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  • Writer's pictureAnthony Holman

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%.

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