Crypto Week Ahead: Bitcoins Sees Much-Needed Gains, Rises To Nearly $65,000

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $64,606.82.

BTC dominance, at the time of writing, stood at 56.22 percent.

Source : Satheesh Sankaran/Pixabay

Bitcoin (BTC), over the past week, saw some much-needed rallies thanks to increased confidence among buyers, taking the price up to nearly $65,000 over the past weekend. It appears that BTC has consolidated around the $63,000 mark. It is largely believed that a possible rate cut in the US and the endorsement of Donald Trump by fellow pro-crypto leader Robert F. Kennedy Jr has lent some positivity to the crypto market. It remains to be seen ho much longer can BTC hold on to its rally. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. 

This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (August 12), the overall crypto market cap stood at $2.05 trillion. BTC price stood at around $58,590. ETH price stood at around $2,550.

A week later, the overall market cap rose to $2.25 trillion.

DeFi's total volume stands at $3.21 billion, at 6.31 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $46.42 billion, at 91.24 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’ with 56 points (out of 100).

BTC dominance, at the time of writing, stood at 56.22 percent.

Over the past seven days, Bitcoin achieved a high of $64,606.82 (on August 24) and a low of $58,094.42 (August 19).

Ethereum, on the other hand, saw a high of $2,815.04 (August 24) and a low of $2,551.05 (August 21).

Crypto Events To Note

On August 23, Thai law enforcement successfully conducted a raid on an unlawful Bitcoin mining operation, following complaints from local residents about repeated power outages in the area.

The operation, which had been set up in a residential neighbourhood, was discovered to be consuming large amounts of electricity without full payment, according to the authorities. The sudden and frequent power cuts in the vicinity had initially alerted residents, leading them to report the issue, which ultimately led to the investigation and subsequent raid.

Officials are continuing to investigate the extent of the operation and the individuals involved in this illicit activity. The unauthorised use of electricity for the mining process has raised concerns about the potential impact on the local power grid and the broader implications for similar underground operations in other regions.

The Ethereum Foundation recently completed a major transaction, moving 35,000 ETH, which is estimated to be worth around $96.9 million at current market rates. The transfer, conducted on August 23, 2024, has drawn some scrutiny from within the cryptocurrency community, leading to questions about the foundation's transparency in handling such large sums.

In response to the concerns, the foundation's executive director addressed the situation, explaining that the transaction was a routine part of the organisation's treasury management practices. This explanation was intended to assure the community that the move was a standard operational procedure, aimed at managing the foundation's financial resources effectively. Despite the clarification, the transaction has sparked a debate within the crypto sphere, highlighting the ongoing importance of transparency in the management of significant assets within the blockchain ecosystem.

In the wake of a recent cyberattack, WazirX co-founder Nischal Shetty has spoken out to clarify the status of the platform’s remaining assets, dismissing circulating rumours as unfounded. Shetty criticised the spread of misinformation, which he said has caused undue alarm by suggesting that the platform's remaining assets had also been compromised. He reassured users that these claims lack substance, stating that they appear to be made solely to draw attention.

Shetty further pledged transparency by committing to release WazirX's Proof of Reserves (PoR) once a new custody provider is in place.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "Bitcoin started the week with a surge past $60,000, fueled by Jerome Powell’s hint at a possible rate cut in September and Robert F. Kennedy Jr.’s endorsement of a crypto-friendly stance in support of Donald Trump. With momentum building, Bitcoin is eyeing the $65,600 resistance level, while strong support is anticipated around $63,600. If BTC continue to stay above the support $62,000 level, we can see it marching towards $70,000 soon.”

Subscribe And Follow ABP Live On Telegram: t.me/officialabplive

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.