Bitcoin (BTC) fell more than 71% from its all-time high, hitting a low since July 12 when investors moved away from riskier assets. One reason for the downtrend may be due to the long Labor Day holiday weekend in the United States.
But on Thursday the market started to show some signs of recovery and on Friday it rose aggressively. BTC was up nearly 10% and regained its $ 21,000 position. This means that buyers are now ready for the medium term hike. If the bulls manage to hold BTC above $ 20,575, we could also see it trading above the $ 22,400 level soon.
The second largest cryptocurrency, Ethereum (ETH), continued to trade sideways, extending the previous weekend’s stability to the start of the week.
After the rise in BTC on Friday, ETH also rose 5%. The cryptocurrency made a false breakout from the local peak at $ 1,745. If ETH manages to maintain the vital level of $ 1,700, we could expect it to reach $ 1,800 and then $ 2,000 could be on the cards.
Overall, the last business day of the week turned bullish for the cryptocurrency market as most cryptocurrencies continue to trade in the green zone.
While the US central bank signals that it will reverse from monetary tightening to monetary easing in 2023, where it will lower interest rates, this news has given traders and investors some hope.
In an exciting series of events, in the world’s largest crypto ecosystem, Japanese authorities have become the first to reward their local officials with NFT. The government awarded NFTs to local authorities for their excellent work, which used digital technology to solve local problems.
MicroStrategy (MSTR), a software developer that has become a corporate bitcoin repository, plans to sell its $ 500 million stock to buy cryptocurrencies. A filing on Friday with the US Securities and Exchange Commission revealed that the stock offering will be for general business purposes, including the acquisition of bitcoin. This supports Michael Saylor’s plan to turn the company into a cryptographic proxy.
On the other hand, Blockchain.com has been approved to operate in Dubai. A London-based exchange has signed a contract with Dubai’s Virtual Assets Regulatory Authority for this.
In July, the price unveiled the Dubai Metaverse Strategy which welcomes more than 1,000 businesses to the city to create more than 40,000 cryptocurrency jobs by 2030. Blockchain.com joins the ranks of several major cryptocurrency firms such as FTX, OKX and Crypto.com.
Coming to the price action, among the top 100 cryptocurrencies by market capitalization, here are the best and worst performing cryptocurrencies from last week:
Top 5 Cryptocurrency Earnings During the Week:
1. Earth (MOON): 250% more
2. Ravencoin (RVN): 90% more
3. TerraClassic (USTC): 86% more
4. Terra Classic (LUNC): 62% more
5. Cosmos (ATOM): 30% more
Top 5 Cryptocurrency Losers This Week:
1. Chilliz (CHZ): 9% less
2. Unus Sed Leo (LEO): 8% less
3. Nexo (NEXO): 8% less
4. Infinity axis: 4% less
5. 1 inch (1 INCH) net: 3% less
Note: The data includes only the first 100 crypto tokens and coins from
coinmarketcap.com from 6.45 pm on 9 September 2022
(The author is
CEO and co-founder of Mudrex)