Hello everyone, this is our weekly crypto digest. Here you’ll find everything from a weekly market summary and top news to the hottest new listings on exchanges, and even memes to cheer you up. To get these updates as soon as we post them, follow us on Twitter.
Weekly market summary
According to the Bitcoin Center founder, China proves that bitcoin is a machine that cannot be stopped.
China’s crackdown on bitcoin has elicited strong reactions from the crypto community. Nick Spanos, co-founder of Zap Protocol and one of the original BTC exchange operators, said the crackdown simply demonstrates bitcoin is an unstoppable machine “if the world’s second-largest economy can’t crush, devalue, and manipulate bitcoin”.
In two weeks, the amount of bitcoins fell by more than 25,000 BTC, implying that, currently, there are less bitcoins available for sale, compared with the second half of June.
Since mid-May, the quantity of bitcoin held on exchanges has been dropping steadily, indicating that the worst of the market selloff has passed.
Early May saw an increase in exchange inflows, which was likely a forerunner to bitcoin’s severe selloff during the middle of the month. On May 19, the bitcoin selloff accelerated, resulting in a $1.2 trillion decline for the whole cryptocurrency market.
Quick weekly news:
- Most Institutional Investors Expect to Increase Crypto Exposure by 2023: Read more here.
- Following Friday’s attacks on at least 200 US businesses, the REvil gang has demanded $70 million in Bitcoin: Read more here.
- Ex-Cryptopia Employee Admits to Stealing $170,000 in Crypto From Exchange: Read more here.
- Billionaire CEO Reveals Surprise Link Between Bitcoin, Ethereum, Dogecoin, Facebook And Tesla: Read more here.
Other notable events include:
– Bitcoin Stock-to-Flow Model Goes Off Course
– BlockFi begins delivery of bitcoin credit cards with Visa support
Model goes Off Course
According to the bitcoin stock-to-flow model, the price of bitcoin should be approximately $77,900 at the moment. However, as of Monday, the cryptocurrency was trading at $33,668, a far cry from it’s all-time high of $64,829 in April.
According to ‘PlanB’ Crypto analyst, BTC/USD is currently the furthest away from his stock-to-flow model’s estimates in over two years and the next six months will “make or break” the stock-to-flow model.
Bitcoin credit cards
BlockFi, a crypto loans and savings business located in New York, has introduced a bitcoin rewards credit card. The card is accessible to a limited number of authorized consumers on the US waitlist.
The card launched with no annual fee. Cardholders are entitled to earn 2% in bitcoins on annual expenses of more than $50,000. For instance, if a customer spends $60,000 within a year, they will receive 2% of the $10,000 expenditure in BTC.
Here are the hottest exchange listings of the last week:
New Listings on Binance:
– Enzyme (MLN/USDT MLN/BTC MLN/BUSD MLN/BNB)
– BarnBridge (BOND/BUSD BOND/USDT BOND/BNB BOND/BTC)
New Listings on Kraken:
– Covalent (CQT/USD CQT/EUR)
New Listings on Kucoin:
– 2crazyNFT (2CRZ/USDT 2CRZ/BTC)
– CryptoSoul (SOUL/USDT)
By the way, our PRO plan includes new Exchange Listing alerts for more than 28 exchanges in our app. Become a PRO and receive an instant notification when a new coin is listed exchanges which you can choose by yourself.
GoodCrypto Roadmap Voting continues!
You can decide which feature gets implemented next.
Last week’s most upvoted features were Ability to send Take Profit and/or Stop Loss as a Limit order and In-app inbox for received alerts.
Next set of features is now available for voting.
This week’s features include Open/Cancel order triggers based on Technical Indicators, Ability to filter coins by type/category: blockchains, exchange tokens, DeFi, etc. and much more.
Litecoin is peer-to-peer Internet money that allows for near-instant and low-cost payments to anybody on the globe. Litecoin is a worldwide payment network that is highly customizable and fully decentralized with no central authority. Math protects the network while also allowing people to manage their own funds.
😋Recent announcements:
Litecoin Price Prediction: LTC/USD Plummets Below $140
Can these ‘game-changers’ change anything for Litecoin?
🔥DYOR:
– Website
We have prepared top-performing coins of July 08 for you.
Symbol has managed to become the best performing asset among TOP-100, gaining 23.86% within the last 24 hours.
THORChain was the worst-performing asset among TOP-100 (again), losing 14.13% within the last 24 hours.
To get up-to-date reports on gainers and losers during the week, follow us on Twitter.
Top cryptomeme of the week
Take care of yourself 🙌🏻✨
Spot trading: There are two favorites at the spot trading front: Bitcoin (BTC) and Ethereum (ETH) have overtaken Ethereum Classic (ETC) and Theta Fuel (TFUEL) and pushed them to third and fourth places.
Derivatives: Bitcoin (BTC) and Ethereum (ETH) have also become the most traded currencies as to trading derivatives. Elrond (EGLD) is close behind with Dogecoin (DOGE) and SushiSwap (SUSHI) in fourth and fifth places.
Whale Fall is an initiative involving community governance. It was created using the Binance Smart Chain (BSC).
Whale Fall’s ultimate goal is to build a DAO ecosystem devoid of whales, breaking free from the shackles of traditional centralized financial systems through large-scale community activities and achieving full decentralization through autonomous circulation and growth.
We hope you found this digest useful and informative! If you want to be the first one to receive new crypto insights and stay up-to-date with the market, follow us on Twitter. Happy trading with the Good Crypto app!