Bitcoin Maintains $10K As Crypto Market Lost $16 Billion in 7 Days: The Weekly Crypto Market Update


During the last seven days, the cryptocurrency market has been in a sharp decline as the entire capitalization lost about $ 16 billion.

For Bitcoin bulls, the good news is that BTC has managed to keep itself above the $10,000 vital psychological and technological support. Up until Monday, when the price shot up to around $11,000, things looked very festive.

Sadly, it was then that Bitcoin’s price took a sharp turn in the wrong direction and tanked to about $10,400. From there, until Wednesday, when it dipped, even more, it was a few days of sideways activity calling questions as to whether or not $10,000 would stay. But Bitcoin bulls woke up in the late hours of Thursday and raised their price to where it currently sits at around $10,650.

Elsewhere, Buzz Feed reported on Sunday that major banking giants, such as JP Morgan Chase, Bank of America, Standard Chartered, HSBC, and more, actively orchestrated the transfer of up to $ 2 trillion in suspicious and even illegal activity. This further reinforces the narrative that cash is used even more than Bitcoin for illicit activities. $2 trillion, after all, is about 10x the overall market capitalization of Bitcoin.

Thanks to a partnership between Nasdaq and a Brazilian fund manager that the world will finally have the first official Bitcoin exchange-traded fund, which will be launched on the Bermuda Stock Exchange (BSX).

In any case, it is essential to see whether the speculation will continue or not or whether we will soon witness the collapse of what many consider to be a bubble fuelled by DeFi.

Market Data

  • World’s First Bitcoin ETF Approved with Expected Launch in Bermuda by End of Year. 
  • CoinGecko: 23% Participate In Yield Farming, But 40% Can’t Read Smart Contracts
  • FEW Brings Out DeFi Risks: Ethereum Proponents Caught Planning to Dump on Investors.
  • Social Capital CEO Chamath Palihapitiya: Bitcoin Is My Best Investment Bet.
  • Gemini Has Now Opened Doors to Crypto Investors in the UK.
  • Document Leak Suggests Major Banks Facilitated Transfer of $2 Trillion in Dirty Money – 10x Current Bitcoin’s Market Cap.

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