Volume & Interest Decrease as Bitcoin Still Amid $30K: The Weekly Crypto Recap


The past seven days turned out to be yet another period where bitcoin’s price went through a rather choppy action. The cryptocurrency is down about 3 percent in the last week, but it wasn’t without its ups and downs.

Last Saturday, we saw BTC tanking to a low slightly above $30K, causing panic and a lot of worries amid the cryptocurrency community. However, right on the following day, on Sunday, the price surged, and a massive green candle took us all the way up to $35,000. A few days later, on Tuesday, bitcoin reached as high as $36,600, but it was then when bears intervened and took control.

At the time of this writing, BTC is trading at around $33,600 for a 3% decline on the weekly. What is also worth looking at, however, is the overall market condition. Volume is declining consistently over the past few weeks, and data from Bitcoinity confirms it. To sum it up – Bitcoin closed its worst quarter since 2018 with a total of 40% decline.

At the same time, retail interest in the field is also fading – per Google Trends. The global searches for “bitcoin” have decreased substantially and are on the downhill ever since their peak in mid-May.

google_trends_data
Worldwide yearly searches for “bitcoin” and “cryptocurrency.” Source: Google Trends

This has obviously taken its toll on the market, in general, as altcoins aren’t having much more fun than BTC either. In fact, apart from Ethereum (up 6%), all other large-caps are in the red, including BNB (-8%), Dogecoin (-7%), Ripple (-3.4%), and so forth.

Nevertheless, good developments keep on coming, though the market doesn’t seem to care all that much. For instance, financial giant NCR teamed up with NYDIG to enable over 650 US banks to offer bitcoin services to their clients. Betterment, an investment up with more than 600K users, is also looking to offer cryptocurrency services.

In other words – good things are happening. They just fail to move the market. Will this be the case going forward? Only time will tell.

Market Data

Market Cap: $1378B | 24H Vol: 79B | BTC Dominance: 45.5%

BTC: $33,550 (-3.3%) | ETH: $2,109 (+6%) | XRP: $0.646 (-3.7%)

This Week’s Crypto Headlines You Can’t Miss

Bitcoin Closed its Worst Quarter Since 2018 Following a 40% Price Drop. Bitcoin lost over 40% in the past three months against the USD, making this the worst quarter since the last one of 2018. It’s worth noting, however, that the cryptocurrency is still well in the green since the beginning of the year, let alone this time last year.

SoftBank Invests $200 Million in Brazil’s Largest Cryptocurrency Exchange. SoftBank – a Japanese banking behemoth – has invested $200 million in one of the biggest cryptocurrency exchanges in Latin America – Mercado Bitcoin. This took place in a recently concluded Series B funding and aims to enable the exchange to scale its operations.

New Baby Doge Skyrockets 90% Following Elon Musk’s Latest Tweets. Tesla’s CEO, Elon Musk, did it again. With yet another DOGE-centric tweet, the boss of the EV maker made another coin called Baby Doge skyrocket by a whopping 90%. This is far from being the first time Dogecoin copies are surging as a result of Musk’s tweets.

Investment App With Over 600,000 Users Looking to Offer Crypto Services. The popular investment application, Betterment, is looking to offer cryptocurrency services to its users. It’s worth noting that the app is currently servicing upwards of 600,000 people, and it might be a great step towards further crypto adoption if it comes to fruition.

Financial Giant NCR Teams Up With NYDIG to Let 650 U.S. Banks to Offer Bitcoin Services. The financial giant – NCR – has teamed up with NYDIG to enable over 650 banks in the United States to offer Bitcoin services to their clients.  Credit unions and other organizations will also benefit from this partnership.

Legendary Football Player Tom Brady to Take Equity Stake in FTX. Furthering his involvement with cryptocurrencies, the legendary football player – Tom Brady, along with his wife – has taken an equity stake in the popular cryptocurrency trading platform – FTX.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Binance Coin, and Polkadot – click here for the full price analysis.

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Cryptocurrency charts by TradingView.



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