To say that the price action within the cryptocurrency market this week was underwhelming would be the understatement of the year. Most of the top altcoins are charting losses as Bitcoin’s price remains completely flat for the past seven days.
In fact, Bitcoin’s volatility has been so insignificant that on a 10-day average, it’s about to become less than that of stocks and even gold. That’s right – the “highly volatile” Bitcoin that’s unpredictable and “risky” has seen less action than … gold. But it is what it is, and BTC has absolutely failed to produce any substantial movement in the past week, losing a slight 0.2%.
Elsewhere, the altcoins are bleeding out. XRP is down 7%, ADA is down 5%, SOL – 5.4%, TRON – 7.3%, MATIC – 5.6%, and so forth. This has helped Bitcoin’s dominance. To those unaware, this is the metric which tracks its share relative to that of the rest of the market. It increased by 0.5% in the past seven days, which highlights exactly how weak altcoins are at the moment.
But not all altcoins are made equal, and it turns out that SHIB is the only one from the majors that performed well. The cryptocurrency is up some 5% on the week in a sea of red. It’s not without a good reason. Binance, the world’s leading cryptocurrency exchange, just announced that it will now start accepting SHIB as collateral. This is big news, and it’s the primary catalyst for the altcoin’s surge in value.
Elsewhere, Coinbase is moving to dismiss the case against the US Securities and Exchange Commission. The exchange has cited the ruling in Ripple’s case against the Commission, where Judge Analisa Torres determined secondary sales of XRP to NOT constitute an investment contract. It’s very interesting to see how the legal spat will turn out, as that ruling offers a pivotal moment.
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All in all, it’s also worth noting that the ongoing bear market is turning out to be the longest in crypto’s relatively nascent history. It’s been going on for more than two years now, and we have yet to see when it will end.
Market Data
Market Cap: $1,215B | 24H Vol: $35B | BTC Dominance: 46.8%
BTC: $29,238 (-0.2%) | ETH: $1,845 (-1.7%) | BNB: $242 (+0.2%)
Here’s How Much BTC One of the Largest Bitcoin Miners Sold in July. Marathon Digital is one of the world’s leading Bitcoin mining companies. The mining mogul recently released its report for the previous month, which revealed that the company sold 750 BTC in July.
SHIB Spikes 5% as Binance Announces Shiba Inu (SHIB) as Collaterized Asset: BONE Listing Soon? The entire market is consolidating, and it’s not producing any significant moves across the board. SHIB, however, jumped by some 5% through the day on news that Binance will allow it to be used as collateral.
Australia’s Financial Regulator Sues eToro: Details. Australia’s Securities and Investments Commission (ASIC) has filed a lawsuit against one of the largest retail-oriented trading platforms – eToro. The watchdog alleges that eToro’s CFDs could harm investors.
Bitcoin Bear Market Things: Robinhood’s Crypto Revenue Plunged by Almost 20% in Q2. The ongoing bear market is taking its toll on companies outside of the crypto industry as well. Robinhood’s revenue that’s related to trading crypto has plunged by almost 20% in the second quarter of this year.
US Senator Shorts the US Economy After Calling it Resilient. A US Senator who called the country’s economy “resilient” less than a few months ago is now shorting it. That’s right – Sen. Thomas Carper has placed bets that the economy will deteriorate.
Did You Know? This is the Longest Crypto Bear Market Ever as Altcoins Languish, Regulation Looms, and TradFi Encroaches. It turns out that the ongoing bear market is the longest one the cryptocurrency industry has ever seen. The metaphoric winter is going on for two whole years now, while volatility is also drying out.
Charts
This week we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.