Crypto week at a glance: Bitcoins regains steam; Dubai eyes crypto to be capital

The global crypto market was down this week a bit as sellers have become more active in the market. Most cryptos are traded in the red. Bitcoin started the week trading at the $19,000 range but fell to the $18,000 level in the mid-week.

Bitcoin (BTC) was more than 71 per cent down from it’s all-time high by touching its lowest since July 12 as investors moved away from the riskier assets. One of the reasons for the downward trend could be because of the long US Labor Day holiday weekend.

But, the market started showing some signs of recovery on Thursday and scaled up aggressively on Friday. BTC rose by nearly 10 per cent and regained its $21,000 position back. This means that buyers are now ready for the midterm rise. If bulls can hold BTC above the $20,575, we could also see it trade above the $22,400 level soon.

The second largest cryptocurrency, Ethereum (ETH), continued to trade sideways, extending its previous weekend’s steadiness into the early week.

On Friday, after following the rise of BTC, ETH also rose up by 5 per cent. The crypto has made a false breakout of the local peak at $1,745. If ETH can hold above the vital $1,700 level, we may expect it to reach $1,800 and then the $2,000 might be on cards.

Overall, the last working day of the week has turned out to be bullish for the crypto market as most cryptos continue to trade in the green zone.

As the US central bank signals to reverse course from monetary tightening to monetary easing in 2023, where it will lower interest rates, this news has given traders and investors some hope.

In an exciting turn of events, in the largest crypto ecosystem in the world, the Japanese authorities have become the first to reward their local officials with NFTs. The government has awarded NFTs to the local authorities for their excellent work, who used digital technology to solve local problems.

MicroStrategy (MSTR), a software developer that grew into a corporate bitcoin vault, is planning to sell its $500 million of stocks to buy crypto. A filing on Friday with the U.S Securities and Exchange Commission has revealed that the stock offering will be for general corporate purposes including the acquisition of bitcoin. This backs the plan of Michael Saylor to turn the company into a crypto proxy.

On the other hand, Blockchain.com has been approved to operate in Dubai. A London-based exchange has signed a contract with Dubai’s Virtual Assets Regulatory Authority for this.

In July, the price unveiled the Dubai Metaverse Strategy welcoming more than 1,000 firms to the city to create more than 40,000 crypto jobs by 2030. Blockchain.com joins the ranks of several prominent crypto firms such as FTX, OKX, and Crypto.com.

Coming to the price action, among the top 100 cryptos by market cap, here are the best and worst-performing cryptos over the past week:

Top 5 crypto gainers during the week:

1. Terra (LUNA): 250% up

2. Ravencoin (RVN): 90% up

3. TerraClassic (USTC): 86% up

4. Terra Classic (LUNC): 62% up

5. Cosmos (ATOM): 30% up

Top 5 crypto losers this week:

1. Chilliz (CHZ): 9% down

2. Unus Sed Leo (LEO): 8% down

3. Nexo (NEXO): 8% down

4. Axis Infinity: 4% down

5. 1inch Network (1INCH): 3% down

Note: The data includes only top 100 crypto tokens and coins from
coinmarketcap.com as of 18.45 hours on September 9, 2022

(The author is

CEO, and Co-founder of Mudrex)

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