Your crypto recap: Ethereum Classic soars by +55% per week, Bitcoin stagnates at $23K

Your crypto recap: Ethereum Classic soars by +55% per week, Bitcoin stagnates at $23K

After a very volatile week of trading, bitcoin calmed down at the start of the weekend and sits 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 of the past week, with a massive 55% upside.

Bitcoin calms down to $23,000

After bottoming below $19,000 on July 13, bitcoin bulls came to town and called back their strength. See the article: GALA crypto just soared 20%: is it time to buy Gala Games cryptocurrency?. In just a few days, they helped BTC recoup its most recent losses and pushed it past $20,000 heading into last weekend.

On Saturday and Sunday, the asset posted even more impressive gains, and it entered above $22,000 on Monday. The bullish trajectory continued in the following days, culminating in a jump above $24,000 on July 20th. This price became the highest in the crypto-currency for more than a month.

However, when it became known that Tesla had sold off most of its BTC holdings in the second quarter, bitcoin pulled back and fell nearly $2,000. Nonetheless, it bounced back just above $23,500 yesterday.

However, it lost some ground and is currently sitting just below $23,000. Its market capitalization fell slightly to $435 billion, and its alts dominance fell to 41.7%.

Notable bitcoin news

Although he remains bullish on the long term, SkyBridge Capital’s Anthony Scaramucci admitted that it was a mistake to bet big on BTC in the short term. This may interest you: What is Crypto Mina (MINA)? Overview, price, review and prediction for 2022.

The 3AC founder finally spoke out 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 outperformed bitcoin last week, which is evident from BTC’s declining market dominance. This may interest you: Bitcoin: Too early to buy? What will be the “bottom” of BTC?.

Ethereum has been at the forefront of rising prices. It struggled to stay above $1,000 10 days ago, but soared more than 60% in the following days and hit its own multi-month high north of $1,600. At present, ETH has pulled back slightly and is sitting just below this level.

On a daily scale, red took over as Ripple, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu and MATIC all retreated.

Ethereum Classic is one of the rare 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 with credit cards.

South Korean authorities have raided the residence of Daniel Shin, one of the co-founders of Terraform Labs.

The SEC attacked Coinbase for alleged security listings, but the stock Exchangeas well as the CFTC, disagreed with the securities regulator.

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Be vigilant and consult your financial adviser before making any investment decision. Mirror-Mag cannot be held responsible in the event of bad investments. Before using any third-party service, you should do your own research.

Thomas E.
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