Last week, crypto investors experienced a tumultuous week as prices fluctuated continuously due to various events.
At the start of the week on August 5, the market saw a significant decline, with all crypto prices falling sharply. Bitcoin plummeted from nearly $60,000 to below $50,000, marking a 20% decline in just 24 hours. Similar declines were observed in other major cryptos such as Ethereum (down more than 20%) and meme coins like PEPE (down 24%).
The decline can be attributed to the influence of the traditional financial market, especially the sharp decrease in stock prices, particularly the Japanese stock Nikkei 225. Factors such as the high unemployment rate in the US also contributed to the market downturn, as investors feared a potential economic recession similar to the one caused by the COVID-19 pandemic.
Related news: Why the Crypto Market is in Red with Bitcoin Down 20%
However, the market quickly recovered the following day as investors, particularly those who believed in crypto, seized the opportunity to buy “discounted Bitcoin”. BTC rapidly surged back to the $55,000 mark on August 6, with a trading volume of $109.4 billion.
Despite the market fear, Bitcoin whales continued to accumulate more BTC. According to CryptoQuant, 358,000 Bitcoin were transferred to long-term holders’ wallets in July, indicating that large investors were unfazed by news from the financial market.
Related news: Whales Add 400,000 BTC Worth $22 Billion in Last 30 Days Despite Price Drop
Bitcoin peaked for the week on August 9 at $62,500 and then traded at $60,000 for the rest of the week. Bitcoin price has currently dropped 4% in the last 24 hours and is trading at $58,500.
In addition to Bitcoin, Solana gained significant attention during the past week. On August 6, Solana achieved a new record against Ether (SOL/ETH) as the market recovered from the sharp decline. Two days later, SOL/ETH continued to set an all-time high record at 0.0643, demonstrating Solana’s consistent growth.
Many analysts anticipate that SOL is likely to sustain this growth and reach the $200 mark, although there are potential risks that may cause it to drop to $100.
Related news: Solana Could Return to $200 With This Growth Momentum
Alongside Solana, XRP also garnered significant attention following Ripple’s victory in the long-awaited lawsuit with the SEC.
After facing numerous legal battles over four years, Ripple was found guilty of violating federal securities laws and was fined $125 million.
However, XRP was determined not to be a security and could continue to be sold to Ripple’s institutional investors. Consequently, XRP’s price immediately surged by 20% to $0.63 upon the news release and is currently trading at $0.56, with a likelihood of declining to $0.55.
Related news: XRP Price Surges 20% after Ripple Wins SEC Lawsuit
Crypto investors also received positive news related to Telegram. Firstly, TON (Toncoin), the native cryptocurrency of the Telegram Open Network, was officially listed by Binance with spot trading pairs including TON/BTC, TON/USDT, TON/FUSD, and TON/TRY.
Related news: Binance Is Listing TON Spot Trading Pairs and Apply Seed Tag
Secondly, the popular tap-to-earn game Hamster Kombat introduced an Airdrop section, offering chances to earn more HMSTR. Hamster Kombat’s Airdrop is anticipated to surpass Uniswap’s previous record of nearly $6.5 million in airdrops.
Related news: Hamster Kombat Officially Adds Airdrop Section to Its App
Finally, on August 8, Russian President Vladimir Putin approved a bill to legalize crypto mining in Russia. Individuals or organizations intending to engage in crypto mining must register with the government. Unregistered individuals can still mine crypto but are required to adhere to specified electricity consumption limits.
Related news: Putin Signs Law Legalizing Crypto Mining in Russia
And that’s all the hottest news of the past week. Wish you a productive working week and successful trading.
