Analysis of the crypto market (1-7 August)

Date: 08.08.2022

The past week for the crypto market did not bring significant changes. Stock indices S&P 500 (SPX) and NASDAQ-100 (NDX) ended the week with slight growth. The Bitcoin weekly candlestick closed in a doji pattern, holding above the 200MA (weekly moving average). The BTC price was declining until Thursday, after which an increase followed, returning the quotes to the prices of the beginning of the week. A number of traders consider it important that the BTC fix above $24,000, which will pave the way for the price to rise to $28,000.

The situation for Ethereum is similar, but with a more significant decline and a larger increase. Against the backdrop of news and exact dates for the transition from the Proof-of-Work algorithm to Proof-of-Stake, the number of statements about plans to create Ethereum forks is growing. That is, miners and developers who do not agree with the transition will create their own alternative Ethereum. In this connection, a trading idea is now gaining popularity, according to which you acquire ETH and expect the mainnet to switch to PoS and the emergence of new forks, as a result of which you get new coins for free and stay with your ETH.

Of the altcoins, Flow (FLOW) and Trust Wallet (TWT) demonstrated significant growth against the backdrop of news of cooperation with Meta (former Facebook). Among Ethereum killers, NEAR (21.7%), AVAX (17.1%), EGLD (16.1%) and BNB (15.2%) grew the most. As for the coin of the Binance exchange (BNB), it has reached a new all-time high paired with Bitcoin. Among the outsiders of the week - SOL. This is due to the exploit of 8000 Phantom and Slope wallets. Also, due to the hacker attack, the Nomad cross-chain protocol suffered, from which about $200 million was stolen. Although, by the end of the week, the attackers returned about $22 million.

The big bullish news is that BlackRock, the world's largest fund, has become a client of Coinbase Prime.

Also last week, MicroStrategy reports were published, whose losses due to a decrease in the cost of BTC amounted to $ 1.989 billion. Michael Saylor left the post of General Director (CEO) against the background of these news, saying that he would concentrate his work on developing the company's BTC strategy. Saylor's deputy will run the company, with Michael himself serving as executive chairman.

In our country, it became known about the arrest of an organized crime group, consisting of 23 people, who patronized illegal miners. Due to the activities of illegal mining farms under their control in the territory of the Talgar district of the Almaty region, the criminals received a monthly profit in the amount of $300-$500 thousand.