Bitcoin (BTC) was down more than 71% from its all-time high touching its lowest since July 12 as investors moved away from riskier assets. One of the reasons for the downward trend could be the Labor Day long weekend in the United States.
But the market started showing signs of recovery on Thursday and rose aggressively on Friday. BTC rose nearly 10% and regained its $21,000 position. This means that buyers are now ready for the mid-term upside. If the bulls can hold BTC above $20,575, we could also see it trading above the $22,400 level soon.
The second-largest cryptocurrency, Ethereum (ETH), continued to trade sideways, extending its previous weekend stability into the start of the week.
On Friday, after tracking BTC’s rise, ETH also rose 5%. The crypto made a false break of the local peak at $1,745. If ETH can hold above the vital level of $1,700, we can expect it to hit $1,800, then $2,000 could be on the cards.
Overall, the last business day of the week turned out to be bullish for the crypto market as most cryptos continue to trade in the green zone.
As the US central bank signals to reverse the course from monetary tightening to monetary easing in 2023, where it will lower interest rates, this news has given traders and investors some hope.
In an exciting turn of events, in the world’s largest crypto ecosystem, Japanese authorities have become the first to reward their local officials with NFTs. The government awarded NFTs to local authorities for their excellent work, which used digital technology to solve local problems.
MicroStrategy (MSTR), a software developer that has become a corporate bitcoin safe, plans to sell its $500 million worth of stock to buy crypto. A filing Friday with the U.S. Securities and Exchange Commission revealed that the stock offering will be for general corporate purposes, including acquiring bitcoin. This supports Michael Saylor’s plan to turn the company into a crypto proxy.
On the other hand, Blockchain.com has been licensed to operate in Dubai. A London-based exchange has signed a contract with Dubai’s Virtual Assets Regulatory Authority for this purpose.
In July, Price unveiled the Dubai Metaverse strategy welcoming over 1,000 businesses to the city to create over 40,000 crypto jobs by 2030. Blockchain.com joins the ranks of several leading crypto companies such as FTX, OKX and Crypto.com.
As far as price action goes, among the top 100 cryptos by market capitalization, here are the best and worst performing cryptos from the past week:
Top 5 crypto winners of the week:
1. Terra (LUNA): 250% more
2. Ravencoin (RVN): 90% more
3. TerraClassic (USTC): +86%
4. Terra Classic (LUNC): 62% more
5. Cosmos (ATOM): 30% more
Top 5 crypto losers this week:
1. Chilliz (CHZ): 9% decline
2. Unus Sed Leo (LEO): 8% decline
3. Nexo (NEXO): 8% decline
4. Axis Infinity: 4% decline
5. Network 1 inch (1 inch): 3% drop
Note: The data only includes the top 100 crypto tokens and coins of
coinmarketcap.com from 6:45 p.m. on September 9, 2022
(The author is
CEO and co-founder of Mudrex)