OKB Defies Altcoin Crash, Bitcoin Slips to $112K as Markets Brace for Powell Speech: Your Weekly Recap

Bitcoin had a tricky week, shedding virtually ten grand within the course of, however extra volatility is predicted within the following hours and days after the Jackson Gap speech by US Fed Chair Jerome Powell.

However first, let’s rewind the clocks to final Friday. Throughout our previous weekly summary, the primary narrative was completely totally different as bitcoin had simply painted a brand new all-time excessive of over $124,000. Though it had already began to retrace, the general sentiment was bullish at the same time as Trump was about to satisfy Putin and later European leaders to debate a possible peace deal between Russia and Ukraine.

No precise constructive developments got here out of both assembly, and BTC began to retrace initially of the present enterprise week. After a relaxed weekend by which the asset stood primarily round $117,500, it nosedived to $115,000 virtually instantly on Monday. Its struggles intensified because the week progressed, and bitcoin slipped to $113,000 by Wednesday and Thursday.

The previous few hours have been painful as nicely, with the asset dumping under $112,000 for the primary time since July 10. It is a crucial support level, which, if misplaced, may spell additional bother and maybe a revisit of a five-digit value territory.

All eyes have now turned to the big speech coming later in the present day, by which Federal Reserve Chairman Jerome Powell is expected to shed some mild on what the central financial institution’s financial coverage shall be within the subsequent few months.

For now, although, the weekly charts are fairly grim within the crypto markets. Other than BTC’s 6% drop, ETH has misplaced 9%, XRP has plunged by over 10%, whereas HYPE, ADA, and SUI have marked much more substantial losses. BNB is among the many exceptions because it marked a brand new all-time excessive this week, whereas OKB has stolen the show with a large 130% surge that took it to a contemporary peak of its personal above $225 earlier in the present day.

Market Information

Market Cap: $3.870T | 24H Vol: $121B | BTC Dominance: 57.5%

BTC: $112,040 (-6%) | ETH: $4,220 (-9%) | XRP: $2.79 (-10.4%)

This Week’s Crypto Headlines You Can’t Miss

MetaMask Enters Stablecoin Wars With Stripe-Backed mUSD Launch. One of many large information tales popping out this week concerned the main ETH-focused self-custodial pockets MetaMask, which entered the stablecoin sport by introducing its personal. Backed by Stripe, mUSD has already launched and operates on-chain by way of M0.

Technique’s Bitcoin Stash Nears 630K BTC After Newest Purchase. Regardless of the shaky value performances of BTC and ETH, the largest firms which have amassed the property stored shopping for this week. This included Technique, which acquired a further 430 BTC, and MetaPlanet, which scooped up 775 BTC.

Ripple Faucets SBI to Distribute RLUSD Stablecoin in Japan, However XRP Falls. The corporate behind the third-largest cryptocurrency continues to develop its world attain by collaborating with SBI Holdings to distribute its personal stablecoin by way of the latter’s subsidiary, SBI VC Commerce.

Kanye West Launches YZY Meme Coin on Solana, Hits $3B Earlier than Crash. The celeb meme coin world acquired a brand new entrée this week within the type of the hip-hop legend Kanye West (legally often known as Ye). He launched his personal cryptocurrency on Solana, referred to as YZY, which soared to a $3 billion market cap earlier than it plunged by virtually 80% amid speculations of a rug pull.

SEC Chair Confirms ‘Very Few’ Cryptos Are Securities, However Markets Proceed to Appropriate. In contrast to his predecessor, who used to say that the majority cryptocurrencies should be thought-about securities, the present SEC Chair, Paul Atkins, said that the majority are literally not.

Solana Information Over 100,000 TPS in Weekend Mainnet Take a look at. The blockchain business noticed a significant milestone lately as Solana briefly surpassed 100,000 transactions per second on its mainnet.

Charts

This week, now we have a chart evaluation of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.

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