Crypto News Weekly Digest

Market Outlook, 27–31 July 2020

Crypto News Weekly Digest

The end of July was very exciting for the crypto community. News about the incredible rise of the leading cryptocurrencies replaced by news of its fall, and back. The analysts discussed where the Bitcoin (BTC) price would go next and the holders were confused if it was the right moment to sell their assets.

Read about this and other news in our short summary of the main and current affairs in the cryptocurrency market this week👇

  1. This week the cryptocurrency market capitalization rose to $300 billion for the first time since February 2020. BTC, ETH, ADA, XMR, CRO show a positive growth dynamic.
  2. Since March, when it was below $5K, the Bitcoin (BTC) price has gone up 200%. This week BTC reached $11,400, but then it dropped down to $11,160. Almost 95% of the BTC supply bought it cheaper than $11 000, so now they are in profit.
  3. Ethereum celebrates their fifth anniversary. Built on top of the Ethereum blockchain, Ether cryptocurrency by the end of this week broke $340. Ether holders got more profit than bitcoin holders in total.
  4. The Iranian government allowed power plants to mine Bitcoin, but at the same time, they couldn’t use subsidized fuel.
  5. Chinese police arrested more than 100 people involved in the Plus Token scam. They attracted investors and nearly $6 billion in cryptocurrency promising fabulous dividends.
  6. Dubai announced a nationwide data platform based on blockchain. This system is used for exchanging customer data. More than 100 local companies have already joined the project.
  7. European blockchain project Elrond announced the launch of its mainnet with extremely high speeds of more than 260,000 transactions per second.

All information stated above is provided only for general information purposes. We do not promote any cryptocurrency, do not recommend or advise anything. All decisions about investments should be made by yourself. Our team works to satisfy our clients’ needs.

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