NAGAX Weekly Recap | 8 August – 12 August
This week, the crypto world was in first gear 🚗
Bitcoin and Ethereum are striving for new heights, while luxury brands are increasingly focused on metaverses and NFT.
Well, those are good signals for crypto-enthusiasts 😎
But that's not all the weekly crypto news. Follow our news digest for more 👇
$29K Bitcoin is closer than you might expect, according to derivatives data
Bitcoin (BTC) price continues to battle at the $24,000 resistance and the price was rejected there on Aug. 10, but the rejection was not enough to knock the price out of the 52-day-long ascending channel. The channel has a $22,500 support and this bullish formation suggests that the BTC price will eventually hit the $29,000 level by early October. Bitcoin derivatives data does show a lack of interest from leveraged longs (bulls), but at the same time, it does not price higher odds of a surprise crash.
Crypto derivatives volumes surge to $3.12 trillion
Cryptocurrency derivatives trading on centralised exchanges rose to $3.12 trillion in July, a 13% monthly increase, researcher CryptoCompare said on Thursday, as crypto prices show signs of recovery from the recent market crash.
The derivatives market now makes up 69% of total crypto volumes, up from 66% in June, and helped push overall crypto volumes on exchanges to $4.51 trillion in July, CryptoCompare said.
Derivatives exchange traded as much as $245 billion on July 29, 9.7% more than June's top daily high of $223 billion.
Ether tops $1.9K as Ethereum runs final 'merge' rehearsal
Ether (ETH) rose to a two-month high early Thursday, outperforming bitcoin (BTC), after the Ethereum network ran the final dress rehearsal of its upgrade.
The native token of the Ethereum blockchain rose to $1,919, the highest point since June 1, extending Monday's rise of nearly 9%. The ether-bitcoin exchange rate or the ETH/BTC ratio rose to 0.078, a level last seen on Jan. 7, extending the recent bullish breakout.
Luxury brands Gucci, Tiffany dives into NFTs despite slump
Not even the cold winds of a crypto winter can keep luxury brands away from non-fungible tokens.
On the next week, Kering SA’s Gucci and LVMH’s Tiffany & Co. will launch NFT-related projects, joining a bevy of high-end brands making further leaps into the cryptosphere. For example, Gucci is adding another crypto to its wheelhouse of currencies it accepts as payment for its products. Tiffany, on the other hand, will use NFTs as digital passports to create custom physical jewelry for crypto enthusiasts.
The companies described these initiatives as “the future” and “another step” in their quest for Web3, the moniker given to the next generation of Internet technology.
Thanks for reading! Have a great weekend — more news next week! 😉
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