It was an exciting week in the cryptocurrency market with a lot of developments – both in terms of price and otherwise. Bitcoin went through a correction but managed to recover, while Ethereum’s long-anticipated London hard fork went live officially.
Starting off with BTC’s price, the week was rather intense. Last weekend, we saw the cryptocurrency appreciating all the way up to $42K. The bulls were exhausted at this point, as multiple indicators started flashing overbought conditions, and the reaction wasn’t too late to follow.
By Monday, bitcoin’s price had lost the $40K level, and a few days later, it had crashed all the way to $37K. And that’s when bulls took back the control in an impressive rally, sending BTC back above $40K. At the time of this writing, the cryptocurrency is testing the important resistance between $42K and $43K following a considerable surge of 9% in the past 24 hours alone.
The entire market is more or less painted in green, with Polkadot and Ethereum leading the way in the top 10. The former is up 35%, while the latter is up 20%. An important event took place for the Ethereum network – the London hard fork went live on the blockchain, implementing some serious changes.
The Ethereum improvement proposal (EIP) that everyone is focused on is EIP-1559. It changed the way fees are structured. Instead of users bidding for the transaction to get included in a block, there’s now a single basefee mechanism that gets set algorithmically depending on network congestion. It also gets burned. In the short period since the upgrade went live (around 24 hours at the time of this writing), 5591 ETH or about $16 million has been burned.
In any case, it has been a very interesting week, and it appears that a lot of things are in line with a bullish footing, but whether or not the price will keep recovering is something that we have to wait and see.
Market Cap: $1789B | 24H Vol: 128B | BTC Dominance: 46.2%
BTC: $42,587 (+6.5%) | ETH: $2,857 (+21%) | XRP: $0.74 (-0.2%)
This Week’s Crypto Headlines You Better Not Miss
Ethereum London Hard Fork Now Live: Here’s What You Need to Know. The London hard fork went live on Ethereum’s mainnet this week. This saw the implementation of EIP-1559, which has already managed to burn almost $16 million worth of ETH in a day.
JPMorgan Grants Institutional Investors Access to Six Cryptocurrency Funds: Report. The large multinational investment bank, JP Morgan, unveiled access to six cryptocurrency funds. One of them is available for the institution’s private clients. This strengthens the bank’s involvement in the industry even further.
Strengthening the Bitcoin ETF Efforts: Grayscale Hires New Global Head of ETFs. Grayscale is increasing its efforts to get a Bitcoin ETF up and running. The world’s leading digital asset manager has hired a new global head of ETFs who will be reporting directly to the chief executive officer of the company.
Google’s Policy to Allow Cryptocurrency Ads Kicks In. The search giant Google has updated its ads policy. Some cryptocurrency businesses are now once again able to advertise through the platform, should they conform to certain regulations. The changes took effect this week.
US Judge Grants Ripple Access to Binance Documents in its Battle Against The SEC. The US Magistrate judge Sarah Netburn has approved Ripple’s request to access documents from Binance in regards to its ongoing case against the country’s Securities and Exchange Commission.
Billionaire Ray Dalio Likes Bitcoin But Would Choose Gold. Prominent investor and billionaire Ray Dalio shared his two cents on Bitcoin. He said that he likes the asset, but he would prefer gold because it has a long history of being a “store hold of wealth.”
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Polkadot, and Chainlink – click here for the full price analysis.
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Cryptocurrency charts by TradingView.