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10/17/2021

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CRYPTO WEEK AT A GLANCE; 5 JULY 2021 UPDATE: DECLINE CONTINUES

Last week as of Monday, 28 June, major cryptocurrencies had recovered after the crash, giving hope and a bullish start. Bitcoin kept fluctuating as usual, and Ethereum went past the $2,000 mark. However, they are in the red as...

CRYPTO WEEK AT A GLANCE; 5 JULY 2021 UPDATE: DECLINE CONTINUES

 DECLINE CONTINUES

cryptoweekly crypto summary

Last week as of Monday, 28 June, major cryptocurrencies had recovered after the crash, giving hope and a bullish start. Bitcoin kept fluctuating as usual, and Ethereum went past the $2,000 mark. However, they are in the red as of today. Let’s have a look at other currencies as well in brief.

Price change in the last 24 hours, data as of 17.02 hours IST on July 3, 2021 provided by coinmarketcap.com:

  • Bitcoin: $33,629.16 down 5.76%
  • Ethereum: $2,224.73 down 4.38%
  • Binance Coin: $297.21 down 2.80%
  • Cardano: $1.40 down 3.14%
  • Dogecoin: $0.2347 down 5.68%
  • XRP: $0.6544 down 5.56%
  • Polkadot: $15.03 down 5.26%
  • Uniswap: $19.55 down 5.85%

If we compare the data given above with June 28, Monday’s data, we observe that today the currencies haven’t performed as well as they did then. Volatility was consistent the whole week. As of 09.52 hours IST, Bitcoin and Ethereum were up by more than 4% last Monday, which are now down 5.76% and 4.38% respectively. In fact, all currencies which had reversed their bearish start and gone up last week have now all declined.

Overall, Bitcoin has fallen down significantly. It was trading at $34,416.32 whereas it is now trading at $33,629.16, which gives a remarkable difference of $787.16. Even in the last 7 days, it has gone down by 1.90%. As for Ethereum, it has went up by a significant 10.38% in the last 7 days.

Except Dogecoin, which has went down by 9.16% if we look at the weekly data, all other currencies have had some hope.

On June 29, Bitcoin closed at $35.867.78, whereas on rest of the days it closed at a lower value than this. iHowever, just a day later, it closed at $33,572.12, showing how highly fluctuating the sector is. Still, however, on July 4 it was quite close at $35,287.78.

cryptoBitcoin weekly closing price and volume. (source: coinmarketcap.com)

Coming to Ethereum, it reached its peak today at $2,384.29 in the last week. It has been closing around almost the same prices.

cryptoEthereum weekly closing price and volume. (source: coinmarketcap.com)

One of the major reason due to today’s fall is the regulatory scrutiny against Binance, the world’s largest crypto exchange. It was banned in the U.K., and users presently are not able to make withdrawals or deposits using the British Pound (GBP), which is a tense time for holders of digital assets. This is part of a major clampdown.

In addition to the ban, officials in Japan put out a statement that Binance is not permitted to function in the country. In fact, in the recent months:

  • The U.S. Federal Reserve stressed on the need for increased regulation.
  • The top regulatory body SEC said it would put a stop to illegal cryptocurrency services.
  • The IRS requires exchanges to account for huge crypto settlements and make a report.

As we all are aware of the uncertainty surrounding cryptocurrencies, we wouldn’t be surprised if the bullish start to this week remains this way, paving the way for bears to profit. Volatility comes with crypto. As bulls, we hope for the best.

What do you think? What are your price estimates? Let us know in the comments below.

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