Bitcoin Makes Much-Needed Gains, Roaring To Almost $65,000 This Week in Crypto
Crypto Week Ahead: The price of Bitcoin (BTC) reached a high of $64,606.82 during the previous seven days.
Due to growing buyer confidence, Bitcoin (BTC) enjoyed some much-needed rallies over the previous week, pushing the price up to about $65,000 over the weekend. Bitcoin looks to have leveled off at roughly $63,000. The market for cryptocurrencies is thought to have benefited from a potential rate decrease in the US and Robert F. Kennedy Jr.'s backing of Donald Trump, a fellow pro-crypto leader. We do not yet know how long Bitcoin can continue to rise.
Readers should be aware that coin prices and the cryptocurrency market as a whole are very erratic before continuing. It is impossible to predict with certainty how cryptocurrencies will perform in the future.
The purpose of this article is to assist investors in staying abreast of the most significant events that have already occurred, as well as some noteworthy forthcoming events and current market circumstances. Before taking any calls, investors are recommended to conduct their own research.
The Week's Worth of Cryptocurrency Prices
The total market capitalization of cryptocurrencies was $2.05 trillion on Monday, August 12. The price of Bitcoin was almost $58,590. The price of ETH was almost $2,550.
The whole market capitalization increased to $2.25 trillion a week later.
With a total volume of $3.21 billion, DeFi accounts for 6.31 percent of the market's 24-hour volume. Stablecoins make up $46.42 billion of the whole 24-hour market volume, or 91.24 percent of the total volume. The entire market fear and greed index, according to CoinMarketCap, was at 56 points (out of 100), or "Neutral."
As of the time of writing, 56.22 percent of BTC was dominated.
Bitcoin reached a high of $64,606.82 on August 24 and a low of $58,094.42 on August 19 over the last seven days.
In contrast, Ethereum had a high of $2,815.04 on August 24 and a low of $2,551.05 on August 21.
Notable Crypto Events
On August 23, when locals in the region complained about frequent power disruptions, Thai law enforcement successfully raided an illegal Bitcoin mining business.
The enterprise was set up in a residential neighborhood, and the authorities found that it was using a lot of electricity without being fully paid for it. Residents had first become aware of the problem when there were unexpected and regular power outages in the area. This prompted them to report the problem, which in turn prompted an investigation and raid.
Authorities are still looking into the scope of the operation and the people engaged in this illegal conduct. Concerns have been expressed regarding the possible effects on the nearby power system as well as the wider ramifications for comparable underground operations in other areas due to the mining process' unauthorized usage of electricity.
The Ethereum Foundation just finished a significant transaction in which 35,000 ETH were moved. At current market prices, this amount is expected to be worth approximately $96.9 million. The August 23, 2024, transfer has come under investigation from the cryptocurrency community, raising concerns about the foundation's openness in managing such substantial amounts of money.
The executive director of the foundation addressed the matter in response to the worries, stating that the transaction was a standard component of the company's treasury management procedures. With this explanation, the community was to be reassured that the transfer was a routine operating practice meant to optimize the foundation's financial resources. Even when it was clarified, the transaction created a stir in the cryptocurrency community, emphasizing how crucial openness is moving forward for the blockchain ecosystem's important asset management.
Following a recent cyberattack, Nischal Shetty, a co-founder of WazirX, has clarified the situation about the platform's residual assets and refuted widespread rumors. The propagation of false information, according to Shetty, has led to unwarranted concern by implying that the platform's residual assets have also been hacked. He told users that these accusations are baseless and seem to be made just to garner attention.
In keeping with his commitment to openness, Shetty said he would make WazirX's Proof of Reserves (PoR) available as soon as a new custody provider was secured.
The Views Of Cryptocurrency Traders Regarding The Present Market Situation
Co-founder and CEO of Mudrex Edul Patel said to ABP Live, "Bitcoin opened the week with a rise beyond $60,000, propelled by Robert F. Kennedy Jr.'s endorsement of a crypto-friendly position in favor of Donald Trump and Jerome Powell's hint at a potential rate drop in September." As momentum picks up, Bitcoin is aiming for the resistance level of $65,600, with solid support likely to be found at $63,600. We may expect Bitcoin to shortly move towards $70,000 if it maintains its position above the $62,000 support level.
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