The past week has been a tough one for the crypto market. Bitcoin has been declining in price throughout weekdays, adding only slightly on the weekend. Decrease by the end of the week amounted to about 12%. On the weekly timeframe (TF), BTC went under 200MA (moving average), which acted as support. As trader Peter Brandt noted, the rising wedge worked out the target drop, but this is not evidence that the price cannot go lower.
The situation is similar for Ethereum, which fell by 18% within a week, bouncing off 50MA and 100MA as support. However, following the Ethereum, other Layer-1, Layer-2 projects also significantly sank in price.
The situation with LUNA and UST should have been a lesson for all market participants, but problems with stablecoins continue to appear. So, during the week, the stablecoin from the Huobi exchange (HUSD) lost its peg to the dollar, dropping to $0.87 at the moment. The current price is $0.994.
Analysts at Messari are worried about the centralization of Ethereum and Solana nodes. The three main cloud providers account for 69% of Ethereum nodes out of 65% hosted in data centers, while Solana has 72% of 95% of the nodes hosted by the same infrastructure players as in the ETH network.
The world's fifth largest auditor, BDO Italia, has confirmed the provision of Tether. The firm has issued an opinion on the adequacy of Tether Holdings reserves to fully back the USDT stablecoin as of June 30, 2022. Liabilities of Tether Holdings at the reporting date amounted to $66.2 billion, assets - $66.4 billion.
Thursday was declared a day - FAN Tokens. So, only on the Binance exchange, the token of FC Santos SANTOS (+195.6%) demonstrated a tremendous growth, which pulled other coins of this category: PORTO (+55.9%), LAZIO (+40.5%), ALPINE (+37.4% ). Growth was also demonstrated by projects on the Socios.com platform built on the Chiliz (CHZ) blockchain.
In important news, Binance has received approval in principle from the AIFC to operate in Kazakhstan. Upon completion of the full license application process, which will be completed shortly, Binance will be able to provide its services as a digital asset platform site operator and custodial service provider at the Astana International Financial Center.
Tengrinews.kz published an interview with Changpeng Zhao (CZ).