Bitcoin is yet to decisively overcome the $23,000 level but still stands just over it as of now. Most altcoins are slightly in the green today, with FLOW outperforming all following a massive META-initiated surge.
Bitcoin Boring at $23K
Following the latest interest rate spike by the Federal Reserve and US President Joe Biden’s refusal to admit that the country has entered into a recession, the primary cryptocurrency jumped last week to its highest price level since June 13 at over $24,500.
However, the asset failed at that point and returned to $23,000, where it spent most of the weekend. The start of the new week began with a minor drop and a bounce off towards $24,000, but BTC couldn’t reclaim that line.
As such, it fell back down to $23,000 and sits there now as well. As such, its market cap is once again below $450 billion.
CryptoQuant analyst predicted that BTC’s price could slump below $20,000 again but noted that it might be a good time to start buying again.
Due to massive heat waves in Texas, Riot Blockchain said it mined 28% less BTC in July compared to June.
MicroStrategy’s stocks skyrocketed by 15% in the two days since Saylor stepped down as CEO and took a bitcoin-related role.
FLOW Steals the Show
After battling with the $1,600 level for a few days, it seems Ethereum has finally managed to reclaim it. The asset is up by more than 2% in a day and trades north of $1,650.
Binance Coin continues to register local peaks. Another 5% increase in the past 24 hours has pushed BNB to nearly $320 – the highest it has seen in two months.
Ripple, Cardano, Solana, Polkadot, Dogecoin, Shiba Inu, Polygon, and Avalanche are also in the green from the larger-cap alts.
FLOW, on the other hand, exploded by nearly 60% in a day after META (formerly Facebook) announced it will integrate the Flow blockchain.
The crypto market cap is up by approximately $40 billion in a day and sits close to $1.1 trillion.
Coinbase’s shares finally saw a substantial uptick of almost 20% in a day following a partnership with BlackRock.
Fairfax County Retirement Systems – a Virginia-based pension fund – invested $70 million in crypto lending.
Despite the positive approach to crypto until recently, several major Portuguese banks halted the accounts of digital asset exchanges.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.