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Weekly cryptocurrency review #2

3 Months ago

The market capitalization of cryptocurrencies is slightly lower, but Bitcoin still reigns

According to the Coinmarketcap internet portal, cryptocurrency markets have recorded divergent trends over the last 24 hours, with nine of the top ten cryptocurrencies, according to market capitalization, slightly increased.


Bitcoin (BTC) has increased by less than one percent in the last 24 hours and is trading at around $7,550 with a high of $8,903. The main cryptocurrency reached the last high during the market recovery, which began in mid-July. Maintaining one of the top 10 cryptocurrency profits from last week, Bitcoin gained almost 41 percent last week. Currently, Bitcoin is in the corrective cycle.


The dominance of the Bitcoin market over the altcoins is also growing, currently it is almost 47.5 percent.


Let's now look at the second largest cryptocurrency in the world. The value of Ethereum (ETH), because it is referred to it, fell by a negligible percentage within the last week and the price fluctuates around the level of $420, reaching the highest level today at $430. Over the past week, ETH has reached the highest level of $485 on 25 July.


The total market capitalization is about $ 297 billion at the time of publication, after touching $ 304 billion earlier this week.


It is worth mentioning important market events that on July 26 the US Securities and Exchange Commission (SEC) officially rejected the Winklevoss twins' petition regarding the second rejection of their request to establish an ETF Bitcoin ETF fund from March 2017. Moreover, Commissioner Hester M. Peirce, has officially opposed the second rejection of the Winklevoss brothers' request. The main argument was that the financial regulator exceeded its "limited role" because it focuses on the characteristics of the underlying BTC market, not on the derivatives that the applicant intended to specify in the application.

Another major event took place on July 27, when Nasdaq Inc. - the second largest stock exchange in the world in terms of capitalization - organized a meeting behind closed doors to discuss steps to increase the legitimacy of the cryptocurrency industry in global markets. About half a dozen representatives from the financial sector participated in the meeting, both from the traditional and cryptographic sectors, including the Winklevoss twins. The Nasdaq Stock Exchange confirmed that the event took place, but the press spokesman refused to comment on the matter. The case is all the more intriguing, if we recall that at the beginning of this year, Nasda's CEO and CEO Nasdaq, Adena Friedman, mentioned that cryptocurrencies could become a financial bloodstream of the Internet, and in April she added that Nasdaq could in the future become a trading platform for cryptocurrencies under condition that the market will become more regulated.