The Crypto Market Update this week highlights price movements, regulatory shifts, and technological innovations. We’ll dissect the most significant events in crypto that caught our attention.
Bitcoin Regains Momentum
Bitcoin (BTC) bounced at the weekend, reclaiming $60,000. Among the reasons behind this increase, MicroStrategy made a large purchase of around 18,300 BTC priced at around $1.1 Billion. Meanwhile, the US yearly inflation gauge by the consumer price index fell to its weakest level since February 2021, also helping consolidate investors’ risk tone (riskier shares are paid to a broader stock listing).
Such is the case with Ethereum and other altcoins.
Ethereum (ETH) did well too, jumping by 6.9% during the week. Injective Protocol (INJ) and Internet Computer (ICP), which were also among the best-performing tokens, saw gains of 24.2% and 17.9%, respectively. AI remains the largest sector in terms of market cap, but nearly every category saw an increase.
Source: Crypto.com
SUI Leads the Market
This week also sees SUI as one of the best weekly performers, meanwhile, it gained 27% this week.
Source: Coinmarketcap
SUI has benefited from the previous momentum due to a mix of strategic partnerships and technological advancements that have caught the market’s attention.
Tvl chart of Sui network by @ Defilama
Regulatory Developments
As we inch closer to 2024, the regulatory landscape continues to shift with various regions providing key updates. European Central Bank (ECB) cuts the interest rates by 0.25 to 3.50%, said inflation and monetary policy transmission channels for depth Federal Reserve of the US are poised to reduce rates in September as shown by the CME FedWatch Tool.
Weekend Market Recovery
In the Last 24 hours Cryptos Show Signs of Recovery Over the weekend, the crypto market was largely up with BTC increasing by 0.69% and ETH gaining by 0.11% on a 24-hour basis. It shows that investors are taking heat, but they’re thumbing their noses at the market.
Polymarket Activity Reaches All-Time High
Decentralized prediction market Plolymarket continued to record a weekly all-time high for user activity responding to US election-related events. Through August, 72.8% of user activity on the platform was related to the election — which amounts to what its largest increase in decentralized prediction market use.
New ETF Launches
State Street Global Advisors and Galaxy Asset Management are launching the first Web3-related ETFs with three new crypto ETFS. The ETFs include a mix of stock, futures, and crypto assets, providing investors with diverse exposure to the digital asset ecosystem.
Holdings of Galaxy Digital holding system. Source: State Street
Wrapping Up
The crypto space is quickly advancing with important breakthroughs taking place on two fronts. It has been quite an interesting week as one can see from the recent price surges recently, but also regulatory developments, small technological steps, and new investment products. I must stress how important it will be to remain educated and adaptive as we advance into the new age of cryptocurrencies.
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