Weekly Market Updates
The Price Outlook
The selling pressure still prevails over Bitcoin’s price.Ifthe price falls below the $8900 level, the bear market is expected to begin, and the price will decrease. If the price stays above $8900, the following targets will be $9350 and $9500.
Bitcoin Mining
Bitcoin mining difficulty increased significantly from 15 TH/s to 17 TH/s over the last week. This rise indicates that more mining devices are involved in the Bitcoin network. Therefore, it can be said that miners continue their Bitcoin investments.
Defi Market
The amount of USD held in the DeFi sector reached $3 billion with an increase of about $500 million over the last week. in the same period, bitcoin amounts decreased and ethereum amount increased, while Maker has continued to dominate 20%+ of the market.
BTC Dominance
The level of support Bitcoin faces after the decline in the chart of BTC dominance is important for the course of altcoins in the market. If the dominance breaks the support level, the bull season is expected for the altcoins, otherwise, the bear market is expected with the new declines.
Important News of Last Week
- Digital asset manager Grayscale reported largest quarterly inflows in its history. Grayscale raised $905,8 million across its suite of digital asset products.
- Twitter accounts of famous people, companies and exchanges were hacked. Hackers collected $120,000 worth of Bitcoin.
- Cryptocurrency trading industry in India increased %400 during covid-19 pandemic.
- PayPal has confirmed that it is developing capabilities in the cryptocurrency space, according to a letter to the European Commission.
- G20, considers to accept digital payments in october.
- Bank of England announced Monday it is considering digital currency research and development
- Japanese officials will continue to consider and discuss a CBDC in their official Honebuto Plan for Economic and Fiscal Revitalization
- Latest phase of CBDC of Singapore successfully settled.
- The People’s Bank of China has partnered with food delivery company Meituan Dianping to test its CBDC.