The working week has come to an end and we are ready to tell you about the main events. The bitcoin price remained stable except for Tuesday, when it fell below $30k for the first time in a month.
Meanwhile, the whales are practically not reacting to the market falls and continue to buy – large holders (from 1,000 to 10,000 BTC) absorbed everything that was sold during the Chinese crackdown and continue to accumulate coins.
Naturally, the jump in the price of BTC also affected the prices of other cryptocurrencies. Ethereum fell to $1,700. But almost all cryptocurrencies regained their positions the next day.
At the time of writing, Bitcoin is hovering between $32k and $32.5k. Market Dominance of BTC is 45.94%. The EThereum price is $2k. The current Market Dominance of ETH is 17.94%.
Before we talk about the main news in the world, it is worth remembering one forecast that seems incredible, but many believe that it could happen. Billionaire Tim Draper said that: “Bitcoin will be worth $250,000 in late 2022-early 2023.” The billionaire noted that the economy of the first cryptocurrency is radically different from the fiat economy and gave the example of Argentina and Nigeria, where mindless money printing led to hyperinflation, which, in turn, made Bitcoin even more attractive to ordinary citizens.
Do you believe such grandiose forecasts? Write to us with your opinion about the future of Bitcoin on our social networks. We will publish the best answers on our social networks!
And now, let’s move on to the main news of the week!
1. Aave will launch an alternative to Twitter on the Ethereum blockchain. Aave’s founder told Decrypt that its new social media platform will launch this year.
Stani Kulechov, founder and CEO of DeFi lending protocol Aave, said that users will be able to monetize the content they post and govern the rules of the network.
“We believe that content creators should own their audiences in a permissionless fashion, where anyone can build new user experiences by using the same on-chain social graph and data.”said Stani Kulechov
2. The European Union plans to ban anonymous crypto wallets and control any transactions with digital assets.
“Today’s amendments will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing.”the Commission said in a statement.
3. Cryptocurrency prices fall. But nobody doubts the technology. Blockchain startups raised a record $ 4.4 billion in the second quarter of this year. This is 40% more than in the last quarter, and nine times more than a year ago. One of the largest funding rounds was closed by Circle, who raised $440 million. They recently announced their plans to become a public company with a preliminary valuation of $4.5 billion. The developer of Ledger hardware wallets raised a little less — $380 million.
4. For a long time, we have been watching how Twitter CEO Jack Dorsey supports Bitcoin and the cryptocurrency industry as a whole.
But there was no hint previously that his obsession with cryptocurrency and technology would be supported on platforms.
5. News from the LUMI Wallet company. LUMI added Litecoin and Ton Crystal to the web platform. We also added three new coins: Clover Finance, ROOBEE and GamerCoin. And of course, we are preparing a big update for our application. Very soon, LUMI will add staking for TON Crystal. Follow our news on social networks!
6. Some predictions. Analysts say that the Bitcoin price may fall to $23k. There are three factors that are contributing to this opinion:
1. The “head-and-shoulders” scheme is visible on the technical chart
2. Falling investor demand
3. Pressure on the exchange rate from regulators and countries
But don’t worry! A few people know how to fix profits. One of the ways – transfer your BTC, ETH, DOGE and other cryptocurrencies to stablecoins (like USDT). And save yourself from unnecessary worries.
7. There is still public opinion! What do people think about cryptocurrency all over the world? According to a survey by the Finder platform, about half of the experts in the field of cryptocurrencies surveyed (42 respondents) expect that Bitcoin will surpass fiat and CBDC by 2040.
Many experts are sure that the recognition of BTC by El Salvador as a means of payment will become an example for other countries with developing economies — in the next ten years, the first cryptocurrency will replace local fiat currencies.
But 44% of respondents doubted that Bitcoin is able to become the dominant asset in the global world markets.
8. On Wednesday, a conference, «The ₿ Word», was held during which crypto industry leaders discussed the prospects for the development of Bitcoin and cryptocurrency.
• Tesla only temporarily suspended payments in BTC
• Musk holds BTC, ETH and Doge
• Neither the billionaire personally, nor Tesla or SpaceX are going to sell BTC
• One idea is to place Bitcoin nodes in Starlink terminals
• The BTC price was too high. It needed to slow down so it could move again.
• “I fell in love with Bitcoin at first sight”, it is an unrealistically cool technology
• Bitcoin will help institutions hedge risks.
• Hates corporations and centralization, loves Bitcoin and decentralization
• Square is working on new products for the first cryptocurrency
• Africa is the main region for Bitcoin’s expansion
9. The latest news that is worthy of attention. You may think that this is a joke! But Axe did introduce a limited series of Dogecan deodorants. Does anyone know what crypto smells like? The creators promised the sweet smell of musk (Elon Musk?) and a cost of $1
This is all the main news of the week so far. Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, Reddit, and LinkedIn. Let’s learn the cryptocurrency market together step by step!