Vee Finance, a decentralized finance platform, has officially confirmed its hack on Avalanche. On September 20, the hacker managed to transfer funds worth $35 million. In terms of assets, it was 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million). According to the report, the stablecoin was left untouched. As for the hacker, the report confirms that they have not yet transferred or processed the funds. The team is working to provide more details of the incident. Further,…
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $353.6 billion.
- Bitcoin keeps a solid uptrend as it dangles between $11k and $12k
- Ethereum increases by more than 15% to finish just below the $400 level.
- XRP rises to $0.30 after a spectacular 24% increase in value
- Chainlink registers a breathtaking 60% increase throughout the week
Crypto Trends 03rd – 09th of August 2020: PERFORMANCE & ANALYSIS
The cryptocurrency market ends yet another fruitful week as it gains more than $40 billion in capitalization. Most of the cryptos experienced profitable uptrends, and main assets like Bitcoin, Ethereum, XRP, and Bitcoin Cash did not disappoint.
Bitcoin started the week trading at around $11,100, and some feared that the popular crypto would suffer a hangover after rising as high as $12,000 in the previous period. However, the bulls kept the momentum going, and BTC gained more value with every passing day.
On Friday, Bitcoin reached $11,870, but the first level of resistance at $12,000 loomed insurmountable, at least for now, so it quickly reverted to a safer zone. At the moment, Bitcoin is trading at $11,599, and investors hope that the bulls will overcome their fear of heights and reach higher this time next week.
Ethereum continues its impressive surge as it doubled last week’s rise with a 24% increase in value this week. With very few exceptions, Ether’s price remained around $400 for most of the week. At the moment, Ethereum is trading at $387 and looking to reach the first level of resistance at $408. The nearest support lies at $370.
Ripple’s XRP also kept its ground this week following the remarkable surge at the end of July. It started the week flying high at $0.31 before gradually losing a few points, but never enough to alarm the traders. XRP is trading now at $0.28,6 and looking to stay away from the closest support level at $0.28. The closest resistance lies at $0.321.
Elsewhere, some of the other cryptos proved that altcoin may not be over yet. Bitcoin Cash surged to trade above $300 for most of the week. Chainlink increased by 60% to trade at $13.30 at the moment, and Tezos shows signs of solid recovery from its downfall in March to trade at $3.52 at the time of this writing.
What’s in the News?
- According to this report, the German financial regulator is gunning down “high-risk” crypto exchanges operating illegally in the country.
- The major South Korean bank KB Kookmin Bank is planning to launch a cryptocurrency custodial service.
- According to a JPMorgan research report cited by Bloomberg, Bitcoin and other cryptocurrencies are more interesting investment targets for young people. The elderly continue to put their money in gold.
Next Week’s Market Forecast
Investors will be hoping that Bitcoin and the ensuing altcoins keep their bullish run for the week ahead. Ethereum is expected to break the $400 level and continue to trade above it. Nothing seems to stop Chainlink from its sensational surge, and DeFi’s should keep their popularity brewing for the foreseeable future.
All in all, the cryptocurrency market is experiencing a productive period, and the nightmarish slumps of past March seem a distant, almost forgotten memory. Volatility looms high and mighty over the horizon, but that should not scare away the investors, at least for now.