Some highlights from last week:
- PayPal to Launch Crypto Trading in UK
- FTX/MLB Announces $100K Bitcoin Prize Money For Predicting Longest 2nd-Half HR
- Ukraine’s President Signs Law Allowing Central Bank to Issue a CBDC
- After Rejecting Bitcoin ETFs, Former SEC Chair Clayton Joins Fight For Approval
- Draper University Partners with Algorand and Borderless Capital to Launch Accelerator Blockchain Program
- Fireblocks Raises $310 Million To Achieve $2 Billion Valuation
- IMF Claims Bitcoin Threatens Economic Stability
Crypto Topics Trending in the Media
The total cryptocurrency market cap increased by a healthy 11.8% this past week, growing from $1.54T to $1.72T. The major assets experienced a median 7 day return of 3.5%, with DOT (24.7%) and XRP (14.3%) leading the way with double digit returns. DOGE (-3.1%) was the only major to see negative returns throughout the week. Long term sentiment has remained positive for most majors, besides USDT (58.4 – Neutral). Trading volume surged by 31.9% with most assets volume increasing by double digits. Despite that, Tweet volume decreased by a slight -1.2%.
Weekly Performance of the Crypto Market
All six major sectors experienced positive returns over the past week. Exchange tokens had a median return of 14.7%, the most of any sector. Smart Contract Platforms followed behind in 2nd with returns of 10.9%.
The price of BTC traded within a 20.8% range throughout the week, from the low of $35,251 to the high of $42,605. Prices trended upwards from Monday through Friday, before retracing over the weekend. An interesting note is that Bitcoin experienced 10 consecutive green/up days in a row from Jul 21 to Jul 30.
On Thursday, Coinbase made an announcement stating that Harvest Finance (FARM) is now available to trade. Shortly after this announcement, the price of FARM surged by 160% from $109 to $284. Social conversations surrounding FARM increased by an extraordinary 1860%.
Over the past few weeks, THORChain has experienced attacks that resulted in lost funds and a drop in price for RUNE. To combat this, THORChain has released a bug bounty program rewarding $2M. Since Monday morning, RUNE has been showing signs of strength, climbing 68% from $4 to $6.7.
Cosmos (ATOM) Research
The Cosmos Network, otherwise known as “The Internet of Blockchains”, is an ever-expanding ecosystem of interconnected apps and services built for a decentralized future. In our most recent token deep dive, we break down the fundamentals of Cosmos and explore the growing ecosystem.
The Tweet Power of Elon Musk and Michael Saylor
Ever wondered how Elon Musk and Michael Saylor impact the crypto markets? We analyzed the impact of their tweets in relation to crypto prices, sentiment, and social conversations, check it out.