This Week’s Crypto Recap

This week’s crypto-recap – Bitcoin is currently @ $23K and some change this morning as we prepare to enter the weekend

Bitcoin at a Decision Point, Solana-Based Wallets Exploit, and the Nomad Fiasco: This Week’s Crypto Recap

“The past seven days failed to bring positive developments, at least in terms of pricing, as the total cryptocurrency market capitalization dropped by around $35 billion. This comes on the back of BTC and ETH failing to overcome critical resistance levels and presently circulating below them.

This time last week, Bitcoin’s price was firmly set at around $24,000, and we saw the cryptocurrency making an attempt to surge towards $25,000 on Saturday. Unfortunately for the bulls, sellers stepped up and sent the market into a correction which resulted in BTC losing about 2.5% of its value in the last seven days.

A lot of the other coins followed suit, with some obvious exceptions. FLOW, for once, seems to be the week’s best performer, charting a staggering increase of about 55%, all of it coming within the past 24 hours. This is no surprise. Meta (formerly known as Facebook) announced yesterday that the company will integrate the Flow blockchain to further expand the NFT universe for its users. This is interesting because, according to Vitalik Buterin, the co-founder of Ethereum, corporate attempts at creating the metaverse (such as Meta’s obvious efforts in this direction) are going nowhere.

The most impactful event of this week was undoubtedly the widespread attack of wallets on the Solana network. Over 8,000 hot wallets were compromised, with users seeing their funds drained directly. The team confirmed that this is not a problem with the Solana network, but the cryptocurrency’s price suffered nonetheless.”


Master Asked on August 5, 2022 in Cryptocurrency.
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