Crypto Markets Recover $40B as FLOW Explodes 60% Daily (Market Watch)

Read full article at CryptoPotato.

Bitcoin is yet to decisively overcome the $23,000 level but still stands just over it as of now. Most altcoins are slightly in the green today, with FLOW outperforming all following a massive META-initiated surge.

Bitcoin Boring at $23K

Following the latest interest rate spike by the Federal Reserve and US President Joe Biden’s refusal to admit that the country has entered into a recession, the primary cryptocurrency jumped last week to its highest price level since June 13 at over $24,500.

However, the asset failed at that point and returned to $23,000, where it spent most of the weekend. The start of the new week began with a minor drop and a bounce off towards $24,000, but BTC couldn’t reclaim that line.

As such, it fell back down to $23,000 and sits there now as well. As such, its market cap is once again below $450 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Bitcoin News

CryptoQuant analyst predicted that BTC’s price could slump below $20,000 again but noted that it might be a good time to start buying again.

Due to massive heat waves in Texas, Riot Blockchain said it mined 28% less BTC in July compared to June.

MicroStrategy’s stocks skyrocketed by 15% in the two days since Saylor stepped down as CEO and took a bitcoin-related role.

FLOW Steals the Show

After battling with the $1,600 level for a few days, it seems Ethereum has finally managed to reclaim it. The asset is up by more than 2% in a day and trades north of $1,650.

Binance Coin continues to register local peaks. Another 5% increase in the past 24 hours has pushed BNB to nearly $320 – the highest it has seen in two months.

Ripple, Cardano, Solana, Polkadot, Dogecoin, Shiba Inu, Polygon, and Avalanche are also in the green from the larger-cap alts.

FLOW, on the other hand, exploded by nearly 60% in a day after META (formerly Facebook) announced it will integrate the Flow blockchain.

The crypto market cap is up by approximately $40 billion in a day and sits close to $1.1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

Industry News

Coinbase’s shares finally saw a substantial uptick of almost 20% in a day following a partnership with BlackRock.

Fairfax County Retirement Systems – a Virginia-based pension fund – invested $70 million in crypto lending.

Despite the positive approach to crypto until recently, several major Portuguese banks halted the accounts of digital asset exchanges.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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