Despite the ongoing crypto bear market, many top cryptocurrencies posted double-digit percentage gains in a single week.
Bitcoin had no such luck. Bitcoin is currently trading at $24,460 after gaining only 5.5% over the past seven days, according to CoinMarketCap.
Ethereum rallied more violently. As of this writing, the second largest cryptocurrency for high-performance smart contracts and a leading blockchain, he rose 16% in the past week to $1,984 after peaking at $2,012. became. late friday night.
All the excitement around ETH upcoming mergeras Ethereum moves to more energy efficient Proof of Stake (PoS) blockchain.Successful switch to Goerli, his third and final testnet for Ethereum wednesday evening.
On Monday, Glassnode data showed that Ethereum derivatives traders very bullish‘ Heading into September, the month of the merger, but by October, it’s bearish.
In Coinbase’s recent earnings call, the company reiterated its focus on staking as part of its business model leading up to the merger. A recent letter to shareholders states: Now offering Ethereum Staking For institutional investors for the first time. We will continue to add more assets for staking for both individual and institutional clients.
Bitcoin and Ethereum price responded positively To inflation this month as read from Wednesday’s Consumer Price Index (CPI).Inflation remained unchanged at 8.5% last month, with the US Federal Reserve historic rate hike We are keeping the price down this year.
Whereabouts of altcoins
some so-called “ethereum killer Also known as layer 1 blockchains with sophisticated smart contracts, it has recorded a massive rise. Avalanche (AVAX) posted a staggering 55% gain in a week before giving up much of its gains as his ETH was rising on Friday night.thanks to the momentum Significant growth of NFTs on the blockchain. By Saturday morning, AVAX was trading at $29.53, up just 15% over the past seven days.
Other Ethereum rivals growing in 7 days: Solana (SOL) rose 14% to $46.32. NEAR Protocol jumped 18% to $5.89 while FLOW jumped 11% to $2.92.
Additionally, Chainlink (LINK) rose 15.4% to $9.16, while Ethereum Classic (ETC) 4 month high This week it is up 16% to $44.25.
There were no major losses in major coins.
Bear market news
The crypto winter chill has shown little signs of abating this week.
Singapore exchange Hodlnaut joins fellow lenders on Monday bold When Celsius and Singapore exchanges Zipmex On the list of crypto companies that have suspended customer withdrawals due to Recent market conditions
Earlier this year, Hodlnaut Approved in principle (IPA) aims to provide digital payment token (DPT) services as a leading payment institution by the Monetary Authority of Singapore (MAS). The lender has now reportedly informed Singapore’s Monetary Authority (MAS) that it has withdrawn its license application and as a result, tokens he will not offer swap functionality.
On Tuesday, German crypto bank Nuri filed for bankruptcy, saying the move was necessary to ensure the safest path for all customers. Despite the formalities, Nuri said customers have guaranteed access to euro accounts and cryptocurrency wallets.
The bank said that the measures were “Serious macro headwinds Specifically, the pandemic and the Russian-Ukrainian war, as well as the various negative impacts of the industry, including the sale of major cryptocurrencies, the implosion of the Luna/Terra protocol, and the bankruptcies of Celsius and other major cryptocurrency funds. Deploy”.
On Tuesday, Zipmex will Unfreezing withdrawals About Bitcoin and Ethereum. Users have been able to withdraw Bitcoin since Friday. Ethereum holders will have to wait until next Tuesday, August 15th.
Finally, at Friday’s hearing in Celsius’s Chapter 11 bankruptcy proceedings, lawyers representing a panel of unsecured creditors moved to block Celsius’ attempts to sell mined cryptocurrency. rice field.lawyers written in court documents They need more insight into how Celsius is marketed first. Bitcoin How the mining is performed and how the proceeds from the sale are used.
Celsius mining Bitcoin mining A subsidiary of Celsius Network. He also filed for bankruptcy on July 14th, the day after his parent company filed for bankruptcy.
Celsius has previously said it will use its mining operations to repay creditors. At the start of bankruptcy proceedings in July, Celsius was authorized to spend $5 million to revitalize its mining operations.
The Commission also said it had begun an “extensive investigation” and will invoke the 2004 Bankruptcy Rules.
Overall, a good week for crypto, but not so good for some crypto companies.
