The complete overview of the day's events on the (crypto) markets. Compactly summarized in the market commentary of the CVJ.CH editorial team.
Market commentary
In mid-August, a sharp correction hit the crypto markets, pushing Bitcoin almost -20% below its recent local high. A subsequent consolidation in the USD 26,000 area took the cryptocurrency price to historical support levels for a short time. A slight recovery then took place over the last few days (+7.07%).
The two-sided market movements amid historically low volatility reflect the current uncertainty in the markets. On the one hand, the recent court ruling in SEC v. Grayscale boosted the chances for the first spot ETF in the US. Even financial heavyweights like JPMorgan confirm this. On the other hand, the Securities and Exchange Commission is still cracking down on the industry. Just last week, the SEC filed a questionable lawsuit against the founders of the NFT collection Stoner Cats.
Toncoin (TON) continues to lead altcoin markets
Altcoins also benefited from the recovery of the bitcoin price. Three cryptocurrencies in the top 20 managed to secure a double-digit price increase over the past seven days. Leading the alternative digital assets was the token of social media platform Telegram (TON). The cryptocurrency gained +42.59% over the past week and entered the top 10 by market capitalization for the first time.
Other than that, Bitcoin Cash (BCH) gained +16.00%, Litecoin (LTC) +10.49% and Tron (TRX) +8.46%. There were no "losers" of the week, with Dogecoin (DOGE) +2.13%, Cardano (ADA) +2.82% and Shiba Inu (SHIB) +3.33% seeing the lowest price gains.
Disclaimer
All information in this publication is provided for general information purposes only. The information provided in this publication does not constitute investment advice and is not intended as such. This publication does not constitute and is not intended as an offer, recommendation or solicitation to invest in any financial instrument, including cryptocurrencies and the like. The contents contained in the publication represent the personal opinions of the respective authors and are not suitable or intended as a basis for decision-making.
Risk notice
Investing in cryptocurrencies, is fundamentally associated with risk. The total loss of the invested capital cannot be excluded. Cryptocurrencies are very volatile and can therefore be exposed to extreme price fluctuations in a short period of time.
