NAGAX Weekly Recap | 15 August – 19 August
This week was crazy for crypto enthusiasts, as the market witnessed great volatility in some cryptocurrencies ⚡
Here are a few key events we'll talk about in our recap 👇
✅ Ether is up 100% since June bottom, massively outperforming Bitcoin ✅ Bitcoin reverses CPI-induced rally, drops below $22K ✅ Run-to-earn protocol Stepn announces NFT project collab with Atlético de Madrid
But that's not all the weekly crypto news. Follow our news digest for more ⬇️
Bitcoin reverses CPI-induced rally, drops below $22K
Bitcoin fell below $22,000 early Friday, reversing gains spurred by the softer-than-expected U.S. inflation figure released earlier this month. The leading cryptocurrency by market cap fell to as low as $21,500, the least since July 27.
Bitcoin prices have recently climbed to almost $25,000 from $22,800 in hopes that inflation has peaked and the Federal Reserve will slow the pace of interest-rate increases in the U.S., as well as adopt looser monetary policies in 2023. Bond yields, however, have remained resilient in the wake of the Aug. 10 Consumer Price Index (“CPI”) data, a signal that BTC traders might be wrong in making dovish assumptions.
Crypto regulation a key concern, say Fed Minutes
On Wednesday, the Federal Reserve released minutes from the Federal Open Market Committee's July 26-27 meeting. The committee noted concerns over digital assets and the need for crypto regulations to limit systemic risk.
The recent turmoil in digital asset markets has not spread to other asset classes. But the rising importance and interconnectedness of digital assets with the financial system pose a great risk, the committee says. The turmoil underscores "the need to establish a robust supervisory and regulatory framework for this industry that would appropriately limit potential systemic risks," the minutes note.
Ether is up 100% since June bottom, massively outperforming Bitcoin
Since finding a bottom in mid-June, ETH has massively outperformed Bitcoin as investors anticipate a major upgrade to the Ethereum blockchain.
Bitcoin hit a low of $17,601 on June 19 and is up around 31% since then as of Friday’s trading price. ETH also hit its recent low on June 19 at $880.93, but has surged 106% since then.
The huge divergence in performance of the two cryptocurrencies comes down to one major factor: a big upgrade in the Ethereum blockchain.
Run-to-earn protocol Stepn announces NFT project collaboration with Atlético de Madrid
Web3 lifestyle app Stepn is releasing a non-fungible token (“NFT”) running shoe collection in partnership with Spanish soccer club Atlético de Madrid, the company announced on Thursday.
This collection will feature 1,001 Atlético de Madrid shoes that grant the owners extra utility from the chance to win signed merchandise from the club and in-person match tickets.
The NFTs are also compatible with Solana-based Stepn’s “run-to-earn” game, which rewards users with in-game cryptocurrency for walking, running, or jogging.
Thanks for reading! Have a great weekend! 😉
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