Recurring market commentary on what's happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.
Market commentary
Good Morning!
It was a pretty quiet weekend in terms of volume, but not necessarily in terms of market moves.
Bitcoin BTC (daily)
Bitcoin (BTC) went from 39'000 USD to 42'000 USD, and then straight back down to 40'000 USD. After the July expiry on Friday, there were two attempts to break the 42'000 USD resistance. The winner of the weekend was clearly Ether (ETH), gaining approx. 8% over bitcoin ahead of the August 4th fork, implementing EIP-1559. All other FTX indices, Alt/Mid/Shit, outperformed BTC over the weekend as well.
Ethereum / Bitcoin ETHBTC (daily)
The most prominent Exchange, Binance, is going to wind down derivatives in Europe, and CEO Changpeng Zhao (CZ) has hinted at stepping down and finding a replacement. FTX Exchange and Binance have both have removed high leverage trading and limited the leverage to 20x.
Happy Trading!
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