The Lumi team is in touch. We are returning to you again with the hottest news of the week. The bullish mood is pushing investors to make more serious decisions and allowing companies to search for new solutions to scale their business. Of course, everyone is used to Elon Musk’s tweets, and now the CEO of Twitter has taken the reins in making statements. Jack Dorsey announced the development of a decentralized social network called Bluesky — the next stage of the development of Twitter with open source, where all 200 million accounts will have access to the Bitcoin network. For the development of Twitter, experienced programmers from the crypto industry were attracted to the ranks, including former developers of the anonymous cryptocurrency Zcash. Also, according to Dorsey, the development of Bluesky began in 2019.
Incredibly, this news did not significantly affect the price of Bitcoin, but Twitter shares fell 5% over the past week. Apparently, not everyone is ready to accept the new world yet. But let’s move on.
Bitcoin price analysis
The price of Bitcoin at the beginning of the week was about $49.3k. Over the course of the week, the price of bitcoin fluctuated between $49-44k. At the time of writing, the price of the first cryptocurrency is above $47k. The dominance of BTC in the market is 44.04%.
There has also been a sharp decline in the number of bitcoins on exchanges. Over the past 30 days, the net outflow was 111,033 BTC, close to the all-time low.
There was also another exciting forecast. Stock-to-Flow (S2F) model founder PlanB stated that his model still indicates the second phase of a bull market – usually, each bull market is characterized by three waves of accumulation, during which major players buy BTC. Earlier, the analyst said that the Stock-to-Flow model for August is working out correctly, and announced the goals for BTC for the current year:
August — $47,000
September — $43,000
October — $63,000
November — $98,000
December — $135,000
Ethereum price analysis
After the update, the price of ETH increased by 30%. At the beginning of the week, the price was $3226, and at the time of writing, it’s $3254. In the middle of the week, the price fell to $2960. Meanwhile, The current market dominance of ETH is growing and is now 18.12%.
Plus, Ethereum stock on exchanges – like BTC – continues to fall, having hit a two-year low. Most investors are sure that sooner or later, demand, burning, and scarcity will make the ETH price stronger than it is now. We are still watching.
TOP CRYPTO NEWS
- Lumi Wallet added two new coins this week: XinFin and Audius. We are also expecting an interface update soon. A black theme inside the application will be available for our users! Recall that the price of the Audius token has grown by 90% in a week after the news about their partnership with TikTok. And the price of the XinFin token went up 33% over the course of the week.
- Hacker attacks continue to dominate the crypto world. This week, The Japanese crypto exchange Liquid was hacked, the hacker withdrew assets worth more than $80 million.
And a little more about the situation with Poly Network. The hacker who stole $611 million was offered the opportunity to become an advisor to the Poly Network. But he refused and started a new game. He returned most of the stolen funds. But he plans to return the remaining amount in parts or not at all. He wrote in a letter that company executives should be more concerned about the safety of their company. And his actions should stimulate them.
- Digital arts have a new wave of recognition. Monthly NFT sales in August amounted to about $1 billion. And this is really fantastic news for all modern artists. If you think that only seals, penguins, and cryptopunks are sold in NFT, you are very mistaken. This week, an NFT stone was sold for 75ETH ($241,971).
- Most companies understand that cryptocurrencies play a significant role today. And they are preparing to enter a new and wonderful world. For example, Walmart, the world’s largest retail chain with over 11,700 stores in 28 countries, is looking for a leading cryptocurrency specialist. Also, the British financial conglomerate Lloyds, which manages $ 1.2 trillion in assets, is hiring a cryptocurrency expert. Everyone knows that companies like Amazon, Apple, Microsoft and many banks have also hired experts in cryptography.
- It’s incredible, but a fact. 32% of the inhabitants of Nigeria own BTC — this is the highest figure in the world. And this leads us to one obvious thought: China and the United States have lost their leadership in the global distribution of cryptocurrencies. According to a Chainalysis report, over the past year, the global coverage of cryptocurrencies has increased by 23 times, and Vietnam, India, Pakistan and Ukraine have become the leaders in distribution — China and the United States have noticeably lost ground amid increased regulation by local authorities. Russia was in 18th place. Analysts studied the activity of ordinary users, not institutional ones. Interest in cryptocurrencies in developing countries is primarily due to the desire of people to get away from the depreciation of national currencies, as well as the need for money transfer services.
- “It’s a pity that I didn’t buy Bitcoin in 2011.” One of the most ardent critics of BTC unexpectedly stated that the rate of the first cryptocurrency may well overcome $100,000 and even $1 million per coin. He also regrets that he did not invest in Bitcoin in 2011, when he first learned about it. https://coinstories.libsyn.com/peter-schiff-bitcoin-gold-and-our-fragile-economy
In the meantime, this is all the news that we wanted to share! See you next week!
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