The cryptocurrency market took a massive tumble in the week following the SEC’s announcement that it would postpone its ruling on whether to allow the listing of the Cboe VanEck/SolidX ETF backed by Bitcoin (BTC) to September 30. When all was said and done, the total market capitalization dropped to as low as $189 billion, levels not seen since November of last year.
However, since hitting that low on Tuesday, the market experienced a fairly sizeable altcoin bounce that brought back more than $35 billion in total capitalization. The relief rally intensified late in the week as major blockchain projects announced significant exchange listings, technological milestones, and system updates.
As we head into the next week, investors will likely be keeping their eye on the price action of BTC, as it has been denied by the $6,500-$6,600 range multiple times and currently sits at around 51% market dominance. How BTC acts here will likely be indicative to the next major movement.
Here’s the rest of the week in review:
Binance LCX, a joint venture between Binance and LCX, has announced the launch of an upcoming fiat-to-cryptocurrency exchange. Binance is set to provide and maintain the platform, while Binance LCX manages customer support, due diligence, legal requirements, KYC, AML and government communications. Binance LCX plans to build a team of roughly 10-15 individuals to fulfill the venture in their Lichtenstein office.
Tyler and Cameron Winklevoss, the founders of crypto exchange Gemini, aren’t overly fazed by the recent SEC decision. Instead, while they wait for Wall Street and the SEC to get on board with crypto, the company will focus on expanding its product offering focused on retail investors.
Toshi, the Ethereum mobile wallet, has recently been rebranded as Coinbase Wallet. The Coinbase-developed app has been revitalized with a new name as the service merges into a larger effort to invest in products set to define the future of the decentralized web.
Bitmain, a leading ASIC chip maker and crypto mining hardware manufacturer, has more than $570 million in Bitcoin Cash (BCH) holdings, according to a pre-IPO investor deck. According to the documents, Bitmain has 1,021,316 BCH, which it purchased at an average price of $869. While this represented a total holding of around $887 million at the time of the statement, BCH has since fallen in value to $573, which means that Bitmain has suffered a ~$317 million loss in a little over a quarter.
This week’s market recovery was primarily driven by gains in VeChain (VET), Ontology (ONT), and NANO (NANO). The AltDex 100 Index (ALT100), a benchmark index for the industry’s leading cryptocurrencies and tokens, finished flat this week and currently sits at 79.40.
Other cryptocurrency categories were relatively mixed over the last week. The AltDex Exchange Token Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens, fell over 7% while the AltDex Privacy Coin Index (ALTPRV), which tracks tokens focused on privacy or security, is up around 2%. The new AltDex Masternode Index (ALTMSN), which tracks major masternode cryptocurrencies, dropped over 4%.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.