After the highly volatile trading week, bitcoin calmed down at the start of the weekend and is near $ 23,000. Most altcoins are slightly in the red on a daily scale, with ETC being one of the few exceptions. Ethereum Classic is also one of the best performers from last week, with a whopping 55% increase.
Bitcoin calms down to $ 23,000
After hitting a bottom below $ 19,000 on July 13, bitcoin bulls came to town and remembered their strength. Within days, they helped BTC recover its most recent losses and pushed it over $ 20,000 as last weekend approached.
Saturday and Sunday saw more impressive gains from the asset, and it entered above $ 22,000 on Monday. The bullish trajectory continued over the next few days, culminating in a rally above $ 24,000 on July 20. This became the cryptocurrency’s highest price point in over a month.
When it was learned that Tesla had sold most of its BTC holdings in the second quarter, however, bitcoin came back and fell nearly $ 2,000. However, it rebounded slightly to over $ 23,500 yesterday.
At the moment, however, it has lost ground and currently stands at just under $ 23,000. Its market cap dropped slightly to $ 435 billion and dominance over the alt dropped to 41.7%.
Notable Bitcoin News
Despite remaining bullish over the long term, SkyBridge Capital’s Anthony Scaramucci admitted it was a mistake to bet a lot on BTC in the short term.
The 3AC founder finally spoke up and noted that BTC’s drop to $ 20,000 was the final nail in the coffin for the hedge fund.
ETC steals the show
Most altcoins have outperformed bitcoin in the past week, which is evident from the decline in dominance of the BTC market.
Ethereum was at the forefront of price increases. It struggled to stay above $ 1,000 10 days ago, but rose more than 60% over the next few days and hit its multi-month high north of $ 1,600. As of now, ETH has retraced slightly and is just below that level.
On a daily scale, red has taken over while Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu and MATIC have all come back.
Ethereum Classic is among the few exceptions. ETC is up 5.5% in one day and over 55% in one week and is trading above $ 27.
Industry news
Taiwan’s Financial Supervisory Commission (FSC) has reportedly banned locals from buying cryptocurrencies via credit cards.
South Korean authorities raided the residence of Daniel Shin, one of the co-founders of Terraform Labs.
The SEC attacked Coinbase for alleged stock listings, but the exchange, as well as the CFTC, disagreed with the securities regulator.
