Serving Sizzling Market Cap News
Bitcoin (BTC) - the number 1 ranked token by total market cap - opened the US trading
day with a quick rally to $23.1K before capitulating to selling pressure and finding new
local support between $22.5K and $22.6K.
Despite breaking news on Thursday that major crypto exchange Coinbase had
partnered with investment giant BlackRock - a company with nearly $10T in assets
under management - the atmosphere in the crypto markets remained unchanged.
Market data from CoinMarketCap shows that Bitcoin’s price dropped 2% over the last
24-hours, and over 5% in the past 7-days. Currently trading at 2-week low prices.
But not everything was rose colored for Bitcoin speculators…
Data from CryptoQuant shows that the amount of Bitcoin entering exchanges is on the
decline - a bullish indicator that BTC selling pressure is easing up - often correlated with
an upwards trend in pricing.
And Crypto trader @CredibleCrypto reaffirmed a previous position in a Twitter post that
Bitcoin prices would “swing lower” before “continuing to the upside of $25K”.
Ethereum (ETH) - the number 2 rated coin by total market cap - was down 2% during
US trading hours on Thursday.
Ethereum’s daily price seemed uninterested in the news that competing
Layer1-blockchain Solana was reeling from a wallet hack that impacted 8,000 users
who lost a combined $5M in funds.
Ethereum core developer Tim Beiko signaled in a Tweet on Thursday that if everything
goes as planned, the date for the Ethereum Mainnet merge will be set next week, Aug
11th - and confirmed the following week, August 18th.
Crypto’s total market cap reached 24-hour highs on Thursday evening - as the price
climbed to $1.05T - up 1.8% on the daily.
The crypto markets outpaced the S&P 500 - which was down 0.08% - and the Nasdaq -
which was up 0.4%.