth began.
On Tuesday, BTC was trading at $20,500 before also crashing to $19,600. On Wednesday, the price rose again towards $20,500, only to fall back to $19,500 the next day. As of this writing, the cryptocurrency is trading at around $20,000, registering a slight decline over the past seven days. Either way, this is one of the most characteristic bear market patterns where price goes through that choppy price action, moving sideways without being able to escape the range.
The rest of the market also fell. Altcoins are bleeding, with Ethereum registering a 4% decline days before the merger. BNB is down 6.6^, XRP is down 5.4%, while Solana is down almost 10%. Polygon is one of the outlier and best performing major altcoins, up 8.4% on the week.
MATIC’s boost comes days after leading non-fungible token marketplace OpenSea announced support for Polygon on Seaport – its new Web 3 protocol. This integration came with a relatively extensive list of features. , which also included the ability for users to pay with MATIC.
Elsewhere, Arbitrum – one of Ethereum’s leading scaling solutions, has undergone a major upgrade. Called Nitro, it is designed to compile the core of Geth in Arbitrum while also featuring a component rewritten in Go. Additional features include a new prover that allows the networking engine to be written using tools and languages standard.
Despite continued declines, Bitcoin’s network mining difficulty rose 9.26%, the biggest year-to-date increase. This is the third adjustment in a row where the difficulty has increased, showing that miners are interested, despite the slowdown.
As we head into September, it is particularly interesting to see how the market will evolve, especially with the ongoing Ethereum merger.
Market capitalization: 1,028 billion dollars | 24h volume: 61 billion dollars | BTC dominance: 37.3%
BTC: $19,900 (-8.1%) | ETH: $1,594 (-4%) | ADA: $0.456 (-2%)
This week’s crypto stocks you can’t miss
OpenSea introduces Polygon support on Seaport. Leading non-fungible token marketplace OpenSea has announced support for Polygon on its Web3 – Seaport protocol. As a result, the price of MATIC is trading at an increase of almost 10% on the week.
Here’s what you need to know about the major Arbitrum update. Arbitrum underwent a major update this week. Called Nitro, it compiled the core of Geth into the layer two scaling solution, and it also features a component that is rewritten in Go. The upgrade makes it easier for users to take advantage of elements of network basis.
JPMorgan strategist advises investors to sell Bitcoin, Crypto after Fed hawkish stance. A strategist at leading multinational investment bank, JP Morgan, said the best way to position yourself in the market right now is to focus on valuations and also avoid looking at short-term directions. He said it was reasonable to have risky assets like bitcoin.
Bitcoin mining difficulty sees biggest increase since January. Bitcoin mining difficulty has increased by 9.3% this week. This is the largest increase since January 2022. It is also the third consecutive increase. This is happening as the broader market is once again going through a decline.
Tether responds to alleged attack in WSJ report. Tether – the company behind the largest stablecoin by total market capitalization (USDT) – fired back at The Wall Street Journal, refuting many of the claims made in its report. The company also said it was about to release a financial audit.
FTX’s Sam Bankman-Fried does not plan to acquire Huobi. FTX CEO Sam Bankman-Fried has denied rumors that his company plans to buy Huobi. This comes in response to several reports that indicated FTX was considering the acquisition.
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