Your Crypto Recap: Ethereum Classic Rises +55% For The Week, Bitcoin Stagnate At $23K

After a very volatile week of trading, 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 in the past week, with a massive 55% upside.

Bitcoin settles at $23,000

After bottoming out below $19,000 on July 13, bitcoin bulls came to town and dialed back their strength. See the article: GALA Crypto Just Up 20%: Is It Time To Buy Gala Games Cryptocurrency?. In just a few days, they helped BTC recover its recent losses and pushed it past $20,000 heading into last weekend.

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

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

However, it lost some ground and is currently just below $23,000. Its market cap 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, noting that BTC’s fall to $20,000 was the final nail in the coffin for the hedge fund.

ETC steals the show

Most altcoins outperformed bitcoin last week, as evidenced by 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 rallied more than 60% in the following days to hit its own multi-month high north of $1,600. Currently, ETH has pulled back a bit and is 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 those 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 stock Exchangeas well as the CFTC, disagreed with the securities regulator.

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Thomas E.
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