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Bitcoin clings to $20,000
After a rather bleak month, Bitcoin (Bitcoin – USD) trending within a few dollars of $20,000. As the final month of the third quarter begins, the leading crypto token has lost 1.30% in value over the past 24 hours, bringing Bitcoin’s seven-day loss to nearly 8.10%.
Bitcoin has lost nearly 13.00% of its value over the past 30 days, largely due to uncertainty surrounding the Fed’s efforts to “tame inflation”. The medium-term downtrend resumed after Federal Reserve Chairman Jerome Powell sent a hawkish message that “interest rates are likely to remain at levels that dampen growth.” The U.S. stock market responded by plunging, sending Bitcoin and other cryptocurrencies lower.
Bitcoin’s market dominance (Bitcoin’s share of the overall crypto market relative to other coins and coins) has also fallen sharply during the recent streak, currently hovering around 40%. A recent Arcane Research report highlighted altcoins outperforming Bitcoin throughout August, echoing this decline in dominance.
Alts face the wrath of bears
The last week of August was not favorable for most altcoins. Ethereum (ETH-USD), the largest altcoin by market cap, is down nearly 9.40% over the past seven sessions as the hype surrounding the “merger” continues to subside.
Among other large-cap altcoins, Solana (SOL) and Avalanche (AVAX) were the biggest losers last week. The value of SOL has dropped by nearly 14.40% during this period, bringing its monthly loss to around 23.15%. The drop comes after Solana-based DeFi project OptiFi “accidentally” shut down its OptiFi mainnet program during a routine upgrade, resulting in a loss of around $661,000.
Avalanche (AVAX) fell about 19.80% this week and was one of the worst performing stocks due to new allegations made by CryptoLeaks. An unverified video shows Ava Labs’ legal representative, Kyle Roche, claiming to be “suing Solana on behalf of AVA Labs.” AVAX’s value continued to slide after the whistleblower site released the full report and another unverified video featuring Kyle Roche.
Memecoins DOGE and SHIB continued their slide this week, pushing SHIB to No. 14 on the list of top cryptocurrencies by market cap. DeFi tokens and other low-cap altcoins also posted massive double-digit losses, further contributing to the decline in the total cryptocurrency market cap.
eCash sparks a new rally
While the broader market is facing an uphill battle, lesser-known altcoin eCash (XEC) has posted welcome gains this week. XEC has outperformed all coins over the past seven sessions, gaining around 20.10%. The uptrend also sparked investor interest as the coin’s 24-hour trading volume jumped nearly 50%.
A fork of the Bitcoin blockchain, eCash has experienced growth in on-chain development, and the team recently released the Bitcoin ABC 0.25.13 upgrade, implementing several minor bug fixes and improvements, sparking a new surge in the value of the XEC token A round of rebound. Overall, August has been an eventful month for the eCash community. The platform announced several updates, including Avalanche post-consensus upgrades, new wallets and features, and a $100 million XEC contribution reward program.
Georgia Aims to Become Global Crypto Hub and More
In a bid to establish itself as one of the most crypto-friendly destinations in the world, Georgia has unveiled its plans to synchronize its existing cryptocurrency regulations with new rules implemented across the European Union (EU). According to a statement from Deputy Prime Minister and Economy Minister Lewan Davi Tashville, a draft bill has been tabled in Parliament.
In gaming news, while investment continues to pour into the blockchain gaming industry, a new report shows that each Web3 game has an average of 40% bots compared to active users. If true, the report raises serious concerns about fake community engagement and token liquidity.
Meanwhile, Compound, the third-largest DeFi lending platform, is currently dealing with a major code bug related to a governance proposal that recently updated its price information. This issue has halted the Compound Ether (cETH) market.
Finally, as Binance continues its efforts to expand its presence in the Middle East, increase adoption and spread awareness, UAE-based company Virtuzone has begun accepting cryptocurrencies by integrating Binance Pay. Virtuzone joins a growing list of mainstream UAE businesses such as JA Resorts and Hotels, Majid Al Futtaim and others involved in strategic partnerships with Binance.
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