The past seven days were very eventful, and, fortunately, the week ended up in green. The total cryptocurrency market capitalization reclaimed the coveted $1 trillion level and is currently sitting at $1.1 trillion. This comes on the back of considerable increases across the entire market.
Starting with Bitcoin, the cryptocurrency is up 14% in seven days. At the time of this writing, BTC trades at around $23,500, up 4.5% daily. This time last week, it was sitting at $21K, and it was mostly up only from then on. The weekly high was charted on Wednesday when the price soared above $24K. However, during this quarter’s earnings report, Tesla revealed that it sold “approximately 75% of its Bitcoin purchases into fiat currency.” Inevitably, this shook the market, and the price tumbled to $22K. Interestingly enough, the dump was somewhat contained, given the magnitude of the news, which further strengthens the prevailing narrative that the ongoing recovery rally might continue.
Elsewhere, during this year’s edition of EthCC – an Ethereum-oriented conference held in Paris – Vitalik Buterin revealed that the job on the Ethereum 2.0 merge is “90% complete.” This will effectively end the Proof of Work era of the protocol and see it transition to Proof of Stake – a move that will considerably decrease its emittance rate and the supply hitting the market.
The rest of the market is also painted green. Binance Coin is up 13.2%, ADA – 13.5%, SOL – 15.6%, DOT – 14.6, SHIB – 14.3%, MATIC – 25%, and so forth.This is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day:It’s interesting to see how the next week will shape up as the Fed’s July meeting is scheduled for the 26th and the 27th, and they’re expected to announce yet another rate hike to curb inflation.
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