Crypto Week Ahead: Bitcoin (BTC) and Other Top Crypto Coins Experienced a Tough Week
- WBOYOriginal
- 2024-08-12 18:03:47524browse
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods
Cryptocurrency prices experienced a turbulent week with a collective market capitalization rise and a notable shift in on-chain trends. Here's a summary of the key events and updates:
* Centralized exchange Bitcoin reserves reached their lowest levels in nearly six years, indicating a strong shift toward long-term holding and cold storage strategies.
* Turkey's Capital Markets Board released updates on crypto asset service providers, revealing 47 operational companies and three opting for liquidation.
* State-run internet provider CANTV in Venezuela reportedly blocked access to Binance, impacting Venezuelans using the platform for digital asset management and P2P markets.
* Crypto prices faced pressure from geopolitical tensions, including the Israel-Palestine conflict and Bangladesh unrest, impacting market sentiment and leading to sell-off pressures.
* Pro-Trump news from the US presidential election run-up could potentially lead to rallies in crypto prices, given the correlation observed in the past.
* Overall market fear and greed index stood at ‘Neutral’ with 50 points (out of 100), as per CoinMarketCap.
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